May 15, 2025

Trading Attention

Active. (multiple tokens)
This post will continuously be updated and be dedicated to this one new narrative.
Latest Update: 8 July 2025

Want to watch Web2 heroes turn into villain ruggers? Introducing Internet Capital Markets.

If you look back at AI Agents, the majority of the profits came from trading speculation, most of them will hardly ever get back to their ATHs but the first run was so profitable that it doesn’t really matter. When I look at a narrative I ask three questions:

  1. Does it have an element of novelty not seen before?
  2. Can it attract new capital into crypto?
  3. Does it contribute to crypto’s legitimate progress despite some short-term opportunism?

For this one, my answer was “yes” to all questions. So here we go.

Idea Snapshots

  • Token: App Tokens
  • General Thesis: Early‑stage Web2 founders + viral launch rails = reflexive pumps. 95 % will die, but the 5 % winners can 10‑100×.
  • Risk Level: Extreme
  • Potential Upside: 1,000%+

Why it’s “Good for Crypto”

Back in 2010, a few early investors invested in Uber with small amounts ($5,000-$25,000):

  • Mike Walsh: $5,000 → $25,000,000
  • Oren Michaels: $5,000 → $25,000,000
  • Jason Calacanis: $25,000 → $100,000,000
  • Naval Ravikant: $25,000 → $100,000,000

Great returns but investing in Uber that early was impossible unless you were well connected.

Until today, if you wanted to build an application and needed funding you had to raise money from somewhere—typically from VCs. Crypto can change that because at its core it’s a 100% free borderless market. The laws are still foggy on this but over time that’ll change, and this global pro-crypto stance does increase those odds.

A founder wants to raise capital for his new product? Simply tweet @launchcoin and your token is launched. If the token gains traction it also gets good trading volume from which fees are generated and 50% are given to the founder. This gives the founder enough running capital in the early stages of development.

For example, the creators of DUPE and NOODLE (both launched on Believe) received ~$300,000 in the first 24H of trading. This is significant revenue for development.

Technically, Believe is not the first “tweet to launch” project. Others like Clanker and Bankr already exist but its novelty comes from the 50% fee share and its Web2 connection.

The Attention Trade

Every year or so, a new narrative pops up and it generates ridiculous returns. ICOs in 2017, NFTs in 2021, memes in 2024, AI Agents in 2024 and now the next candidate is: Internet Capital Markets (ICM).

Personally, I only get into investments that are beneficial to the ecosystem. Look at AI Agents, they actually serve a good purpose and advances crypto forward, memes and NFTs had more of a net-negative effect so I stayed clear.

ICM tokens will slowly dissipate the gap that exists between tokens and equity (laws need to help). This means that crypto becomes able to fulfill its promise of absorbing all capital markets onto its rails. While I know 95% of them will fail over time, and yes I am trading the attention now, I also know that this is a big unlock for crypto.

The fact that many reputable Web2 builders are coming in (Ben Pasternak, Nikita Bier, Bobby Ghoshal and Alex Leiman to name a few).

Believe

LAUNCHCOIN was part of the token list below, first featured on 15 May, but I am now treating other ICM tokens as auxiliary and LAUNCHCOIN as the main position.

Description: LAUNCHCOIN is Believe.App’s native token. You can think of it like the VIRTUAL of this meta. While I did not catch it at its lowest, the momentum its showing in the midst of a new bullish leg by Bitcoin gives it good odds of continuing much higher into the billions.

A few things have changed my mind regarding how I'll allocate into this token. First is the consistent mindshare taken up by the token and its founder Ben Pasternak, second is their fast iterations and changes and third is that as I look at the entire market, I cannot see a better positioned token (in this moment in time) for upside. Let me explain.

The crypto market has been "boring" since the start of the year. Yes we have seen volatility and reclaimed upside (like BTC from $74,000 to $110,000) but relative to previous bullish rallies it has been a boring few months. During those times I put my head down and perform market research to see what the most interesting and novel tokens are, this helps me position myself correctly prior to the next bullish leg (whenever that happens). The more I look, the more I see that nothing is coming close to Believe, it's the only "new" idea on the market and their team keeps trying new strategies (the fast iterations I referred to before). They realized that Crypto Twitter (CT) is a big part of price as that's where the only few degens are left during "downtimes", so they hired two CT natives to run their X account. They also realized that they cannot solely rely on Twitter as a means for attention, so they turned to Whop. Whop is a hidden secret/phenomenon, this where influencers put out content rewards (paying a set rate per thousand views) to go all over the timeline (on YT, X, TikTok and IG), this is what every streamer is using to force their online fame and this helps Believe to export their attention outside of the CT bubble.

