Will memecoins accelerate crypto adoption?

In recent weeks, memecoins have exploded in terms of market performance and user value. The excitement around these digital assets is such that it is believed that they could actually boost the adoption of cryptos. Here’s why.

Users in the middle of the era of memecoins?

Recently, Sara Gherghelas, a blockchain analyst at DappRadar, indulged in a sort of performance checklist of market assets. The expert gave her interpretation of the results of certain assets such as NFTs and memecoins.

With regard to these in particular, analyst’s conclusions are more than complimentary. Based on on-chain data, Gherghelas sees these assets as the benchmark for the crypto market in 2023.

According to the analyst, the performance of memecoins is such that no user can ignore their existence in the market. And obviously, the craze around memecoins is still going strong. This suggests that these assets are still very successful.

We can therefore estimate that memecoins are surfing on a trend that is rather favorable to them. But for Sara Gherghelas, the interest in memecoins goes beyond mere fashion.

Indeed, she explains, if the craze for memecoins continues longer than usual, it is no coincidence. It is that there is potentially, this time, a deeper change from which these cryptos benefit more durably.

This change, notes Gherghelas, is in line with the explosion of notoriety of memecoins thanks to social media. But that’s not the only dynamic behind memecoins’ remarkable presence in the crypto market.

Added to this is the existence of tighter communities that many users want to join. Not to mention that with the significant increase in the price of memecoins, a majority of traders also want their piece of the pie. A cake more accessible than ever.

Because, as the DappRadar analyst pointed out, “You can be a millionaire in Shiba, but you can never afford a million bitcoins, let alone a million Ethereum”.

All this shows that if memecoins benefit from a trend, the latter in turn benefits the crypto market. This one sees a crowd of new users arriving, looking for added value that other cryptos do not offer.