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Memecoin acquisitions triple in one year and reach US$140 billion
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The memecoin sector, which includes cryptocurrencies such as Dogecoin and Shiba Inu, is emerging as a significant force in the cryptocurrency market. According to a recent report from cryptocurrency exchange CEX.IO, Memecoins have seen an impressive 330% increase in their market capitalization and a 979% growth in trading volume throughout 2024outperforming Bitcoin by 2 and 9 times, respectively.
The rise of memecoins is closely linked to the performance of Dogecoin, which has seen a 168% increase since the election of Donald Trump. The memecoin created in 2014 is the seventh largest cryptocurrency by market capitalization, valued at 64 billion dollars. This is a phenomenon that has raised many questions among market analysts. One of them is whether memes will continue to rise in the coming years or whether it is just hype (a momentary excitement).
Alexandr Kerya, vice president of product management at CEX.IO, notes that in previous cycles, memecoins often experienced significant capital rotation at the end of Bitcoin’s post-halving bull cycle. However, the Data from CEX.IO indicates that the increase in memecoins’ influence occurred before the halving and continued even during Bitcoin’s consolidation in the middle of the year.
The memecoin sector experienced explosive growth in early 2024, with the daily number of projects launching on the Solana-based Pump.fun platform. Projects jumped from a few dozen in February to thousands in March. Currently, more than 60,000 memecoins are created daily, with half of them originating through this platform.
From hype to maturity
THE memecoin market capitalization increased by 330% from January to December 2024while Bitcoin rose 140% and Ethereum 71%, reaching the figure of US$ 140 billion. To get an idea of this volume, the last company in the top 100 largest market capitalizations is BlackRock, with a total of 162 billion. Furthermore, the trading volume of memecoins grew by 979% in the same period, now representing 5.27% of the total cryptocurrency market volume.
The popularity of memecoins is changing. Although Dogecoin and Shiba Inu have dominated the market in 2021, in 2024, a variety of new memecoins such as Pepe Unchained, Crypto All Starts and Cat Slap are contributing to increased interest in the sector. Some cryptocurrencies, including Dogwifhat and Breatt, are approaching the top 100 in capitalization in the cryptocurrency market.
The Solana network stood out as the big winner of the memecoin wave in 2024, accounting for 30% of the sector’s trading volume. However, Telegram’s TON network has also seen impressive growth, with a 750x increase in trading volume over the past six months, although it still represents just 1% of the total memecoin capitalization.
Memecoin acquisitions triple in one year and reach US$140 billion
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Memecoin acquisitions triple in one year and reach US$140 billion
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Memecoin acquisitions triple in one year and reach US$140 billion