So, now my portfolio alocation to this token will become 10% instead of 5% and the chart will determine my entry.

LAUNCHCOIN has been quietly setting higher lows which is the first technical sign of life for any price. The second sign is the consistent +20% days whenever Bitcoin is even flinching to the upside.

But I like to ride momentum and I don't want to get stuck holding a token that ranges forever, so my trigger will be the cross of $0.1775 from which I'll buy and keep holding until we either get to $1+ (5.5x) or break back under the upper green box (limiting my loss to -20% on the token/2% of portfolio).

If the upside to $1 happens on LAUNCHCOIN, the below ICM tokens will benefit much more (albeit at a higher risk).

‍

ICM Tokens

Disclaimer: Before you read, remember that we’re just a random Instagram page and that none of this is investment advice (NOT INVESTMENT ADVICE). I’m simply highlighting new and interesting innovations in crypto and my personal take on things; and we could be wrong. Never buy anything (ever) before doing your own research.

  1. BUMP [$3.7m—featured on 15 May 2025]: Miles Feldstein says he teamed up with Alex Lieberman (co-founder of MorningBrew, they have 6m people on newsletter) to create a new social media app called FistBump. This does hold higher odds of a successful product given the names involved but what I do like is that the app is not out yet which creates a bunch of speculation around it. On 19 May I added another 0.5% of my portolio into BUMP bringing my average entry down to $3.7m with now a total of 1% risk in this token.
  2. PIPEIQ [$3.8m—featured on 15 May 2025]: Built by Rajesh Kadam and weirdly the announcement was made on LinkedIn (lol). His product is already live, the token is new though and the link remains unknown but his words are: “PIPEIQ will be integrated into the AI GTM orchestration to drive outcomes in ways that have not been experimented with before”. A non-product launched can create more speculation but with this one any news on a good linkage between product and token can create momentum. I am allocating 0.5% of my portfolio to it.
  3. BUIDL [$3.3m—featured on 15 May 2025]: One‑click backend for Web2 devs to deploy Solana apps via an AI; token gives gas‑rebates and governs template upgrades. I am allocating 0.5% of my portfolio to it.
  4. SIGNAL [$700k—featured on 15 May 2025]: When agents went big, analytics were a big part of it and a prime example was COOKIE (peaked at $300m). Accessing these launches and getting information is quite difficult at the moment, Signal built an analytics dashboard making the information more accessible. I am allocating 0.5% of my portfolio to it.‍‍
  5. SUBY [$890k — featured on 26 May 2025]: Similar to Stripe, Suby allows businesses to charge subscriptions but this time with stablecoins (this might be used for The Club, so that tells you that the idea they're building has real demand). As of today people can set up these subscriptions on Discord or Telegram with a few simple steps and Suby's revenue will come from a 1.5% fee (you think that's high but Stripe sometimes charges more). Its price has resistance at $1.5m but once that’s cleared it should open the door to new highs. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.
  6. TWEETDM [$850k — featured on 26 May 2025]: TweetDM lets creators run automated DM campaigns on Twitter and capture leads right inside the timeline. The SaaS already has paying users and they will be sharing rewards to users just like BUMP, which again isn’t exactly sustainable but it’s a great incentive that can push price up. I’m allocating 0.5 % of my portfolio here and will pull my initial at a 2×.
  7. SLSH [$550k — featured on 10 June 2025]: Think of Slesh like ChatGPT sitting with you while you browse and thinking of what you'll need next, it's a browsing assistant. Current tech looks like an MVP, nothing impressive just yet, but that's why it trades at such a low valuation, any upgrade in this bullish environment sends it much higher. Its chart shows accumulation but it really needs to clear the $1m mark as it's heavy resistance for it; which coincides perfectly with my initials recouping exit. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.
  8. DASHC [$650k — featured on 10 June 2025]: Dashcoin Research is more of an information hub, but where they excel is the founder talking to other ICM token founders getting them a lot of attention, and usually positive price action. It's really reminding me of VADER and AIXBC from the AI Agents era, their tech wasn't great but they were ecosystem supporters and their charts went vertical. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.

