New culture meme coins could surpass dog-themed cryptos like SHIB and DOGE, says analyst

A new class of meme coins, centered around cultural values ​​such as politics, lifestyle and religion, could see greater growth this cycle than meme coins like Dogecoin and Shiba Inu.

That’s according to venture capitalist Andrew Kang, co-founder of Mechanism Capital, who says these new forms of cryptocurrencies “are inherently viral.”

“Given that the strength of memecoins is directly correlated to the strength of their communities, culture coins have a specific advantage because communities are much stronger when their voters can rally around shared beliefs,” Kang said. in an April 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 “cultural coins” will be supported by communities with “strong values ​​and identities,” who “will seek to convert others to their beliefs and publicly demonstrate what they like about their lifestyle.”

Assets that “pump the hardest,” such as stocks, real estate, metals and coins, according to Kang, are simply the assets that people can best believe in. This makes them somewhat similar to meme coins, whose value is determined primarily by a group of investors rallying behind a project, he added.

Cultural Coins: A New Class of Memecoins

You could consider all memecoins as cultural coins. Memes themselves are defined as elements of culture spread by individuals around the world. The first major memecoin, Doge, was based on a famous internet meme itself and the… pic.twitter.com/8ZANSXIdIQ

– Andrew Kang (@Rewkang) April 7, 2024

Investors are flocking to traditional meme coins

Kang’s prediction hasn’t stopped investors from flocking to animal themes meme coins or cryptos based on jokes.

Investors have poured tens of millions of dollars into animal-themed Solana coins in recent weeks. With a sloth theme Slothana is the latest example, with traders quickly sending over $10 million in SOL to pre-sell the crypto.

Dogwifhat (WIF) recently dethroned frog-themed Pepe (PEPE) to become the third largest meme coin with a market cap of over $4 billion.

And Dogecoin20 (DOGE20), a dog-themed derivative of DOGE, exploded in pre-sales, raising more than $10 million in less than two weeks. The development team has extended the pre-sale until the launch on International DOGE Day on April 20.

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