- Memecoin market dominance continues in October.
NEIRO and POPCAT were the best performers in the past 30 trading days.
As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the memecoin market has been quite intriguing lately. The dominance of memecoins continues to astound me, especially when we consider the recent surge in popularity and performance.
Memecoin dominance seems far from over as the narrative continues to Q4 2024 market recovery.
In the latest surge of the market, I’ve noticed a significant lead in the revival of meme coins by Moo Deng (MOODENG), Popcat (POPCAT), and First Neiro on Ethereum (NEIRO).
Over the last month, the stock NEIRO led the pack with an astounding 3000% surge, with POPCAT, the feline-themed investment, not far behind at a 137% increase.
Memecoin market for charity
On October 8th, a significant recovery occurred, particularly noteworthy for MOODENG, which had plummeted more than 60% in recent times.
For the first time, Ethereum founder Vitalik Buterin overwhelmingly praised meme coin teams that offered him tokens to share with charity entities. MOODENG was part of the list.
I value memecoins that contribute a portion of their tokens to charitable causes. Any funds sent to me will also be donated to charity (a big thank you to Moodeng! The 10 billion received today will support research and development in anti-airborne disease technology).
Rather than meme coins primarily boosting a select group of insiders, Vitalik Buterin advocates for their use in beneficial ways, particularly for charitable causes. Earlier in August, he even donated a substantial amount of NEO tokens.
Market size increases
That said, the market rebound at the end of September has boosted the overall memecoin market cap.
Based on information from CoinMarketCap, the market capitalization significantly increased from approximately $25 billion in early September, peaking at almost $55 billion by the end of September.
Over the last month, meme coins have gained an extra $15 billion in value, with their recent surge pushing the total value to around $50 billion, despite a minor dip following it.
As a researcher delving into this fascinating field, I’ve found that, following Kaito’s findings, the sector has achieved an all-time high in annual mindshare control. This significant milestone underscores the continued dominance of memecoins and supports the notion of their supercycle.
As it currently stands, memecoins are leading the way in terms of monthly growth, with the AI sector coming in a close second.
According to Artemis data, the segment netted 46% average returns in the past 30 days of trading.
Reacting to the sector’s outperformance, one crypto trader, Mayne, noted,
In simpler terms, during this period, we’re seeing a surge of so-called “meme coins.” These are cryptocurrencies with no real function or value, yet they gain popularity based on community hype and public interest. The price movement is essentially a result of the laws of supply and demand.
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2024-10-09 01:11