Violet Vallaya
The crypto world is witnessing a relentless surge in the popularity of meme coins, as evidenced by a recent report from pseudonymous crypto analyst Cypto Koryo. Despite a temporary stall in the Bitcoin rally, meme coins are forging ahead, capturing the imagination of investors worldwide.
According to data compiled by CoinMarketCap and analyzed by the analyst Crypto Koryo, April 2024 saw a record-breaking 138 meme coins listed on the platform. This marks a staggering increase from April 2023, when only 18 meme coins were listed.
However, Crypto Koryo suggests that the actual number of meme coins could be significantly higher, as CoinMarketCap reportedly accounts for just 10% of all tokens.
The meteoric rise of meme coins is all the more noteworthy considering the criticism they often face for their perceived lack of utility or genuine use case. Instead, meme coins are often viewed as vehicles for pure speculation.
Investors flock to meme coins because of the potential for rapid gains. While traditional cryptocurrencies like Bitcoin and Ethereum serve as store-of-value assets, meme coins thrive on speculation. Their value can skyrocket overnight, leading to substantial profits for early adopters.
Institutional players are also showing interest in the meme coin market. Black Rock, the world’s largest asset manager, has playfully hinted at the possibility of a Dogwifhat ETF. Additionally, VanEck recently launched a meme coin index, signaling a new stream of institutional involvement in this space.
Despite the skepticism surrounding their long-term viability, meme coins have carved out a niche in the crypto ecosystem, captivating both seasoned traders and newcomers alike.
