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Connor Holliman
@jconnorholliman
Vitalik Buterin ( @Vitalik.eth ), inventor of Ethereum, wrote an article the other day discussing the future of memecoins It describes one of this cycle's recurring narratives, "Culture Coins" Let's take a look at "Culture Coins" and why $ZYN aligns with Vitalik's goals👇
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Connor Holliman
@jconnorholliman
"Today in 2024, a major topic of discussion in 'the crypto space' appears to be memecoins ... This time ... in a way that is making many people feel uneasy, because there isn't anything particularly new and interesting about the memecoins." Buterin states Out with the old 🫡
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Connor Holliman
@jconnorholliman
Last cycle I completely faded memecoins due to lack of "utility," but this cycle they've been the majority of coins I've traded Reason being, if you swap into a memecoin the right culture early on, you will 10x-1000x your entry And this is where "Culture Coins" come into play
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Connor Holliman
@jconnorholliman
So, what are "Culture Coins?" A guest author on https://coinsniper.net/blog/meme-coins-evolution describes "Culture Coins" best when they said, "Beyond their financial implications, meme coins have become a form of social commentary, reflecting the pulse of internet culture and societal trends."
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Connor Holliman
@jconnorholliman
"Culture Coins" are memecoins whose popularity is influenced by pop culture. They are coins whose price action aligns with media headlines and social narratives Vitalik is arguing to move away from the Old Guard of "Culture Coins" like $PEPE and $MOG
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Connor Holliman
@jconnorholliman
So what is $PEPE? $PEPE is a memecoin inspired by Matt Furie's character "Pepe the Frog" from the early 2000s. It went on a historic run last year becoming the fastest coin to $1B Market Cap, reaching that feat in 19 days
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Connor Holliman
@jconnorholliman
Pepe the Frog "gained widespread popularity as an internet meme but was later co-opted for purposes involving hate speech and discriminatory content" according to a Koinly article https://koinly.io/blog/what-is-pepe-coin/
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Connor Holliman
@jconnorholliman
Despite controversy surrounding the Pepe character, $PEPE has done incredibly well for a memecoin After hitting its ATH of ~$1.55B Market Cap on May 5th 2023 it took 283 days to hit its next ATH of ~$1.66B
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Connor Holliman
@jconnorholliman
Let's put that another way. $PEPE retraced ~88.4% with choppy price action for over 75% of a bear market year before it hit its next all time high on March 1st, 2024 13 days (read that again) after claiming its new ATH of ~$1.66B, it ran to ~$4.25B (what the actual fuck)
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Connor Holliman
@jconnorholliman
$PEPE is currently sitting around a $3.33B MC with about 200k holders. Obviously there is a large community, positive/negative culture and hype surrounding it, but what does the coin do? Outside of being a tokenized representation of Pepe the Frog, $PEPE has no fundamental value
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Connor Holliman
@jconnorholliman
The PepeCoin website states "$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only." https://www.pepe.vip/
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Connor Holliman
@jconnorholliman
$MOG which dubs itself as "the internet's first culture coin," has a lot of similarities to $PEPE According to the website, $MOG "is simply about being the best version of yourself in anything that you do" https://mogcoin.xyz/about/
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Connor Holliman
@jconnorholliman
The website also states the meme was "derived from AMOG ('alpha male of group')" and is literally defined as "to be significantly more attractive than (someone or something); to dominate in appearance" or "to be superior to in general" Mog's roots can be traced back to 4chan
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Connor Holliman
@jconnorholliman
The term apparently "comes from the intersection of bodybuilding and pickup artist communities, [and] is linked to ideas of misogyny and toxic masculinity according to Siân Brooke, a researcher at LSE https://www.dlnews.com/articles/people-culture/mog-coin-memecoin-soars-after-4chan-mogging-meme-blows-up/
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Connor Holliman
@jconnorholliman
$MOG community members say the meme has moved past its original connotation and is solely about "striving for greatness, and manifesting our deepest desires and highest potential" Regardless of how you feel about the history of this one, the coin has made strides in price action
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Connor Holliman
@jconnorholliman
$MOG gained quite a bit of traction last year running from inception to its first ATH of ~$38.1M in 30 days. You know what it did after that? It did almost exactly what $PEPE did It retraced ~89.1% and sat below its previous ATH for 179 days before hitting a new ATH of ~$59.4M
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Connor Holliman
@jconnorholliman
