Tokens whose entire thesis is attention. Pure liquid culture. Most meme coins are jokes; the ones that survive are jokes that became identity, and identity that became coordination.
Memecoins are the most honest market in crypto. There is no roadmap, no team, no use case — only attention and the price-of-attention curve. Dogecoin (Billy Markus and Jackson Palmer, 2013) was the original joke that wouldn't die, partly because Elon Musk kept tweeting it. Shiba Inu came in 2020 and minted a generation of retail wins. Pepe launched in April 2023 with no presale, no team allocation, and ran 10,000x in its first months. WIF — dogwifhat — became Solana's mascot and a $4B market cap on a JPEG of a dog in a beanie.
The 2024 cycle was Solana-native. Bonk seeded the meta in late 2023. Pump.fun's launchpad industrialized memecoin issuance to thousands per day. Fartcoin launched as an AI-agent meme via the Truth Terminal account that Andy Ayrey was running, became a $1B+ market cap, and forced everyone to update their model of what counts as a serious asset. Popcat, Mog, the GOAT-ecosystem, the Truth Terminal lineage — each one is a culture artifact priced in real dollars. The cycle minted more 100x trades in memecoins than in any other category.
Murad Mahmudov's thesis — that memecoins are the only assets where the price IS the product, and that they will outlive most L1s — is correct in proportion and wrong in distribution. 99 percent of memecoins go to zero. The 1 percent that survive (DOGE 12 years, SHIB 5 years, WIF 2 years and counting) build communities, merch, conferences, and meaningful onchain activity. They are the most honest case for crypto's permissionless ethos: no committee approved them, no VC seeded them, the market priced them anyway. The cope-or-conviction split runs straight through this category.
Memes are ideas that survive selection pressure. Tokens are memes with a price. The most efficient market in the world is the one for attention — and the only honest reading of crypto is that the price IS the product, that distribution is the moat, and that the token is the way ordinary people get fractional exposure to a cultural moment. 99% go to zero. The survivors build religions.Murad on X →
Memecoins aren't a sector — they're crypto's most honest reading of itself. Attention is the underlying, distribution is the moat, and the token is the way ordinary people get fractional exposure to a cultural moment. The mechanics matter: how tokens get issued, how snipers play the curve, the lineage from Doge to whatever's trending this week, and the emergence of AI-agent memes whose tokens are bought because the agent itself posts. Five primitives for reading the meta.
Pump.fun made memecoin launching effectively free — name, ticker, image, curve. Twenty thousand new tokens daily at peak. Most resolve to dust within hours; a handful (PNUT, GOAT, Fartcoin) graduate, list on Raydium, and run multi-hundred-million-dollar market caps. The unlock isn't financial — it's cultural: anyone with a meme can mint the meme as a token and price discovery happens immediately. The CEO of pump.fun (Alon Cohen, Noah Tweedale, Dylan Kerler) became some of the youngest fee-paid founders in crypto on this primitive alone.
Memecoin bonding curves are deterministic price functions — each buy raises price, each sell lowers it, no order book in between. The curve concentrates liquidity in a way that produces sharp early-stage volatility (small buys move price meaningfully) and a clear graduation threshold. Most curves use a constant-product variant similar to Uniswap V2 but with virtual reserves so the deployer doesn't need to seed liquidity. The mechanism rewards early entry mathematically, which is why sniper bot economics dominate the early minutes of every launch.
Sniper bots are the high-frequency layer of the memecoin meta. They monitor the mempool for token creation transactions, simulate profitability, and submit buys in the same block — ideally bundled with the deployer's transaction. Photon, BullX, Trojan, Maestro are the retail-facing snipe interfaces; the back-end bot networks are private. The economics: a profitable snipe needs to extract from later retail buyers within minutes, so most wallets the bot uses are throwaway. Sniper share of pump.fun volumes is a meaningful percentage of activity.
Doge (2013, Billy Markus and Jackson Palmer's joke fork of Litecoin) became real money. Shiba Inu (2020) extended Doge into ERC-20 land. Pepe (2023) carried meme provenance from 2005 forum culture into a token. WIF (Solana, late 2023) ran multi-billion market caps on a dog in a hat. Fartcoin (2024) emerged from Truth Terminal's autonomous AI posts. The lineage shows the pattern: a token attaches to a cultural object that already has meme half-life, and the price is the market reading the half-life. Most expire; a few become institutional.
Truth Terminal is Andy Ayrey's AI agent, fed Janus's hyperstition prompts and let loose on X. In 2024 it began hyping GOAT (Goatseus Maximus) as a religion; the token launched, ran to a $1B+ market cap, and Truth Terminal became the first AI agent to materially move a financial asset through autonomous posting. Followed by aixbt, Luna, Zerebro — each an agent with a token whose price is some function of the agent's perceived edge. The line between art project, market manipulation, and emerging primitive is genuinely unclear.
Conviction is stated as conviction; you decide what to do with it. Tiers below — Core, Conviction, Watch, Speculative — reflect how much of FRQNCY's attention each project currently earns, not a recommendation to buy.
Conviction is theatre without practice. Five steps that turn the thesis above into something the body actually does, not just something the mind agrees with.
Pick by cultural weight, not pump. Notice what survives the dump and what doesn't.
Mint authority renounced? LP locked? Tax functions? The rug detection layer is your own diligence.
Sit on Pump.fun for an hour. The bonding curve, the snipers, the discord all come into focus.
Compare fees, snipe times, exit liquidity. The chain matters as much as the meme.
His memecoin supercycle thesis is the most rigorous public argument for the category.
The Crypto hub is the index of all sectors and the freedom-technology frame they share. The Fund is what happens when the same conviction gets put to work on behalf of the network.
Memecoins are markets for attention, priced honestly.
Most go to zero. The survivors build culture.
The price is the product.
Conviction is the only edge.
FRQNCY · Crypto