Joe McCann, the founder of digital asset investment firm Asymmetric Capital, today revealed that the company was one of the first institutional funds to

Singapore digital asset investment firm Asymmetric Capital was among the first institutional funds to invest in memecoins, putting funds into Solana-based memecoin BONK in October 2023, when the token’s market capitalization had risen rapidly to $28 million.

Speaking on the sidelines of the Solana Breakpoint conference in Lisbon on Oct. 202023, McCann said that many venture capital firms have talked online about why memecoins are terrible.

“But if you look at their bags, they've invested billions of dollars in a dozen different layer 2s on Ethereum. And memecoins are outperforming them,” he said during a fireside chat with DeFiance Capital founder Arthur Cheong.

BONK started the first day of October 2023 with a market cap of $9.2 million that soared in the days that followed. It has since grown its market cap to nearly $1.3 billion, substantially outpacing the governance tokens on Ethereum level 2 networks.

During the same period, Arbitrum has gone from a market cap of around $1.2 billion to some $2 billion, a 70% jump, while Optimism has remained stable at just under $2 billion.

BONK's market cap has correlated with sharp increases in its price, unlike ARB and OP.

Since Oct. 1, 2023, the price of an ARB token has dropped from 90 cents to roughly 57 cents at press time, while OP is up a relatively modest 24.6% from $1.34 to $1.67, according to CoinGecko data.

“You're foolish if you don't have some exposure to [memecoins] in the portfolio, because the asymmetry on the upside of these positions is enormous,” said McCann.

“Look at the last cycle – Dogecoin was crazy outperforming so many of these thesis-driven VC investments. And if you look at the price chart of Dogecoin over the last four years, it's just making new all-time lows.”

Despite his positive outlook on memecoins, McCann said 99.9% of memecoins are just a “flash in the pan,” hardly making them ideal for venture fund investors, in contrast to those with liquid portfolios.

“Memecoins are not really suited for venture funds, but they are good for hedge funds. And I think that's why you see the hedge funds piling into memecoins, but the venture funds are not,” he said.

“I think they're both making a mistake. But the hedge funds are making less of a mistake than the venture funds.”

He also said there is no difference between buying a memecoin and hoping it jumps 1,000x and buying a lottery ticket and hoping your luck is in.

“That's why 99.9% of memecoin traders on Pump.Fun have not made money,” he added.

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