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Why Did Meme Tokens Become So Popular in 2024?
**What Are Meme Tokens?**
Meme tokens are cryptocurrencies created with no practical value, often inspired by internet humor or social events. Dogecoin, launched in 2013 as a joke, is considered the first meme token.
**Rise in Popularity**
Their peak popularity was observed from late 2023 to early 2024, with Google Trends noting a peak in November 2023. By May 2024, CoinMarketCap listed over 2,300 meme tokens with a combined market cap exceeding $53 billion.
**Economic Appeal**
Binance analysts highlight that meme tokens' market capitalization often equals their Fully Diluted Valuation (FDV), meaning all coins are released at once, avoiding future dilution. Ethereum founder Vitalik Buterin attributes their popularity to rising value, openness, and the enjoyment they bring. He also suggests meme tokens could fund socially significant projects.
**Social and Charitable Impact**
Meme tokens have funded social projects, like Buterin's $1 billion SHIB donation to fight COVID-19. The Dogecoin community has also raised funds for various causes. Meme tokens drive adoption through efficiency, accountability, and growth potential.
**Influence of Celebrities and Media**
Celebrities like Elon Musk and influencers significantly boosted meme tokens' popularity. Users often view them as a retail trader response against Wall Street. Andrew Kang of Mechanism Capital sees meme tokens as a new asset class embodying humor, identity, and political views.
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