More tokens will be added.

My conviction in each token isn't peak high and that's reflected in my small allocations. My gameplan consists of entering pre-attention and recouping my initials early so I can ride the ICM meta with the utmost comfort.

Sold Tokens

  1. BUIDL [50% partial sale]: Sold half of my allocation at $6.6m to recoup my initial investment with the remainder still in the token.
  2. SUBY [75% partial sale]: Sold half at $2m to recoup my initial investment and sold another 25% at $5m to book some profits.

Phases

  • Phase 1: This is just another crypto scam.
  • Phase 2: I didn’t expect this founder to launch here.
  • Phase 3: This is the future of going public, better than IPOs.
  • Phase 4: I want to launch a token.
  • Phase 5: Why is it down -99%??

We’re in Phase 1 (very volatile) and if I’m right on this new trend, I’ll exit in Phase 3/4.

Conclusion

Internet Capital Markets is great in theory, and a few gems will come out of it offering a irrationally high returns that were once reserved to VCs alone. But given the anonymous nature of the internet I also know a lot of opportunistic scammers will join that trend. So I am careful, I will allocate small and recoup all initials after a 2x.

What I do like is that is it bringing non-crypto builders and investors into crypto. That’s new capital. Still though, I’m pretty bearish on 95% of the stuff that will come out of this trend but it is a trend nonetheless, and where there is a trend, there is money. So, here I am.

FAQ

Q: These ICM tokens are like equity?

A: No. Today they’re closer to royalty streams: creators skim 1 % of DEX volume, and holders speculate on that flow. Legal equity rights aren’t on‑chain — yet.

Q: Will this narrative do as well as AI Agents did in Q4 2024?

A: It could if mainstream founders keep piling in, but base case is a shorter, sharper hype cycle.

Q: Are you no longer bullish on AI Agents?

A: Quite the opposite — many ICM launches are AI/agentic products finally getting a token wrapper. The themes reinforce each other.

Q: How do you manage risk on new narratives?

A: I limit each investment at 0.5-1% of portfolio, pull my initial investment at a 2x, ride the house money until I see exhaustion (which I'll post or comment about).

This post will continuously be updated and be dedicated to this one new narrative.
Latest Update: 8 July 2025

Want to watch Web2 heroes turn into villain ruggers? Introducing Internet Capital Markets.

If you look back at AI Agents, the majority of the profits came from trading speculation, most of them will hardly ever get back to their ATHs but the first run was so profitable that it doesn’t really matter. When I look at a narrative I ask three questions:

  1. Does it have an element of novelty not seen before?
  2. Can it attract new capital into crypto?
  3. Does it contribute to crypto’s legitimate progress despite some short-term opportunism?

For this one, my answer was “yes” to all questions. So here we go.

Idea Snapshots

  • Token: App Tokens
  • General Thesis: Early‑stage Web2 founders + viral launch rails = reflexive pumps. 95 % will die, but the 5 % winners can 10‑100×.
  • Risk Level: Extreme
  • Potential Upside: 1,000%+

Why it’s “Good for Crypto”

Back in 2010, a few early investors invested in Uber with small amounts ($5,000-$25,000):

  • Mike Walsh: $5,000 → $25,000,000
  • Oren Michaels: $5,000 → $25,000,000
  • Jason Calacanis: $25,000 → $100,000,000
  • Naval Ravikant: $25,000 → $100,000,000

Great returns but investing in Uber that early was impossible unless you were well connected.

Until today, if you wanted to build an application and needed funding you had to raise money from somewhere—typically from VCs. Crypto can change that because at its core it’s a 100% free borderless market. The laws are still foggy on this but over time that’ll change, and this global pro-crypto stance does increase those odds.

A founder wants to raise capital for his new product? Simply tweet @launchcoin and your token is launched. If the token gains traction it also gets good trading volume from which fees are generated and 50% are given to the founder. This gives the founder enough running capital in the early stages of development.

For example, the creators of DUPE and NOODLE (both launched on Believe) received ~$300,000 in the first 24H of trading. This is significant revenue for development.

Technically, Believe is not the first “tweet to launch” project. Others like Clanker and Bankr already exist but its novelty comes from the 50% fee share and its Web2 connection.

