IntoTheBlock: Meme coin investors catch speculative mood

The meme coin category recently saw the highest number of transactions, exceeding 2021 bull market levels. The surge was partially driven by Dogecoin (DOGE), which exceeded two million transactions in one day, IntoTheBlock noted.

However, the 2024 bull market has several differences compared to previous performance. In just a month, the market capitalization of the meme coin category more than doubled.

“The total market capitalization for the meme coin category recently hit a cycle peak of over $50 billion.”

IntoTheBlock report

Blockchains with low transaction fees, such as Solana, Avalanche, and Base, have become the platforms of choice for many of these new meme coins. Lower gas fees make trading on these blockchains more accessible to retail investors.

However, the sustainability of this growth depends on broader market dynamics, including potential changes in significant cryptocurrencies such as Bitcoin (BTC), which could impact the trajectory of the meme coin market, according to analysts.

Ethereum co-founder Vitalik Buterin also indicated in his latest report that meme coins have become a hot topic in the crypto community. Buterin proposes using these tokens to raise funds for charitable purposes.