Memecoin Market Doubles to $55B, NEIRO Surges 3000%
- The market value of memecoins reached nearly 55 billion USD in September 2024.
- Tokens like Moo Deng (MOODENG), POPCAT, and NEIRO led the market recovery.
- NEIRO saw a 3000% increase in 30 days, while POPCAT gained 137%.
- Vitalik Buterin praised memecoins that donate part of their tokens to charity.
Memecoins Experience a Massive Surge
The memecoin market gained momentum again in the fourth quarter of 2024. Some tokens recorded triple-digit gains within a month. Notably, Moo Deng (MOODENG), POPCAT, and NEIRO led the recent surge.
The market capitalization of memecoins rose from around 25 billion USD at the beginning of September to nearly 55 billion USD by the end of the month. Despite a slight correction, the market value remains stable at approximately 50 billion USD.
NEIRO and POPCAT as Front-Runners
In the last 30 days, NEIRO, an Ethereum-based token, achieved an impressive price increase of 3000%. POPCAT, a cat-related memecoin, also impressed with a 137% gain. These developments demonstrate that interest in memecoins remains strong, especially during market recoveries.
MOODENG and Charity
MOODENG, another memecoin, experienced a remarkable recovery after a massive 60% drop. What’s particularly interesting is that this token was praised by Ethereum founder Vitalik Buterin. Buterin highlighted that some memecoins, including MOODENG, donate part of their tokens to charity. He himself received 10 billion MOODENG tokens, which he redirected to organizations fighting airborne diseases.
Market Dominance of Memecoins
According to data from CoinMarketCap and Kaito, memecoins continue to dominate the crypto market. They reached an all-time high in market perception and solidified their position as a leading segment in the crypto sector. Compared to other sectors, such as the AI space, memecoins performed particularly well over the last 30 days with average returns of 46%.
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Community and Attention as Price Drivers
A well-known crypto trader, Mayne, commented on the current market situation: “This cycle is all about memecoins. It doesn’t matter if the coin has a function or not. Community and attention drive the price; it’s pure supply and demand.” This statement underscores that the success of memecoins is often less about fundamental value and more about hype and community support.
Our Assessment
The recent surge in memecoin market capitalization shows that these tokens, despite often being speculative, continue to have a strong appeal. With NEIRO and POPCAT leading the way and the growing importance of charity in the memecoin sector, this trend could continue. However, investors should be cautious, as volatility in this space is extremely high. It remains to be seen whether the market recovery will stabilize or if another correction is on the horizon.
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