Memecoin Market Cap Surges to $48 Billion, 1% of $2.25 Trillion Crypto Market

Oct 4, 2024, 02:07 PM

The market capitalization of memecoins has seen a significant increase, reaching $48 billion, compared to $400 million during the same point in the previous cycle. Current data suggests that memecoins such as cat coins and dog coins have a combined market cap of $38 billion, with cat coins at $3 billion and dog coins at $35 billion. Excluding major players like DOGE and SHIB, the total market cap for memecoins stands at $25 billion. Memecoins now represent approximately 1% of the total cryptocurrency market, which has a capitalization of $2.25 trillion. Despite their relatively small share, memecoins occupy a significant portion of trader interest and have the highest volume out of all altcoins for months.