We can mock, ignore, or label them as absurd, but memecoins continue to attract extraordinary attention. These highly volatile tokens, sometimes turning traders into millionaires overnight, also have the potential to ruin their dreams with just a few clicks. So, why this frenzy? In 2024, a study by CoinGecko revealed that these unlikely assets dominated minds, attracting one-third of cryptocurrency investors' interest.
Why are memecoins so appealing?
Memecoins, driven by iconic figures like Dogecoin and Shiba Inu, have a massive market capitalization of $113.2 billion in 2024. However, their success is based on a very different foundation than bitcoin or Ethereum: here, there is no revolutionary technology, only quirky stories, absurd trends, and a good dose of speculation.
Some key events from 2024:
Dogecoin remains the undisputed king with a market cap of $49.3 billion;
Shiba Inu, its competitor, reached a value of $13.8 billion;
The Solana-linked memecoin accounts for 8% of global profits, reinforcing the blockchain's position.
According to Lim Yu Qian from CoinGecko, “interest in memecoins accounts for nearly one-third of cryptocurrency stories, a significant increase from 2023.”
The public is attracted by their potential for quick profits, although the downside is well known: a brutal drop like a bad joke.
Cryptocurrency trader: a true player or a visionary?
The line between boldness and recklessness seems very blurred for cryptocurrency traders passionate about memecoins. Many see this as an opportunity to double their bets, as long as they play quickly and skillfully. CoinGecko emphasizes that these extremely speculative tokens particularly attract young people eager for thrills.
Meanwhile, the memecoin boom has amplified other stories, such as the rise of AI-based cryptocurrencies, which have increased by 13% interest this year. AI even played a surprising role in driving the GOAT token through an intelligent agent, pushing its value to $1.3 billion.
Traders know that memecoins are ephemeral, but that’s exactly what makes them appealing. They position themselves on quirky tokens (kittens, bananas, or AI) hoping to hit the jackpot. A strategy that can sometimes be profitable: in 2024, some memecoins made historic leaps in just a few days.
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