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

Why should it tho?

This is fundamentally the same argument for why content coins should pump when the content becomes viral

But this doesn't generate buy pressure out of thin air

yea I guess that’s fair. idk just feels like physics to me. i guess there’s no literal legible force that creates buy pressure but it’s clear that there is some sort of demand for speculating on attention