After diving into the world of $Slerfsol, I finally grasped the concept of meme coins. In this bull market, there's a significant shift in people's attitudes towards memes, from skepticism and resistance to understanding and participation.
What exactly is a meme? I tried searching on Google, and it told me it's a meme, it's a meme. Seriously? If you just told me straight up that a meme is an image macro or an internet joke, I might have understood it two years ago, instead of struggling to get a faint grasp of it after years of turmoil in the market.
Is the skyrocketing popularity of memes driven by newcomers wanting to shake things up, or is it fueled by capital's need for a new narrative? For a long time, I couldn't wrap my head around what a meme was or what attention economics meant. I've tried various perspectives to explain it. Some people told me that the surge of meme coins is because newcomers want to shake things up. They see Bitcoin soaring high, and they won't buy in at those levels. They prefer something cheap, with lots of zeros. Adding a zero means tenfold increase, right? Others told me that whether it's meme or not, there are always market makers behind it. Without them, how could it be pumped up? How could newcomers with just a little money do anything? The fundamental reason is that capital needs a new story, a new plate to set up and redistribute chips once again. Yeah, all of that makes sense, but ultimately, it boils down to where the attention lies. A perfect narrative can spread, attract more people to choose it, and make more people notice it is rallying. As Levermore said, candlesticks are the best advertisements.
Currently, the attributes of $slerf are: fair launch + LP burn + deflationary + ownerless + fully circulated + investors losing money + endorsements from big influencers + project team making moves, listed on Binance space, OK tweeting about it. With LP burn, there's a $40 billion trading volume on Raydium, LP burn, and the transaction fees remain unclaimed. At a 0.25% fee rate on DEX, it's equivalent to $10 million worth of tokens being burned. The market cap is $400 million, with a burn rate of 2.86%, just nine days after launch.
As long as someone says "oh fu*ck," you'll think of $slerf. If someone burns the pool or makes a mistake in operation, you'll think of $slerf. If someone posts a sloth, you'll think of $slerf. Thinking of it makes you check its price. The more you check, the more you can't resist hopping on board. After $slerf listed on exchanges, if it keeps rising and stays on the hot/risers list for a long time, newcomers will rush in to buy. The more they buy, the more it rises, the more it rises, the more they buy... That's the complete logic of attention economics.