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 combination worth of meme belongings has practically tripled in Q1 of 2024 to $56 billion.
“Demand for memecoins hit the 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 as a result of economic system getting overheated, or maybe simply rising monetary nihilism, however memecoins have grow to be the primary topic in crypto over the previous few months.”
In accordance with the crypto analytics agency, a number of the successful meme belongings are Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB). IntoTheBlock notes that DOGE witnessed 100% positive factors in Q1 whereas SHIB went up by 2.5x and PEPE printed practically 5x positive factors.
Nevertheless, the most important winner, in line with IntoTheBlock, is dogwifhat (WIF), a Solana (SOL)-based memecoin.
“Memecoins have thrived in decrease payment 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 group behind its 20x yearly returns.”
Lastly, the agency notes that the meme asset capital rotation has made its technique to Ethereum (ETH) attributable to final month’s Dencun improve, which lowered gasoline charges.
“Extra not too long ago, the meme frenzy has discovered its manner again to Ethereum, primarily on prime of Coinbase’s Base layer-2 community. This has been facilitated by gasoline charges dropping by greater than 10x for the reason that Dencun improve.”
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