Meme coins, once considered a passing trend in the cryptocurrency world, are now gaining recognition as significant players. In a recent article on X, an expert asserted that meme coins such as Dogecoin, Shiba Inu, and Bonk aren’t just sticking around but have the potential to control over $100 billion in market value during the upcoming peak of the next bull run.
Will Meme Coins Explode In The Next Bull Cycle?
Based on information from CoinMarketCap, just three cryptocurrency projects have a market value exceeding $100 billion. The first is Bitcoin, which holds a market value of approximately $1.3 trillion at current exchange rates. Ethereum ranks second with around $388 billion. In third place is USDT, the stablecoin issued by Tether Holdings, boasting a market value of nearly $109 billion.
USDT, which is a stablecoin mentioned before, can be exchanged for an equal value in USD. The value of USDT remains constant, while its expansion mirrors the increasing market demand in finance.
According to data from CoinMarketCap, the combined value of all meme coins surpasses $53 billion. This is greater than the market capitalizations of XRP and USDC, which stand at around $30 billion and $34 billion each. In other words, if meme coins were standalone crypto projects, they would rank among the top 10 most valuable assets in the cryptocurrency realm.
With a market value of $53 billion, Dogecoin stands out as the most valuable meme coin, worth over $22.5 billion. Following closely is Shiba Inu, boasting a value exceeding $15.6 billion. The newest meme coins, primarily based on Solana, make up the top 10 with considerable worth.
According to the analyst’s forecast, meme coins are expected to increase in popularity in the upcoming years. Whether established meme coins will reach massive valuations or if fresh projects will replace Dogecoin and existing tokens as leaders remains uncertain.
Here’s Why Pepe, Dogecoin, And Similar Tokens Will Rise
Meme coins, as per the analysis, differ from intricate Decentralized Finance (DeFi) systems such as Uniswap or Aave due to their simplicity. These digital currencies are uncomplicated and simple to comprehend.
Some meme coin creators, such as those behind Pepe, have openly declared that their projects are devoid of practical use and solely intended for amusement.
Instead of just being simpler to obtain, the expert noted that meme coins offer increased liquidity, allowing for smoother trading experiences compared to non-fungible tokens (NFTs). Unfortunately, following the market downturn in 2022, NFT trading became difficult for some tokens due to reduced buyer and seller activity.
The Avalanche Foundation has initiated a “$1 million Memecoin Boost” scheme, recognizing the potential of meme coins in reinvigorating network action. This program aims to motivate trading and provide liquidity for meme coins managed by the community within the Avalanche system.
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2024-04-23 22:41