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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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