The crypto landscape in 2024 has seen a significant disruption with the rise of meme coins. Despite a slowdown in Q2, the meme token market continues to thrive, with new types of assets emerging, from PolitiFi to grocery-based tokens. The total market cap of meme coins reached $38 billion, accounting for 2.5% of the global crypto market capitalization.

The surge in meme coins might be attributed to the SEC's approval of spot Bitcoin ETFs in January, leading to institutional investors pouring billions into the crypto market, including meme coins. The influx of capital, coupled with the ease of creating meme coins, especially on Solana, has led to an explosive growth of meme coins like Bonk and dogwifhat.

The crypto market has also reacted to the US presidential race, with tokens dedicated to candidates like Donald Trump and Jeo Boden. Another unexpected inspiration for memecoin creators is everyday groceries, particularly beverages. Tokens like BEER and WATER have raised significant amounts during their presales and amassed large communities.

However, the future of the memecoin market remains uncertain. Despite the current enthusiasm, the sustainability of these new asset classes is questionable. The anticipated post-halving bull run may lead to the emergence of many new asset classes, but whether they can maintain their momentum in the long run is yet to be seen.