They can be mocked, ignored, or called absurd, but memecoins continue to capture phenomenal attention. These ultra-volatile tokens, which sometimes turn traders into millionaires overnight, are just as capable of ruining their dreams with a few clicks. So why this craze? By 2024, a CoinGecko study reveals that these unlikely assets have dominated minds, capturing a third of crypto investor interest.
Why are memecoins so fascinating?
Memecoins, worn by iconic figures like Dogecoin and Shiba Inu, total an astronomical capitalization of $113.2 billion in 2024. However, their success is based on bases far removed from those of bitcoin or Ethereum: here, no revolutionary technology, but offbeat stories, absurd trends and a healthy dose of speculation.
Some highlights of 2024:
- Dogecoin remains the undisputed king with $49.3 billion in capitalization;
- Shiba Inuits challenger, reached 13.8 billion dollars;
- Solana-related memecoins capture 8% of overall interest, strengthening the blockchain's position.
According to Lim Yu Qian of CoinGecko, “ interest in memecoins represents almost a third of crypto narratives, a significant increase compared to 2023 “.
The public is attracted by their potential for quick gainseven if the other side of the coin is well known: a fall as brutal as a bad joke.
Crypto traders: players or visionaries?
The line between audacity and recklessness seems blurred among crypto traders passionate about memecoins. Many of them see it as an opportunity to multiply their bet, provided they play quickly and well. CoinGecko emphasizes that these ultra-speculative tokens particularly attract young people, hungry for thrills.
At the same time, the memecoin boom has amplified other narratives, such asrise of cryptos based on artificial intelligencewhich has climbed to 13% interest this year. AI has even played an unexpected role in promoting GOAT token via an intelligent agent, propelling its value to $1.3 billion.
Traders know that memecoins are ephemeral, but that is precisely their charm. They position themselves on exotic tokens (kittens, bananas or AI) in the hope of hitting the jackpot. A strategy that sometimes pays off : in 2024, several memecoins have made historic leaps in a few days.
Thus, memecoins contributed to an explosive year for Solana, which shattered its records in 2024. A phenomenon which proves, once again, that crypto has many surprises in store for its followers.
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