In theory memecoin price action should track relevance of the underlying meme

Pretty interesting that it does not do this and the coins that win “long term” are closer to coin-native memes rather than meme-native coins

Asset markets are relatively efficient bc there is a tangible incentive (fundamental utility of thing, claim to stream of cash flows, fed guarantee of value, etc) for rational actors to buy and sell them

Memecoins do not have this

They are reflexivity driven greater fool pseudo markets and everyone just plays along