Meme coins like Dogecoin, PEPE, and WIF are on the rise, with demand reaching 2021 levels.
Market Cap and Growth
The combined market cap of meme coins has skyrocketed to over $56 billion, almost tripling its value this year. Dogecoin, PEPE, and Shiba Inu have led the charge, with Dogecoin doubling in price and PEPE and Shiba Inu seeing significant gains as well.
Newcomer Dogwifhat (WIF)
Dogwifhat (WIF) has emerged as a top meme coin, thanks to its strong community and the support of crypto influencer Ansem.
Solana’s Role
Meme coins have thrived on low-fee ecosystems like Solana, which has surpassed Ethereum in trading volume on several occasions. This has led to increased network activity on Solana.
Meme Coins’ Staying Power
Despite high interest rates and the absence of “stimmy checks,” meme coins have maintained their popularity. They have become a major topic in the crypto space, with even Ethereum founder Vitalik Buterin acknowledging their presence.
Potential Benefits
The hype around meme coins could attract new users to the crypto market, as seen with Dogecoin in the 2021 bull run.
