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Memecoins' Market Cap Soars from $400M to $48B, Dominating Trader Attention Ahead of Crypto Bull Run

Oct 4, 2024, 09:45 PM

Memecoins are experiencing substantial growth ahead of an anticipated cryptocurrency bull run, with their cumulative market capitalization reaching $48 billion—a significant increase from $400 million at the same point in the previous market cycle. Cat-themed and dog-themed coins currently hold market caps of $3 billion and $35 billion respectively, highlighting the rising prominence of these digital assets. Memecoins now account for approximately 1% of the total cryptocurrency market capitalization of $2 trillion while occupying around 50% of traders’ attention. They have recorded the highest trading volumes among altcoins across all blockchain networks for several months. Some analysts predict that at market peak, cat and dog coins could collectively surpass $100 billion in market cap and anticipate at least one or two more significant memecoin waves. The allure of high potential returns—sometimes as much as 1000x on small investments within a week—is attracting investors to memecoins, especially as newcomers seek gains beyond what established cryptocurrencies like Bitcoin can offer. However, some industry observers caution that the memecoin "supercycle" may distract from the broader advancements the cryptocurrency space is capable of achieving.