Unsurprisingly, our reports can potentially set the stage for new trends. Our recent report on memecoins in which we profiled USA has triggered a NationFi meta, and now, nation or country coins are in the limelight.
But with great power comes great responsibility. The fact that our report has shone the spotlight on nation coins means we also need to ensure that we provide you with all the information you need to make informed decisions.
Just as we call out the cabal pushing corporate memecoins, we think there's also a need to exercise caution with nation coins.
As the popularity of country coins continues to grow, you need to understand the potential risks and rewards associated with this new meta.
In this report, we will delve into the world of nation coins to see whether you'll make money or lose money on this new meta.
Let's dive in.
TLDR
- Most country coins have a high potential for rugs because their creators still hold a significant portion of their supplies. Exceptions are China, Russia, India and Saudi
- Most country coins don't yet have the minimum viable number of holders to sustain the narrative and momentum. Only China has crossed the 3k mark.
- We don't recommend holding country coins for an extended time. If you are entering, enter early and exit early as well.
- Right now, the best way to get exposure to country meta remains to stick with USA.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.
China
OverviewThe meta is quite straightforward. China is an economic superpower in its own right, and some will argue that it is on track to displace the USA as the next global power. China (the memecoin) also represents an opportunity for people who aren't pro-USA to "support" a rival.
- Token address: E2BGnzHdJNUBtAVR7EyQMuEMHqgv65JL8J9ZyqyXUVvA Mcap: $4.5m (FDV)
- Rug test: Passed
- Number of holders: 3,622
- Community: Dev abandoned, the community survived and took over
- Other notes: Some prominent meme traders among holders with a trading volume of $50m
- Verdict: This looks clean to play, but you can still lose money.
India
Overview:Similar to China, India is an emerging superpower… The country also recently cracked down on crypto, so the India coin might offer the Indian crypto community a chance to register their displeasure via memes.
- Token address: Eb6AGbkhow75fgJshgZEpZN1S3P11GdQRXEWX7pvzka3
- Mcap: $230K
- Rug test: Passed
- Number of holders: 603
- Community: Dev abandoned the project, but the community survived and took over.
- Verdict: The dev locked 70% of the supply as LP tokens and already sold the rest. Therefore, you can play with it, but we don't see much potential here.
UAE
OverviewThe UAE is a major financial hub in the Middle East and an increasingly influential player on the global stage. Dubai is also pro-crypto, has a 0% tax, and has great weather most of the year—it has practically everything that crypto bros love. However, the dev can't be trusted.
- Token address: BSHanq7NmdY6j8u5YE9A3SUygj1bhavFqb73vadspkL3
- Mcap: $1m
- Rug test: Failed
- Number of holders: 2236
- Conclusion: stay away; the dev still holds the supply of 8 times the market cap and 100 times the liquidity available
- Verdict: This is a very dangerous coin, with its creator hiding tokens in hundreds of different wallets. He recently sold it to mark the top.
South Korea
OverviewSouth Korea has an extremely high crypto adoption rate and a very tech-savvy population. K-pop is also a global phenomenon. Korea coin allows degens to bet on Korean culture and identity, plus it has a nice Twitter account with interesting content.
- Token address: 6tWuipcDv4CiHtXid7JctDbtLLA1VdkTwSDupK6UxzJL
- Mcap: $333k
- Number of holders: 746
- Rug test: Failed. The dev still holds over 100 million UAE tokens, which is $8 million in dollar terms. An $8 million position is a substantial amount for a token with a mcap of $1.1 million and $82k in liquidity.
- Verdict: Like UAE, the creator sold his tokens some days ago, marking the top. He has sold some but still holds more than 5% of the supply. Stay away.
Saudi
OverviewSaudi Arabia is one of the wealthiest and most powerful nations in the Middle East. As the country explores new areas like tech and tourism, this coin offers a chance to speculate on narratives such as the kingdom's global influence and attempts at modernisation.
- Token address: Avp2VDgnQqxsnrjtq3ynNhKCfWGEGj1PmGLY5ZmgonjH
- Mcap: $481k
- Holders: 1646
- Rug test: passed
- Verdict: It passed our rug test, so it seems okay to play with. Nevertheless, we wouldn't yet consider it our pick. Therefore, if you are unsure, stick with the USA.
Germany
OverviewGermany needs no introduction. Germany coin provides speculative exposure to narratives about German culture and engineering. Plus, Germany is hosting Euro 2024.
- Token address: 52DfsNknorxogkjqecCTT3Vk2pUwZ3eMnsYKVm4z3yWy
- Mcap: $697k
- Holders: 1022
- Rug test: failed.
- Verdict: it failed our rug test. The creator still holds a considerable supply in numerous hidden wallets.
Russia
OverviewDespite sanctions, Russia remains a geopolitical force to be reckoned with. A Russia memecoin allows degens to speculate on the nation's ability to overcome challenges and potentially reassert itself on the world stage. The narratives that will push this bag include macro events, such as peace deals, a change in the government, or the ending of the Ukraine war.
- Token address: 36JQHwN2EgP9sKkCHn7axdpBxyLT8JUfiCnqHoy5r83R
- Mcap: $218k
- Holders: 546
- Rug test: Passed
- Verdict: It looks clean. The creator LPed 95% of the supply and burnt the LP tokens. The remaining 5% has already been sold.
France
OverviewFrance is a cultural hotspot and a major tourist destination. The France coin provides a way to gain exposure to narratives around French food, fashion, iconic cities like Paris, and political influence.
- Token address: F9mv7XXbrXZb1sP2JUoswbCB3WHQM4QGMFDTVfnRZMnP
- Mcap: $1.6m
- Holders: 1627
- Rug test: Failed
- Verdict: Despite having a relatively large cap among country coins, we could still track the creator's wallets, which hold a substantial amount of FRA tokens. Liquidity in memecoins is low, and constant dumping from the creator can limit the upside and exaggerate the downside. Stay away!
Summary of verdicts
Cryptonary's take
In a previous report, we highlighted why the USA is a great country coin to consider. However, we find it difficult to add any new country coin to the list today.While this new meta of country coins offers you a chance to get it at "cheaper" prices relative to established memes like WIF and POPCAT, the country memes also carry greater risks and could essentially go to zero. Many of these nation tokens are merely days or weeks old, with developing communities lacking the resilience from "battle-tested" meme cultures and committed holder bases.
The successful meme coins we've backed, such as WIF and POPCAT, have flourished largely due to the robust communities that formed around them early on. After months of holding the line, these cohorts are now positioned for a massive upside.
In contrast, the nation coin ecosystem is in its infancy, with fledgling communities that have yet to be stress-tested. It will likely take substantial time and effort for solidified holder bases to emerge around them. As we've said, almost all the country coins, except China, lack the minimum viable community of 3,000 holders.
And when you layer that fragmented community and liquidity on hidden creator balances, most new country coins will likely experience limited upside and exaggerated downside.
If you are considering riskier moves, China, Saudi Arabia, India, and Russia are safe short-term plays; their creators have already jeeted all minted coins. However, we still would not consider these coins our picks at this stage. For those who would like to play safer meme games and hold the position for more than a couple of days/weeks, we suggest sticking to the USA if you are playing the country meta.
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