The Attention Trade

Every year or so, a new narrative pops up and it generates ridiculous returns. ICOs in 2017, NFTs in 2021, memes in 2024, AI Agents in 2024 and now the next candidate is: Internet Capital Markets (ICM).

Personally, I only get into investments that are beneficial to the ecosystem. Look at AI Agents, they actually serve a good purpose and advances crypto forward, memes and NFTs had more of a net-negative effect so I stayed clear.

ICM tokens will slowly dissipate the gap that exists between tokens and equity (laws need to help). This means that crypto becomes able to fulfill its promise of absorbing all capital markets onto its rails. While I know 95% of them will fail over time, and yes I am trading the attention now, I also know that this is a big unlock for crypto.

The fact that many reputable Web2 builders are coming in (Ben Pasternak, Nikita Bier, Bobby Ghoshal and Alex Leiman to name a few).

Believe

LAUNCHCOIN was part of the token list below, first featured on 15 May, but I am now treating other ICM tokens as auxiliary and LAUNCHCOIN as the main position.

Description: LAUNCHCOIN is Believe.App’s native token. You can think of it like the VIRTUAL of this meta. While I did not catch it at its lowest, the momentum its showing in the midst of a new bullish leg by Bitcoin gives it good odds of continuing much higher into the billions.

A few things have changed my mind regarding how I'll allocate into this token. First is the consistent mindshare taken up by the token and its founder Ben Pasternak, second is their fast iterations and changes and third is that as I look at the entire market, I cannot see a better positioned token (in this moment in time) for upside. Let me explain.

The crypto market has been "boring" since the start of the year. Yes we have seen volatility and reclaimed upside (like BTC from $74,000 to $110,000) but relative to previous bullish rallies it has been a boring few months. During those times I put my head down and perform market research to see what the most interesting and novel tokens are, this helps me position myself correctly prior to the next bullish leg (whenever that happens). The more I look, the more I see that nothing is coming close to Believe, it's the only "new" idea on the market and their team keeps trying new strategies (the fast iterations I referred to before). They realized that Crypto Twitter (CT) is a big part of price as that's where the only few degens are left during "downtimes", so they hired two CT natives to run their X account. They also realized that they cannot solely rely on Twitter as a means for attention, so they turned to Whop. Whop is a hidden secret/phenomenon, this where influencers put out content rewards (paying a set rate per thousand views) to go all over the timeline (on YT, X, TikTok and IG), this is what every streamer is using to force their online fame and this helps Believe to export their attention outside of the CT bubble.

So, now my portfolio alocation to this token will become 10% instead of 5% and the chart will determine my entry.

LAUNCHCOIN has been quietly setting higher lows which is the first technical sign of life for any price. The second sign is the consistent +20% days whenever Bitcoin is even flinching to the upside.

But I like to ride momentum and I don't want to get stuck holding a token that ranges forever, so my trigger will be the cross of $0.1775 from which I'll buy and keep holding until we either get to $1+ (5.5x) or break back under the upper green box (limiting my loss to -20% on the token/2% of portfolio).

If the upside to $1 happens on LAUNCHCOIN, the below ICM tokens will benefit much more (albeit at a higher risk).

‍

ICM Tokens

Disclaimer: Before you read, remember that we’re just a random Instagram page and that none of this is investment advice (NOT INVESTMENT ADVICE). I’m simply highlighting new and interesting innovations in crypto and my personal take on things; and we could be wrong. Never buy anything (ever) before doing your own research.

