New information from market intelligence platform IntoTheBlock reveals that the market cap of memecoins has hit its highest stage since 2021.
In a brand new article, IntoTheBlock’s head of analysis, Lucas Outumuro, says that the mixture worth of meme belongings has practically tripled in Q1 of 2024 to $56 billion.
“Demand for memecoins hit the very best since 2021 this quarter. Regardless of rates of interest remaining excessive and no ’stimmy checks’ being despatched out, urge for food for seemingly ineffective crypto-assets has been very robust.
It’s unclear whether or not that is because of the financial system getting overheated, or maybe simply rising monetary nihilism, however memecoins have turn out to be the primary topic in crypto over the previous few months.”
In line with the crypto analytics agency, among the profitable meme belongings are Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB). IntoTheBlock notes that DOGE witnessed 100% features in Q1 whereas SHIB went up by 2.5x and PEPE printed practically 5x features.
Nonetheless, the largest winner, in line with IntoTheBlock, is dogwifhat (WIF), a Solana (SOL)-based memecoin.
“Memecoins have thrived in decrease charge ecosystems, with Solana recording a number of days with bigger buying and selling volumes than Ethereum this quarter. Greater than only a canine coin, the main meme coin in Solana, WIF boasts a canine with ‘wif a hat’ and a rampant neighborhood behind its 20x yearly returns.”
Lastly, the agency notes that the meme asset capital rotation has made its approach to Ethereum (ETH) on account of final month’s Dencun improve, which lowered fuel charges.
“Extra just lately, the meme frenzy has discovered its approach again to Ethereum, primarily on high of Coinbase’s Base layer-2 community. This has been facilitated by fuel charges dropping by greater than 10x because the Dencun improve.”
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