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During past bull runs, meme coins, especially Doge, emerged as true types of cryptocurrencies. But it’s not just meme coins that are affected by the meme premium. Virtually every successful coin is affected by it. I would even argue that every product packaged in a brand includes a memetic premium.

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Meme premium is a phenomenon in which people place a higher monetary value on an idea because:

1. Seeing that other people value an idea

2. Expect more people to take this idea seriously

The meme premium is a copycat beauty contest that goes on forever. It is a pure form of speculation that has existed since before humans knew what financial speculation was. As Plato says to us through Durant:

"People soon tire of what they have and long for what they don't have. They rarely long for anything unless it belongs to someone else."

In a world dominated by social media, speculation has become a new form of consumption. What was serious becomes entertainment, and entertainment becomes serious. We pollute entertainment with politics, turning war or inflation into spectacles. Cryptocurrency is part of this cultural shift.

In the last cycle, cryptocurrency Degen was painted as the dark and fringe side of the crypto world, but it made that cycle happen. NFT pics, meme coins, and income Ponzi schemes became entertainment. Even the debacle and scapegoating of Three Arrows Capital, Do Kwon, and SBF were spread, and everyone seemed to consume the content widely with a sense of enjoyment.

And while the most “serious” crypto investors are talking about crypto infrastructure SaaS, crypto Degen has grown and grown, and I think we are in the most spectacular Degen phase in crypto history. We're doubling down on the craziness, whether it's Meme coins, SocialFi, GameFi, or re-staking.

The meme premium was more implicit than in the last cycle, this cycle it will become fully explicit. Crypto will be more degenified than ever before. This could mean you don't have to buy Doge to invest in Meme. You can buy any coin because the truth is out, every coin is a meme coin.

Analysis of (3,3)

There are few fundamentals to Coca-Cola stock other than the brand and subsequent customer demand. I proposed that speculating on coins is a form of consumption, just like drinking sugary drinks. Coca-Cola stock is just a sticky Lollapalooza (RIP Charlie Munger).


Munger is not a big fan of cryptocurrencies, calling them "cryptoshit" and "cryptocrapo." While his boundless wisdom will be deeply missed, his outdated views on what can be bought and sold will be less so. Regardless, I believe that if Munger were in his 20s or 30s, he would have a chapter in his Poor Charlie Almanac about memetic premiums.

I'm just proposing to revise some outdated wisdom with these experimental constructs that we have today worth trillions. They may be small and the chances of individual success slim, but they are growing. Rather than rejecting them normatively, cynics should try to understand them better. After all; technology is the basis of social development, not vice versa.

Let’s work to understand cryptocurrency as a consumer good rather than normatively opposing how it is consumed. Capitalism is driven by the market, and the market is driven by consumption.

Speculation is also a form of consumption. Every brand in this world relies on meme premium. The (3,3) narrative that dominates OlympusDAO in 2021 clearly expresses memetic premium.


This is where we find ourselves on the cryptocurrency adoption curve: the transition from memes to memes with utility (aka SocialFi), and I hope at this point we can agree that all of our tokens are A lot of it relies on meme premium – and there’s nothing wrong with that.

During this cycle, memes will be monetized directly and there will be less need to invest in meme coins. Memes serve as a coordination tool, and pricing them is a social game. I wouldn’t be surprised to see the value of silly meme coins shift towards smaller coordinated experiments with “infinite” upside.

Our equivalent of a DeFi summer might be a meme summer wrapped in a SocialFi narrative (at the moment, Blast season seems to be a Schelling point). Rather than investing in a single meme Doge and Chacha knockoff that's overplayed, people might engage in various mini-games that serve a purpose.

After all, money is a coordination game and price is a signal. OlympusDAO's (3,3) presents a meme that has it all: GameFi, SocialFi, and a serious attempt at utility. It is a true meme coin, even more so than Doge. Because if you think of a meme coin as just a meme coin, the magic of this retarded crowd is destined to be short-lived.


Learning how to price memes has always been the alchemy of finance. Meme was different in the Market Wizards era. From the invention of derivatives all the way to meme coins, finance continues to evolve as markets spread into the borderless digital world.

Leveraging the power of crypto means understanding reflexivity, not in the form of prices rising or falling, but in the form of prices transforming fundamentals. The world can change as the market changes. Meme premium is potential energy that can be converted into kinetic energy.

The late 2020s and 2030s may be the golden age of memetic value-oriented crypto hedge funds that embrace the reflexive nature inherent in digital assets. Cryptocurrency may have been in denial for a while, but its true value can only be maximized if we accept its true nature.

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