The memecoin sector has surged 77% up to now week, outperforming even red-hot AI tokens.
As crypto careens into a brand new bull market, its advocates can be hoping detractors lastly see that blockchain tech has the potential to disrupt industries from finance to social media.
Nonetheless, primarily based on the best-performing sectors in crypto, these naysayers might be forgiven for refusing to see the sunshine.
Are the best-performing tokens within the Layer 2s class, key for scaling blockchain for mainstream utilization? Maybe they’re within the red-hot intersection between crypto and synthetic intelligence? Or perhaps these tasks on the technical frontier of restaking, modular blockchains or DePIN.
Nope. Cat-themed Cash, Canine-themed Cash, Memes, and Fractionalized NFTs – which encompass largely Doge-themed NFTs – are main the cost.
On the prime of Cat-Themed Cash is Taylor Swift’s Cat token, which is up by 25x within the final seven days. Banana Cat and Pop Cat come subsequent. With a market cap of $730 million although, the cat coin sector might be straightforward to dismiss.
That’s not the case for the Meme class, which, to be truthful, does have some overlap with cat and canine tokens. Meme cash now command a market cap of an astonishing $55 billion. That’s greater than the liquid staking sector, Layer 2s, and all gaming tokens.
The class on Coingecko has surged 77% up to now week, with dog-themed cash accounting for 85% of the sector as Doge, the OG meme coin, reigns supreme with a market cap of over $20 billion.
Each OGs and newcomers are making massive strikes. SHIB, PEPE, BONK, WIF, and FLOKI have greater than doubled up to now seven days, including billions of {dollars} to their market caps. Different massive movers embody POPCAT, which is up 800%, MYRO and MOG.
In the meantime, there’s been a wave of latest cash on Solana which might be themed round caricatures of public figures like Joe Biden and, naturally, Donald Trump.
The story of a dealer claiming to have turned $260 into practically half one million {dollars} with ‘Jeo Boden’ went viral on social media, spawning a wave of cash like ‘Doland Tremp’ and ‘Olen Mosk.’
Solana has emerged as a favoured venue for buying and selling memecoins because of its low transaction prices. Buying and selling volumes on Solana-based decentralized exchanges (DEXs) topped $2 billion on Mar. 5, in response to DeFiLlama.
Its share of DEX volumes has elevated steadily to round 15% from lower than 2% six months in the past.
