The combined worth of all meme-tokens in the cryptocurrency sector has surpassed $56 billion, following almost triple increase in their values since the start of 2021. This surge comes as part of a memecoin craze that has seen traders rapidly make and lose substantial profits within just a few days.
In Q1 2024, according to IntoTheBlock’s report, the interest in memecoins reached a peak since 2021. Surprisingly, this occurred without the distribution of government stimulus checks – a factor that fueled the previous memecoin craze during the COVID-19 pandemic. The company emphasized that the craving for seemingly worthless crypto assets has been robust.
The firm’s report raises question if the uncertain situation is caused by an overheated economy or simply increasing financial despair. Financial despair signifies the belief that the rising living costs and limited financial prospects have become unsustainable.
In recent months, memecoins have gained significant attention in the crypto world, with the market seeing a meme-token craze. Notably, meme-inspired coins such as $SHIB, $PEPE, and $FLOKI saw trading volumes exceed that of Bitcoin on major Indian exchange WazirX last month, according to CryptoGlobe’s reports.
According to IntoTheBlock’s report, the price of Dogecoin ($DOGE) has doubled, and SHIB has experienced a 2.5-fold increase, while PEPE saw a fivefold price growth this year. Notably, these meme coins have prospered in environments with minimal transaction fees, such as Solana. In fact, Solana’s trading volume surpassed Ethereum‘s several times throughout the year so far.
Dog Wif Hat ($WIF), Solana’s popular meme coin, has yielded a remarkable 20-fold return this year and boasts an active community. According to CryptoGlobe, Coinbase’s Base blockchain has experienced a memecoin craze that has left the platform buzzing with excitement.
This month, over $1.2 billion worth of cryptocurrency has been transferred to Base, pushing its total value locked beyond $4 billion. A significant portion of this increased activity can be attributed to the Dencun upgrade on Ethereum, which occurred in March.
The Dencun upgrade has brought down the costs of trading on Layer 2 blockchains like Base substantially, making them as affordable as other platforms such as Solana. A representative from Coinbase shared that Base was already geared up for this upgrade, leading to a drastic drop in average transaction fees from around 10 cents to just 1 cent or less.
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2024-04-09 01:59