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Last week I shared the idea that memecoins are essentially leveraged bets on how long a joke can stay relevant—and it clearly resonated with a lot of people. Thinking about it more, I believe the issue with today's memecoins goes beyond rugs, vampire attacks, or sniper bots. Most modern memecoins have become on-chain indicators of off-chain attention. The problem is that retail users aren't buying your bags, so you're often speculating on the lifespan of a trend rather than the value of an asset. Tokens like $DOGE, $SHIB , $PEPE , and $BONK aren't driven by mainstream appeal. Their strength comes from the fact that they remain culturally relevant within crypto itself. As long as that community exists, those memes can continue to hold attention and liquidity. Using leverage is already one of the fastest ways to lose money. Using leverage to bet on how long people will stay interested in a meme is an even riskier game.