Meme & Fan Tokens
The sector that moves on attention, and the one that moves on a fixture list.
Meme coins have no cash flow, no roadmap and no pretence of either. They move on attention, which makes them the fastest markets on this desk in both directions and the reason short is quoted beside long on every ticket. Fan tokens are filed beside them because they behave the same way against a different calendar — a result, a transfer, a tournament.
Neither is priced as a favour. Both sit in the small-cap tier at 34 basis points round trip against 20 on the majors, because a thinner book genuinely costs more to cross, and the ticket shows the figure that applies before you commit.
Risk and reward are widest here. The same conditions that produce the largest gains on this desk produce the fastest losses, and a position should be sized for both rather than for the one you are hoping for.