The market capitalization of meme coins soared more than 500% in 2024, driven by a shift in how investors, particularly younger generations, perceive their value, according to a new report. report by DWF Labs.
According to the report, the memecoin category outperformed all other crypto asset classes in 2024, with market capitalization increasing 500% from $20 billion in January to $120 billion in December 2024.
“Their success challenges traditional notions of intrinsic value and asset fundamentals, suggesting that in the digital economy, community consensus and social capital can be as powerful as traditional financial measures. » »wrote DWF Labs.
Tokens launched in 2024 such as Chill Guy And Andy Ethposted gains of more than 47,000 percent. For early adopters of these virtual assets, the gains translate into significant profits on their wallets.
The realization of these tokens was driven by the launch of fast and user-friendly token generation platforms. like Pump.funwhich allow users to create new meme pieces in minutes. As a result, thousands of meme tokens were released in the first few months after the platform launched.
(TECH)REPORT | MemeCoin creation platform, https://t.co/fMWoaORGuIcollected $525,000 in average daily fees, according to Solana Q2 2024 report: Solanas DeFi TVL fell 9% quarter-on-quarter to $4.5 billion, ranking it fourth among i.. https://t.co/OyX31nhtpO via @BitcoinKE
– Best Kenyan Blogs (@Blogs_Kenya) July 24, 2024
Being listed on major exchanges such as Binance has also boosted memecoins, with 12 of the 15 meme tokens listed on Binance for exampleexperiencing substantial value gains following their launch on the platform.
MARKET ANALYSIS | 80% of #MemeCoins in 2024, witnessing significant growth after its listing on #Binance
60% of memecoins listed on Binance in 2024 were built on @solanahttps://t.co/DbvcP63vZt @solana_daily @binance pic.twitter.com/29dcPWfUWr
–BitKE (@BitcoinKE) November 13, 2024
MemeCoins such as:
- Moo Deng (MOODENG)
- DogWifHat (WIF), and
- PopCat (POPCAT)
saw prices increase by over 200% after listing on Binance, while memecoin Neiro (NEIRO) skyrocketed by almost 7,600% after going live on the exchange.
According to the report, the meme coin sector has evolved into a sophisticated vertical, highlighting how tokens like DogeCoin – once created as a joke – have transformed into legitimate assets, attracting significant investment and attention from institutions.
DWF Labs also highlighted that meme coins hold strong appeal among younger investors, signaling a shift in how this group views wealth creation and community engagement.
For these young investors, meme coins are not just seen as worthless tokens; they represent digital culture and serve as symbols of community expression.
“Their success challenges traditional notions of intrinsic value and asset fundamentals, suggesting that in the digital economy, community consensus and social capital can be as powerful as traditional financial measures. » »wrote DWF Labs.
Cryptocurrency market analysis firm Chainalysis has observed growing interest in these tokens, particularly in Africa, where most cryptocurrency owners trade them as a primary source of income rather than to diversify their portfolio, as we see it in other parts of the world.
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“Someone will always be interested in a token that looks like it could earn you a few thousand dollars” said Moyo Sodipo, co-founder of Nigerian crypto exchange Busha.
As 2025 dawns, market participants expect meme coins to perform similarly to their 2024 gains. These expectations are based on investors’ anticipation that the crypto market will follow its cycle typical four-year rally, potentially sparking another rally in the coming months.
During market uptrends, meme coins tend to outperform well-established cryptocurrencies like Bitcoin and Ethereum. However, they also underperform other assets during market downtrends.
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