  1. BUMP [$3.7m—featured on 15 May 2025]: Miles Feldstein says he teamed up with Alex Lieberman (co-founder of MorningBrew, they have 6m people on newsletter) to create a new social media app called FistBump. This does hold higher odds of a successful product given the names involved but what I do like is that the app is not out yet which creates a bunch of speculation around it. On 19 May I added another 0.5% of my portolio into BUMP bringing my average entry down to $3.7m with now a total of 1% risk in this token.
  2. PIPEIQ [$3.8m—featured on 15 May 2025]: Built by Rajesh Kadam and weirdly the announcement was made on LinkedIn (lol). His product is already live, the token is new though and the link remains unknown but his words are: “PIPEIQ will be integrated into the AI GTM orchestration to drive outcomes in ways that have not been experimented with before”. A non-product launched can create more speculation but with this one any news on a good linkage between product and token can create momentum. I am allocating 0.5% of my portfolio to it.
  3. BUIDL [$3.3m—featured on 15 May 2025]: One‑click backend for Web2 devs to deploy Solana apps via an AI; token gives gas‑rebates and governs template upgrades. I am allocating 0.5% of my portfolio to it.
  4. SIGNAL [$700k—featured on 15 May 2025]: When agents went big, analytics were a big part of it and a prime example was COOKIE (peaked at $300m). Accessing these launches and getting information is quite difficult at the moment, Signal built an analytics dashboard making the information more accessible. I am allocating 0.5% of my portfolio to it.‍‍
  5. SUBY [$890k — featured on 26 May 2025]: Similar to Stripe, Suby allows businesses to charge subscriptions but this time with stablecoins (this might be used for The Club, so that tells you that the idea they're building has real demand). As of today people can set up these subscriptions on Discord or Telegram with a few simple steps and Suby's revenue will come from a 1.5% fee (you think that's high but Stripe sometimes charges more). Its price has resistance at $1.5m but once that’s cleared it should open the door to new highs. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.
  6. TWEETDM [$850k — featured on 26 May 2025]: TweetDM lets creators run automated DM campaigns on Twitter and capture leads right inside the timeline. The SaaS already has paying users and they will be sharing rewards to users just like BUMP, which again isn’t exactly sustainable but it’s a great incentive that can push price up. I’m allocating 0.5 % of my portfolio here and will pull my initial at a 2×.
  7. SLSH [$550k — featured on 10 June 2025]: Think of Slesh like ChatGPT sitting with you while you browse and thinking of what you'll need next, it's a browsing assistant. Current tech looks like an MVP, nothing impressive just yet, but that's why it trades at such a low valuation, any upgrade in this bullish environment sends it much higher. Its chart shows accumulation but it really needs to clear the $1m mark as it's heavy resistance for it; which coincides perfectly with my initials recouping exit. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.
  8. DASHC [$650k — featured on 10 June 2025]: Dashcoin Research is more of an information hub, but where they excel is the founder talking to other ICM token founders getting them a lot of attention, and usually positive price action. It's really reminding me of VADER and AIXBC from the AI Agents era, their tech wasn't great but they were ecosystem supporters and their charts went vertical. I am allocating 0.5 % of my portfolio to it and will pull my initial at a 2×.

More tokens will be added.

My conviction in each token isn't peak high and that's reflected in my small allocations. My gameplan consists of entering pre-attention and recouping my initials early so I can ride the ICM meta with the utmost comfort.

Sold Tokens

  1. BUIDL [50% partial sale]: Sold half of my allocation at $6.6m to recoup my initial investment with the remainder still in the token.
  2. SUBY [75% partial sale]: Sold half at $2m to recoup my initial investment and sold another 25% at $5m to book some profits.

Phases

  • Phase 1: This is just another crypto scam.
  • Phase 2: I didn’t expect this founder to launch here.
  • Phase 3: This is the future of going public, better than IPOs.
  • Phase 4: I want to launch a token.
  • Phase 5: Why is it down -99%??

We’re in Phase 1 (very volatile) and if I’m right on this new trend, I’ll exit in Phase 3/4.

Conclusion

Internet Capital Markets is great in theory, and a few gems will come out of it offering a irrationally high returns that were once reserved to VCs alone. But given the anonymous nature of the internet I also know a lot of opportunistic scammers will join that trend. So I am careful, I will allocate small and recoup all initials after a 2x.

What I do like is that is it bringing non-crypto builders and investors into crypto. That’s new capital. Still though, I’m pretty bearish on 95% of the stuff that will come out of this trend but it is a trend nonetheless, and where there is a trend, there is money. So, here I am.

FAQ

Q: These ICM tokens are like equity?

A: No. Today they’re closer to royalty streams: creators skim 1 % of DEX volume, and holders speculate on that flow. Legal equity rights aren’t on‑chain — yet.

Q: Will this narrative do as well as AI Agents did in Q4 2024?

A: It could if mainstream founders keep piling in, but base case is a shorter, sharper hype cycle.

Q: Are you no longer bullish on AI Agents?

A: Quite the opposite — many ICM launches are AI/agentic products finally getting a token wrapper. The themes reinforce each other.

Q: How do you manage risk on new narratives?

A: I limit each investment at 0.5-1% of portfolio, pull my initial investment at a 2x, ride the house money until I see exhaustion (which I'll post or comment about).

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