A distinctive feature of the cryptocurrency market in 2024 is the remarkable rise of meme coins, which have taken center stage in the market. From the perspective of data analysis, among the 42 cryptocurrencies that surpassed the performance of Bitcoin this year, eight of the top ten strong currencies are occupied by meme coins, and four of them have successfully landed on the Binance platform. The eight major meme coins are: POPCAT, MOG, NPC, MAGA, WIF, TURBO, OSAK and PEPE. Their brilliant performance has aroused heated discussions in the market, and it is speculated that the crypto bull market in 2024 may become the golden development period of meme coins.
Looking back at history, the crypto market in 2020 is led by DeFi (decentralized finance). Ethereum, as its birthplace, has given rise to a surge in liquidity and rapid development of infrastructure throughout the industry. This period is known as the "DeFi Summer" ”, symbolizing the booming rise of decentralized finance initiatives. Today, PEPE currency, as a representative of meme coins, is leading a new round of market craze and has become one of the most eye-catching focuses in the encryption circle, heralding a change in the direction of the encryption market.
The reason why meme coins are so popular is not only that they can quickly spread with the help of humor elements, popular culture and strong community cohesion, attracting many young and small investors who are keen on speculation; but also because of the huge potential they show. Rich potential and market resilience. Even when the market experiences a correction, meme coins can rebound quickly and achieve stunning gains. For example, the outstanding performance of meme coins such as PEPE, Neiro, and Floki continue to inspire investors' dreams of getting rich. This psychological effect undoubtedly adds to the popularity of meme coins. Therefore, many industry observers believe that the current bull market has quietly transitioned from “DeFi Summer” to “Meme Season.”
