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A new class of meme coins centered around cultural values such as politics, lifestyle and religion could achieve greater growth this cycle than meme coins such as Dogecoin and Shiba Inu.
That’s according to venture capitalist Andrew Kang, co-founder of Mechanism Capital, who says these new types of cryptocurrencies “are inherently viral.”
“Given that the strength of memecoins are directly correlated to the strength of their communities, culture coins have a specific advantage in that communities are much stronger when their constituents can rally over shared beliefs,” said Kang in an Apr. 7 post on X. “$TRUMP and $BODEN were one of the first examples of this with many holders sharing anti-woke, anti-Biden, and right wing views.”
Kang says this new class of “culture coins” will be backed by communities with “strong values and identities,” which will “try to convert others to their beliefs and publicly display what it is they love about their lifestyle.”
Assets that “pump the hardest” such as stocks, real estate, metals and coins are simply assets that people can best believe in, according to Kang. This makes them somewhat similar to meme coins, whose values are mainly driven by a pool of investors who rally together behind a project, he added
Culture Coins: A new class of Memecoins
You could consider all memecoins as coins of culture. Memes themselves are defined as elements of culture that are spread by individuals throughout the world. The first big memecoin, Doge was based on a famous internet meme itself and the… pic.twitter.com/8ZANSXIdIQ
— Andrew Kang (@Rewkang) April 7, 2024
Investors Still Flocking To Traditional Meme Coins
Kang’s prediction has not stopped investors from flocking to animal-themed meme coins or cryptos based on jokes.
Investors have poured tens of millions of dollars into animal-themed Solana coins in the past few weeks. Sloth-themed Slothana is the latest example, with traders sending over $10 million in SOL to the crypto’s presale at lightning speed.
Dogwifhat (WIF) recently dethroned frog-themed Pepe (PEPE) to become the third-largest meme coin with a market cap of more than $4 billion.
And dog-themed Dogecoin20 (DOGE20), a DOGE derivative, went ballistic in presale, raising more than $10 million in less than two weeks. Its development team has extended the presale until its launch on International DOGE Day on Apr. 20.
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