Refers to the hierarchy within the sub-culture of hipsters.
Being a part of this hierarchy often has to do with 'being in the know': knowing what is popular at the moment with art, music and fashion. The hierarchy culminates into a top 1% of people who are what marketing companies refer to as the 'trend-setters', the people that define what's cool and that everyone else inevitably follows. Hipsterdom is generally confined to white people between the ages of 18 to 30, often middle class, often educated in Liberal Arts.
"He's a high ranking member in hipsterdom".
"That word is taboo in hipsterdom".