Meme cash resembling Dogecoin, PEPE, and WIF have continued to get pleasure from better acceptance, which is obvious in latest information displaying that the demand for them has clocked a brand new excessive. This additionally undoubtedly strengthens predictions that this class of crypto tokens can be one of many main narratives on this market cycle.
Dogecoin, PEPE, And WIF Lead Demand For Meme Cash
Market intelligence platform IntoTheBlock just lately revealed that the demand for meme cash hit its highest within the first quarter of this 12 months since 2021. Moreover, the elevated demand has led to the launch of newer meme cash, pushing the market cap of this crypto class to its highest in two years.
Their market at the moment stands at over $56 billion, which means their mixture worth has almost tripled this 12 months. As anticipated, OG meme cash like Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) have led the way in which. Dogecoin has seen its value double in 2024, whereas PEPE and SHIB have recorded a 5x and a couple of.5x achieve, respectively.
In the meantime, newcomer Dogwifhat (WIF) has additionally earned a spot on the desk, with a 20x yearly return and rising to develop into the third-largest meme coin by market cap. WIF’s development has been primarily credited to its “rampant group,” which incorporates well-known crypto influencer Ansem.
IntoTheBlock additional revealed that meme cash have thrived in lower-fee ecosystems, with Solana recording a number of days because the starting of the 12 months when it surpassed Ethereum in buying and selling quantity. Due to this meme coin frenzy, Solana has additionally seen elevated community exercise, with Bitcoinist reporting that Solana is at the moment dealing with unprecedented ranges of congestion.
Meme Cash Are Right here To Keep
IntoTheBlock famous that meme cash have been in a position to obtain this report regardless of rates of interest remaining excessive and no “stimmy checks” being despatched out. The platform additional speculated on what could possibly be the rationale for the elevated demand for crypto tokens, which have been largely criticized for missing any real-life utility.
No matter the rationale, it has develop into clear that meme cash are right here to remain, seeing as they’ve develop into one of many primary topics within the crypto house over the previous couple of months. Ethereum’s founder, Vitalik Buterin, additionally just lately revealed an article during which he admitted this truth and declared that it was finest to find out how these crypto tokens might achieve utility.
Regardless of their supposed lack of utility, the thrill round meme cash could possibly be good for the crypto house when it comes to their skill to onboard a brand new wave of crypto customers. Crypto skilled Scott Melker just lately highlighted how the hype round DOGE ushered in mainstream demand for crypto tokens within the 2021 bull run, and the identical factor might occur on this market cycle.
DOGE value recovers above $0.18 | Supply: DOGEUSDT on Tradingview.com
Featured picture from Coinmarketcap, chart from Tradingview.com