Venture investor Andrew Kang believes that a new category of memecoins has emerged in the digital asset industry. We are talking about political, and religious assets, as well as tokens associated with large consumer brands. According to the expert, these memecoins may become more popular than the so-called “animal” assets. If you bet on sports, use the Melbet promo code Mongolia and get more chances to bet in profit.
Memecoins May Surpass “Animal” Tokens in Popularity
Co-founder of the venture firm Mechanism Capital, Andrew Kang, stated that a new category of memecoins has emerged in the crypto market, capable of surpassing the popularity of “animal” tokens.
These coins revolve around political and religious themes. Entrepreneurs also included tokens associated with major consumer brands in this category of meme coins.
According to Kang, such assets are capable of outpacing meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) in terms of growth rate and profitability. This is because the new coins use cultural values as their foundation and are closely intertwined with human lifestyle, he emphasized.
“The ideology of these communities can be exclusively linked to politics, religion, consumer goods, sports, lifestyle, or represent a combination of all of these,” added the co-founder of Mechanism Capital.
The Most Important Memecoins in April 2024
Among the most significant meme coins of this generation, Kang mentioned tokens based on Solana – Jeo Boden (BODEN) and Doland Tremp (TREMP). The entrepreneur noted that these assets have seen rapid price increases and are closely intertwined with their communities, which hold different political views.
Since its launch on March 9, 2024, Joe Boden has demonstrated a price surge of 2768%, according to CoinGecko data. At the time of writing, the token’s price sits at $0.75, with a market capitalization of $515 million.
As for the second meme coin – Donald Tremp, it has also shown significant growth since entering the market in February 2024. Over the past 30 days, the asset’s price has risen by 392%, according to CoinGecko. At the time of writing, the token is priced at $0.74.
Kang also mentioned other emerging meme coins, such as Moutai (MOUTAI) and Zynecoin (ZYN). These tokens are associated with major consumer brands.
The investor emphasizes that regardless of the impact of this new class of coins on the cryptocurrency market, they have shown the highest growth in the first quarter of 2024.
Earlier, Ethereum co-founder Vitalik Buterin published an article about meme coins. He discussed various use cases for this class of assets, including funding public projects.
Investor and co-founder of the cryptocurrency exchange BitMEX, Arthur Hayes, also expressed his views on meme coins. He urged the community not to consider meme coins “stupid and useless.” According to him, premature conclusions should not be drawn based solely on the nature of the origin of such assets.
5 Dangers to Beware When Apeing into Solana Memecoins
The creators of Memecoins are often completely incompetent. Memecoins are often created by the same people who invest in them – inexperienced and young individuals, eager for quick profits. They may lack the technical knowledge even to create the token ecosystem correctly. For example, on March 18, the developer of the Slerf memecoin burned the pre-sale tokens of investors worth $10 million instead of distributing them.
Pseudonyms mean you’ll never know who created the coin. Memecoin creators and investors often operate under pseudonyms. There are legitimate reasons for this, such as protection against attacks using $5 wrenches or from disgruntled investors who lost money when the price dropped.
The likelihood of your memecoin going to the moon is higher than pulling the rug. Rug pulling is a form of fraud that can take various forms. Typically, it occurs when developers disappear with project funds, leaving their community with nothing or worthless assets. According to the security firm Hacken, last year the BNB Chain network reported 149 rug pull cases, which led the industry last year when Solana didn’t even make it into the top ten.
Pre-sales are even riskier than investing in regular memecoins. Many of the most successful fundraisers for Solana memecoins recently have been conducted through pre-sales. In DeFi, this can mean investors send their funds to an account and hope to receive new tokens in return. This can be even riskier and more likely for developers to run away with the money. According to online detective ZachXBT, as of March 19, 33 Solana projects had raised about 796,000 SOL (149.2 million dollars at that time) through pre-sales.
Memecoins are only about moods; in most cases, there is no real utility. Memecoins are certainly interesting, but they will not contribute to the development of this industry as they have no product. On the other hand, the simple entertainment and earning opportunities they provide attract more people to cryptocurrency.