One month after hitting $59.4M, it rose a staggering ~721.66% to its latest ATH of $475M (absolutely ridiculous) $MOG is currently sitting around a $254.6M with about 15k holders. While it has less holders than $PEPE it has obviously spoken to a large amount of people
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Connor Holliman
@jconnorholliman
I bet your asking yourself right now "Self, what does this $MOG token do?" Well if you answered with "absolutely nothing" then you'd be correct. Outside of being a tokenized representation of "alpha male energy," $MOG has no fundamental value
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Connor Holliman
@jconnorholliman
"$MOG is a crypto coin with no intrinsic value or expectation of financial return ... MOG is to be used strictly for getting laid and for entertainment purposes only." says the MogCoin website
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Connor Holliman
@jconnorholliman
$PEPE and $MOG are just two of many coins that represent this Old Guard of memecoins To their credit, these coins are doing exactly what their websites state: "this coin does nothing except give our holders a tokenized asset to celebrate the culture and bond over"
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Connor Holliman
@jconnorholliman
Vitalik references this in his article stating that recent "memecoins often seem to just go up and down in price and contribute nothing of value in their wake." So outside of perpetuating a narrative, can "Culture Coins" provide positive utility? NEWS FLASH: They absolutely can
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Connor Holliman
@jconnorholliman
"Among the more interesting of the coins that I've seen are coins where a large portion of the token supply (or some ongoing fee mechanism) is dedicated to some kind of charity." continues Vitalik $TRUMP is a "Culture Coin" which has adopted this "Dedication to Charity" function
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Connor Holliman
@jconnorholliman
$TRUMP is a memecoin inspired by former President Donald Trump. It has garnered quite a bit of attention as the coin has taken advantage of President Trump's cult-like following and election campaign headlines Its slogan is "Make Crypto Great Again"
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Connor Holliman
@jconnorholliman
$TRUMP is pioneering the experiment of "PoliFi," a medley of politics, finance and community Marketing director Steven Steele states "whenever there's been a major event involving Trump, there has been 'a direct correspondence in the value of the coin'"
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Connor Holliman
@jconnorholliman
While it doesn't have too much value outside of being a proxy investment tool for speculating on Trump to win the Presidential election, it does donate a small percentage of the token supply (.4%) to two different charities, according to a Yahoo Finance article by Caden Pok
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Connor Holliman
@jconnorholliman
Donations come out of its 1% buy/sell tax. At the moment, the coin is focused on giving back to Veterans through National Veterans Homeless Support ( https://nvhs.org) and Prevention of Child Trafficking through Veterans for Child Rescue
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Connor Holliman
@jconnorholliman
Despite the polarizing figure in which Trump is, $TRUMP is serving a common public good by donating almost $1.4M to charity and providing speculators (not necessarily supporters) an investment vehicle to cash in on a Presidential Elect bet
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Connor Holliman
@jconnorholliman
As stated before, $TRUMP price action has fallen closely in line with Trump's election news. In November, he was facing multiple charges though many thought he'd never see jail time. In December, the Colorado Supreme Court disqualified him from the 2024 ballot
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Connor Holliman
@jconnorholliman
January was the 3 year anniversary of the insurrection led by Trump supporters on the Capitol Building. All the speculative price action of $TRUMP was reflected by these IRL events
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Connor Holliman
@jconnorholliman
After hitting its first ATH of ~$7.29M MC on August 27th, 2023, $TRUMP took 79 days for it to hits next ATH of ~$8.2M on November 14th. Nine days later it climbed up to its new local top of ~$30.63M and retraced for 53 days before hitting its next ATH of ~$33.14M on January 16th
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Connor Holliman
@jconnorholliman
$TRUMP then proceeded to run a staggering ~1965.72% over the next 48 days to its new ATH of ~$448.05M on March 4th, 2024, following the hype of the Super Tuesday Republican bid
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Connor Holliman
@jconnorholliman
$TRUMP has tapped into Trump culture, news, and the community that believes he will win this election. It has ~17.5K holders across multiple chains (ETH, SOL, BNB, and BASE) and is currently sitting around a ~$174.8M MC but it sure to have its day again as the election unfolds
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Connor Holliman
@jconnorholliman
Circling back to Vitalik's article, he probably wouldn't align with $TRUMP as he states, "I have zero enthusiasm for coins named after totalitarian political movements, scams, rugpulls or anything that feels exciting in month N but leaves everyone upset in month N+1."
