Meme Coins Surge 330% in 2024, Now With $140B Market Value
Meme coins have surged, with a 330% market cap growth in 2024, reaching $140 billion and representing 11.21% of the crypto market, excluding $BTC and $ETH, data from CEX.IO showed.
What’s the significance: Memecoins’ explosive growth emphasizes their role as speculative amplifiers during Bitcoin rallies and gateways for retail investors.
Key Details: Here are the metrics on a December 1, 2024 report by CEX.IO. Take note that the comparison of data excludes crypto titans $BTC and $ETH.
- Memecoins made up 3.16% of total crypto market capitalization, up from 1.3% at the start of 2024.
- Memecoin market share jumps to 11.21% from 4.2%.
- Memecoins have grown significantly, with the sector’s combined market cap increasing by 330% in 2024.
- This rise contrasts with Bitcoin’s 140% and Ether’s 71% increase.
- The market share of meme coins increased to 11.21%.
- Memecoins account for over $140 billion in market value.
- Trading volume surged 979% from January 1 to December 1, representing 5.27% of the entire crypto market’s volume.
- Political-themed tokens surged during the U.S. election but saw an 80% drop in volume post-election.
- $DOGE and $SHIB remain dominant, but new tokens like $(WIF and $PNUT are entering the top 100. AI- and cat-themed tokens are also gaining traction.
- Solana, powered by the Pump.fun platform, leads in trading volume and market cap for meme coins, accounting for 15% of the market cap, while Telegram’s TON network has also experienced explosive growth in meme coin trading.
The numbers: Over 60,000 new meme coins are launched daily, with Pump.fun as a primary platform.
Memecoins are a category of cryptocurrency that is often created as a joke or to represent internet memes.
- Utility: While they typically do not have any serious utility or technological innovations, they gain popularity due to their viral nature and the strong community support they attract.
- Utility: Since meme coins are based on popular internet memes or themes, their value is often driven by speculative trading and social media hype rather than utility.
- Why Filipinos Love Meme Coins? In an interview with local degens, or individuals that engage in high-risk and speculative trading such as with memecoins, they explained why Filipinos engage in such investments.
- However: It should be noted that the volatility of meme coin trading raises concerns about speculative bubbles and the sustainability of their growth.
Worth reading: Previously, a Filipino trader recovered from a ₱560K loss in a Kong Sui rug pull by earning over ₱2.9M from the price surge of SOG, a meme coin on the Sui Network.
This article is published on BitPinas: Meme Coins Surge 330% in 2024, Now With $140B Market Value
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