Memecoins are not a fresh concept. In the previous market cycle, $DOGE hit a market capitalization of $90 billion, while $SHIB reached $40 billion. At its peak, the total market cap of memecoins was close to $150 billion. Currently, memecoins have a combined market cap of $53 billion, reflecting a 70% drop from the last cycle.

However, this time around, several factors are different. In the last cycle, many retail investors hesitated to invest in memecoins due to Ethereum’s high gas fees and low transaction speeds. Now, with chains like $SUI, $SOL, and $APT offering transaction fees below $0.001 and high throughput, retail investors have more accessible options. Additionally, most new projects are launching with valuations above $2 billion, pushing retail traders to seek smaller-cap opportunities.

This shift has brought memecoins back into the spotlight. Their appeal lies in offering lower market cap opportunities with high potential. This is why memecoins have been the best-performing asset class in 2024 and are likely to maintain their momentum throughout the ongoing bull market.

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