Dogecoin, PEPE, and WIF lead the way as meme coin demand reaches 2021 levels

Meme coins such as Dogecoin, PEPE, and WIF continue to see increased acceptance, with recent data showing that demand for them has hit new highs.

This certainly reinforces predictions that this category of crypto tokens will become one of the dominant narratives in the market cycle.

Dogecoin, PEPE and WIF lead the demand for Meme coins

Market intelligence platform IntoTheBlock recently revealed that demand for Meme coins reached its highest level since 2021 in the first quarter of this year.

Additionally, increased demand led to the launch of new meme coins, driving the crypto category’s market capitalization to its highest level in two years.

They are currently valued at more than $56 billion, meaning their total value has almost tripled this year.

Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) have been leading the way. The price of Dogecoin has already doubled in 2024, while PEPE and SHIB have recorded increases of 5x and 2.5x respectively.

Meanwhile, the newly established Dogwifhat (WIF) has also won a place, with a full-year return of 20% and rising to become the third largest Meme coin by market capitalization. WIF’s growth is largely attributed to its “rabid community,” which includes prominent crypto influencer Ansem.

IntoTheBlock further revealed that Meme coins are thriving in the low-fee ecosystem, and Solana has surpassed Ethereum in terms of transaction volume for many consecutive days since the beginning of this year. Due to this meme coin craze, Solana has also seen an increase in network activity, and Bitcoinist reports that Solana is currently facing unprecedented congestion.

Meme coins will continue to exist

IntoTheBlock noted that Meme Coin was able to achieve this record despite interest rates remaining high and no “stimulus checks” being sent out. The platform further speculated on possible reasons for the increased demand for crypto tokens, which have been widely criticized for lacking any real-life utility.

Regardless of the reasons, one thing has become clear, which is that meme coins have become one of the main topics in the crypto space over the past few months.

Ethereum founder Vitalik Buterin also recently published an article in which he acknowledged this fact and declared that the best approach is to determine how these crypto tokens gain practical utility.

Despite their perceived lack of utility, the buzz surrounding Meme coins could be a boon to the cryptocurrency space due to their ability to attract a new wave of cryptocurrency users.

Cryptocurrency expert Scott Melker recently highlighted how the hype surrounding DOGE ushered in mainstream demand for the crypto token during the 2021 bull run, and the same thing is likely to happen during this market cycle.

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