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Connor Holliman
@jconnorholliman
JesusCoin or $JESUS may also fit this "utility" generation of "Culture Coins" as it provides a place for Christian individuals to worship God together via X Spaces on Sundays Vitalik would probably be indifferent on this one
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Connor Holliman
@jconnorholliman
Besides a consistent worship group, $JESUS does not seem to do much for holders and has price action that ties in closely with Christian holidays The website states they do have plans to donate to charity in the future, similar to $TRUMP, but there's not too much to it otherwise
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Connor Holliman
@jconnorholliman
Vitalik concludes his article stating there should be memecoins, but "ideally those that support public goods instead of just enriching insiders and creators. But also ideally, making games rather than coins, and making projects that people enjoy participating in."
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Connor Holliman
@jconnorholliman
"Culture Coins" like $TRUMP and $JESUS take steps toward accomplishing Vitalik's ideal memecoin but haven't fully reached what $ZYN is bound to accomplish $ZYN ( @ZynCoin ) is a memecoin based on the popular Zyn nicotine pouch which has gained national exposure recently
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Connor Holliman
@jconnorholliman
$ZYN takes good aspects of the Old Guard of memecoins by uniting a community of people who love the real world Zyn product Through $ZYN I've interacted with people on Crypto Twitter I've followed for years like Will Clemente, TheCryptoDog, and Flood
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Connor Holliman
@jconnorholliman
I've also made new connections On top of community, $ZYN speaks directly to Vitalik's conclusion of "supporting public goods instead of just enriching insiders and creators"
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Connor Holliman
@jconnorholliman
@zynenjoyoor launched $ZYN completely fair with the goal of building a coin that enshrines one of their favorite products, Zyn, not to enrich himself He's also decided to build real world utility into $ZYN with the upcoming "$ZYN-to-Earn" (Z2E) product
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Connor Holliman
@jconnorholliman
This revolutionary tech gives Zyn users a new way to cash out Zyn Rewards located on the back of their Zyn cans by inputting the code into Z2E A product concept that is unheard of in crypto so far. Will Clemente describes it best with this thread: https://twitter.com/WClementeIII/status/1769913200558887060
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Connor Holliman
@jconnorholliman
Dependent on the amount of $ZYN a holder has in their wallet, they will be able to cash out up to $6 in $ZYN which is almost 40x what one would get for inputting their code on the Zyn website More info on Z2E from @zynenjoyoor 's recent thread: https://twitter.com/stack__sats/status/1774503388916723997
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Connor Holliman
@jconnorholliman
Why pay holders up to $6 for inputting their Rewards code? The idea is they can be completely comped for a new can of Zyn by holding more $ZYN, which ties back into Vitalik's point of "making games rather than coins, and making projects that people enjoy participating in"
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Connor Holliman
@jconnorholliman
The $ZYN developers are gamifying ZynCoin by rewarding more $ZYN back to holders who own more $ZYN. A mechanism which innately incentivizes people to buy more So what does $ZYN look like from a price perspective?
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Connor Holliman
@jconnorholliman
After hitting its first local top on December 6th, 2023 around a ~$3.47M Market Cap, it consolidated for 76 days before hitting its next ATH on February 21st, 2024 of ~$3.57M. It then proceeded to scream upwards for the next 21 days to its most recent ATH of ~$138M
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Connor Holliman
@jconnorholliman
That move from previous ATH to new ATH was around 5,224.06%. An incredible feat that is most notably similar to the coins mentioned in this thread So where is $ZYN today? At the moment it is sitting around a $40.7M MC and has somewhere north of 8k holders between ETH and SOL
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Connor Holliman
@jconnorholliman
$ZYN's retrace looks awfully similar to the memecoins analyzed in this post that also pulled back 70-90% before chugging along to their next ATH
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Connor Holliman
@jconnorholliman
With Zyn consistently making national headlines through politicians like Tucker Carlson and Chuck Schumer, comedians like Bert Kreischner, zynfluencers like FreezerTarps, and athletes alike, this is the "Culture Coin" to hold this cycle
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Connor Holliman
@jconnorholliman
$ZYN directly refutes Vitalik's point about there not being anything particularly new or interesting about the memecoins It ties in RWAs and DePin to provide IRL utility. It's time to move past animal memecoins people
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