Andrew Kang, one of the founders of venture capital firm Mechanism Capital, shed some light on his vision for the development of the cryptocurrency market.
A new category of memcoins has emerged, and they have the potential to eclipse the popular "animal" tokens that have caught the attention of crypto-enthusiasts. These memcoins are not just ordinary digital assets; they touch the realm of politics, religion, and even consumer brands.
Kang believes that these memcoins have the potential to surpass tokens such as #Dogecoin, #Shiba Inu and #Pepe in terms of growth and profitability. The reason for this lies in the backbone of these new coins. Unlike their animal-themed counterparts, these memcoins are deeply rooted in cultural values and are inextricably linked to how people live their lives.
The communities surrounding these memcoins are driven by ideologies that revolve around politics, religion, consumer goods, sports, lifestyle, or a combination of these factors. This unique combination of cultural relevance and personal connection sets them apart from other tokens on the market.
Kang highlights two notable memcoins that exemplify this new category: #Jeo Boden (BODEN) and #Doland Tremp (TREMP), both based on the Solana blockchain. These assets have experienced an astronomical surge in value and have become an integral part of their communities, which include people with different political views.
Since launching on March 9, 2024, the value of Jeo Boden has increased by 2,768%, according to CoinGecko. The token is currently trading at $0.75 and has a market capitalization of $515 million.
Similarly, Doland Tremp, which went public in February 2024, has also seen significant growth. In the last 30 days, its value has increased by 392%, according to CoinGecko. The token is currently priced at $0.74.
In addition to these memcoins, Kang highlights other progressive assets such as Moutai (MOUTAI) and Zynecoin (ZYN). These tokens are closely tied to major consumer brands, further emphasizing the diverse nature of this new category.
Kang emphasizes that regardless of the impact these memcoins have on the cryptoasset market, they saw the highest growth in the first quarter of 2024. This shows the huge potential and interest in this new category.
It is worth noting that prominent figures in the crypto industry, such as Ethereum co-founder #Vitalik Buterin and BitMEX co-founder #Arthur Hayes, have also expressed their opinions on memcoins. Buterin looked at various uses for this asset class, including its potential to fund community projects.
Hayes, on the other hand, urges the community not to dismiss memcoins as "silly and useless." He believes it is premature to judge these assets solely on their origin, as they may have untapped potential.
