'Culture coins' Set to Change the Memecoin Market
Mechanism Capital co-founder Andrew Kang has discovered a new class of memecoin that he believes will outperform traditional memecoins like Dogecoin or Shiba Inu.
On his X account, Mechanism Capital co-founder Andrew Kang highlighted a new class of memecoins, which he called "culture coins." He believes that new players in the market could change the current trend in the memecoin sector. Kang said that such memecoins could go viral by leveraging strong values.
“They are inherently viral,” Kang explained.
Culture Coins: A new class of Memecoins
— Andrew Kang (@Rewkang) April 7, 2024
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
Explaining the term for the new class of memecoins, he highlighted topics such as politics, religion, lifestyle, consumer goods, etc. Kang named Jeo Boden (BODEN) and Doland Tremp (TREMP), two of the fastest growing Solana-based memecoins at the moment, as examples of such "culture coins" of the memecoin sector. By the way, the value of BODEN alone is up 700,000% since its launch in early March.
Memecoins are viral coins on their own at the moment. But memecoins linked to any brands, according to Kang, could bring additional publicity and profit.
Interestingly, Kang compared investing in "culture coins" to investing in traditional assets in his statement, noting that the most significant returns often come from assets that are universally trusted.
Not everyone agrees with this view, however. Despite this year's established trend, the cryptocurrency market is still divided on the impact of memecoins. While some see them as a blessing for blockchain networks, others argue that they are a speculative hazard that undermines the fundamental principles of blockchain.
