Meme coins have surged, with market cap growth of 330% in 2024, reaching $140 billion and representing 11.21% of the cryptocurrency market, excluding $BTC and $ETH, CEX data showed .IO.
What is the meaning: Memecoins’ explosive growth emphasizes their role as speculative amplifiers during Bitcoin rallies and gateways for retail investors.
Key details: Here are the metrics from a December 1, 2024 report from CEX.IO. Note that the data comparison excludes crypto titans $BTC and $ETH.
- Memecoins arranged 3.16% of the total crypto market capitalization, up from 1.3% at the beginning of 2024.
- Memecoin market share jumps from 4.2% to 11.21%.
- Memecoins have grown significantly, and the sector’s combined market capitalization will increase by 330% in 2024.
- This increase contrasts with Bitcoin’s 140% increase and Ether’s 71% increase.
- The market share of meme coins increased to 11.21%.
- Memecoins represent more than $140 billion in market value.
- Trading volume increased by 979% from January 1 to December 1, accounting for 5.27% of the entire crypto market volume.
- Politically themed tokens surged during the US elections, but their volume fell by 80% after the 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 the trading volume and market capitalization of meme coins, accounting for 15% of the market capitalization, while Telegram’s TON network has also seen explosive growth in the coin trading meme.
the numbers: More than 60,000 new meme coins are launched daily, with Pump.fun as the main platform.
Memecoins are a category of cryptocurrency that is often created as a joke or to represent internet memes.
- Utility: While they typically don’t have any major 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 topics, their value is often driven by speculative trading and social media hype rather than utility.
- Why do Filipinos love Meme Coins? In an interview with local degens, or people who engage in high-risk and speculative operations such as memecoins, they explained why Filipinos make 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 ₱560,000 loss on a Kong Sui mat by earning over ₱2.9 million thanks to the rising price of SOG, a meme coin on the Sui Network.
This article is posted on BitPinas: Meme Coins Surge 330% in 2024, Now With Market Value of $140 Billion
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