According to CryptoPotato, the meme coin hype has dominated crypto social media recently, with more seemingly worthless tokens being pumped over the weekend. Industry observer 'L' stated that it is 'obvious' that the meme coin craze is retail-driven. In 2023, there were just $2 billion worth of meme coins, but now these assets are running to 9 figures in the blink of an eye.
However, not everyone is convinced. Ethereum educator Anthony Sassano said that after being in crypto for the past decade, this is 'the weirdest bull market crypto has ever had.' He added that the four-year cycle appears to be 'dead' and that fundamental-based trading just doesn't seem to work at the moment. Sassano believes that the meme coin madness is 'almost entirely driven by crypto natives.'
According to CoinGecko, the total meme coin market capitalization has surpassed $70 billion with over $7 billion in daily trading volume. Tokens such as dogwifhat (WIF) have surged to a $4.4 billion market cap, more than Arbitrum, Immutable, or Cronos. Dogecoin has almost triple the market cap of Chainlink, and Shiba Inu is double that of Polygon, indicating that traditional crypto narratives, projects with utility and a purpose, and fundamentals are out of the window at the moment.