Aside from the attention economy, I think another key factor contributing to the success of *some* of the recently launched memecoins has been their approach of having a high number of freely tradable tokens from the start.
For example:
-
$WIF,
$PEPE,
$BODEN, and
$NORMIE all have their market capitalization (mcap) equal to their fully diluted valuation (fdv), with their total circulating supply matching their maximum supply.
This setup benefits traders because they can trade these tokens without worrying about future token releases or inflation, which usually complicates trading decisions.
For retail degens this approach is ideal because you want as much of the community to get it's hands on the token (distribution). This approach offers the opportunity to invest at potentially low valuations if they get in early. Additionally, rewarding early members helps build a loyal community around the project. Nothing builds more loyalty than making your early community members rich.
Aside from memecoins, this begs the question what is the ideal token float at launch, for projects that have lockups and inflation?