In the cryptocurrency circle, the hottest topic right now is undoubtedly meme coins. Even though some people criticize them as pure air coins or leek coins, it does not affect their high popularity and topicality at all. It is undeniable that meme coins are occupying an increasingly important position within the cryptocurrency system. Statistics show that the total market value of meme coins has exceeded $140 billion, and the occasional myths of fortune are attracting more and more non-cryptocurrency enthusiasts to buy meme coins.
Recently, as Bitcoin first broke through the $100,000 mark, meme coins also soared.
Since Trump was elected President of the United States, the entire cryptocurrency market has been stimulated, and the highly regarded Dogecoin reached a price of $0.47 at one point, with an increase of over 400% compared to the beginning of the year.
As of December 1, cryptocurrencies represented by Dogecoin and Shiba Inu (SHIB) accounted for 3.16% of the total market value of all cryptocurrencies, up from 1.3% at the beginning of the year. Statistics show that from January 1 to December 1, the total market value of meme coins as an industry has grown by 330%. During the same period, the trading volume of meme coins has increased by over 950%, with a total market value exceeding approximately $140 billion.
Moreover, while other sectors of the crypto economy are experiencing a downturn, meme coins maintained considerable trading volume in June. Analysts indicate that as the share of meme coins increases, the likelihood of speculative bubbles emerging more quickly is also highlighted. Although this may amplify the strength of the bull market, it may also shorten its duration.
This year, significant changes have occurred in the meme coin space. Dogecoin and Shiba Inu coin dominated trading volume and market value in 2021. In contrast, 2024 has seen the emergence of various newer meme coins, such as Dogwifhat (WIF), Brett (BRETT), Peanut the Squirrel (PNUT), and Popcat (POPCAT), which have become tokens that break into or approach the top 100 by market value.
At the same time, a large number of homogenous meme coins have emerged, with most new meme coins themed around dogs. On the other hand, tokens themed around cats and AI chatbots have also captured a certain market share.
Originally themed around politics, meme coins also performed well during the U.S. elections in November, but trading volume subsequently plummeted by 80%.
Dogecoin has its own proof-of-work blockchain, mimicking the Bitcoin network. Ethereum-based meme coins, like Pepe (PEPE) and MAGA (TRUMP), have also gained some popularity.
Thanks to the Pump platform, Solana has become the big winner of the 2024 meme coin craze; this network accounts for 30% of the industry’s trading volume, and 15% of meme coin market value is based on it.
Although blockchain still only accounts for 1% of the total market value of meme coins, the trading volume of meme coins on Telegram's TON network has increased 750 times in the past six months. Analysts say that meme coins can enhance retail participation and revenue capabilities on DeFi platforms; however, in ecosystems like Solana, a heavy reliance on meme coins could be counterproductive, placing greater pressure on their future development.
In summary: In the cryptocurrency space, it’s not necessarily good projects that will rise; often, many good projects cannot gain traction. Therefore, what is most important in the crypto space is consensus. With consensus, the coin will rise. Remember, in the crypto world, choice is greater than effort.
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