Demand for Meme Coins is Stronger Than Ever

CoinMarketCap registered a record 138 memecoins in April, according to one analyst.

The meme coin season continues to roll forward, undeterred by the stagnation of the bitcoin (BTC) rally.

Data tracking website CoinMarketCap listed a record 138 meme coins this April, extending the parabolic rise from the tally on just April 18, 2023, according to pseudonymous analyst Crypto Coryo. The number could be much higher as CoinMarketCap reportedly lists only 10% of all tokens, Crypto Coryo said on X.

At press time, 2,229 meme coins were listed on CoinMarketCap, with a combined market capitalization of more than $50 billion, almost matching the market value of investment banking giant JPMorgan (JPM) and US maker of Tesla electric cars (TSLA).

"In principle, people participate in meme coins because (i) the value can increase, (ii) they feel democratic and open for anyone to participate, and (iii) they are fun," Vitalik Buterin, founder of the blockchain of leading smart contracts. Ethereum, which is also home to several popular meme coins, said in a blog post.

Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX and chief investment officer of Maelstrom, favors a deeper understanding of meme coins as a growth driver for the blockchain ecosystem.

"You can call these things stupid and worthless, but if it brings attention and more engineers to the space, it's a positive value for the chain itself," Hayes said in an interview with Real Vision on March 30.

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