THE memecoin The market has had a turbulent year, going from a market capitalization of $29 billion in February to a staggering $122 billion in December.
Leading the way are $SPX and $MOG, which outperformed traditional giants like $DOGE and $SHIB with price increases of over 200% in December. This growth reflects the speculative nature of memecoins, fueled by social media buzz and a strong year-end rally.
The memecoin market has been on a roller coaster ride in 2024, growing from $29 billion in February to $122 billion in December. $SPX And $MOG have outperformed traditional memecoins like $DOGE And $SHIBwith price increases of more than 200% in December.
This push underlines the speculation… pic.twitter.com/s58FV1CeMO
— C_THUMBS || ₿ || (@C__thumbs) December 18, 2024
However, not all memecoins thrive. According to analyst Ali Martinez, sentiment around Dogecoin ($DOGE) has turned negative, with traders are getting impatient during its prolonged price consolidation. This change highlights the mixed performance in the memecoin landscape.
Market trends and changes
This week, the memecoin market cap fell 3% to $117 billion as Bitcoin saw a pullback following MicroStrategy’s recent purchase. XRP has corrected by 18% and data from DeFiLlama indicates that memecoins are lagging behind Bitcoin, Ethereum and NFTs. Despite these setbacks, the memecoin market’s 30-day gains still stand at an impressive 63%.
🚀 Week in Meme Coins: Elon Shills Pepe, AI Agents Divert Attention.
Meme cap drops to $117 billion!
AI agents dominate the story!Let’s break down this week’s market changes 🧵
1/6 pic.twitter.com/NLklXyDAMo
– CoinMarketCap (@CoinMarketCap) December 17, 2024
AI and the Future of Memecoins
Artificial intelligence continues to capture attention in the crypto space, with Bitwise predicting that AI agents will drive a new wave of memecoins in 2025. The launch of DWF Labs’ $20 million fund and the rise of the Eliza framework on GitHub signal growing interest in the intersection of AI and blockchain.
Highlights and cross-chain regulation
Baby Doge led the week’s gains with a 138% surge, while Fartcoin soared 71% following a Tesla-related tease. SKI MASK CAT soared 2,000%, approaching a billion-dollar market cap. Meanwhile, regulatory updates included the UK FCA warning against Pump(.)fun pushing users towards VPNs, and Meteora launching stake-to-earn platform M3M3.
As 2024 draws to a close, the resilience of the memecoin market underscores its speculative appeal, with AI narratives hinting at even bigger moves to come.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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Image source: loft39studio/123RF // Image effects by Colorcinch