Meme coins surge and controversial AI launch entertains the market, creating new millionaires.
TL;DR
- The meme coin market has risen from $48 billion to $53 billion in the past week.
- Major cryptocurrencies like Bitcoin, Ethereum, and Solana are also seeing gains.
- Top gainers include NEIRO, SPX6900 (SPX), BOME and Brett on Base.
- Vitalik Buterin's recent sales of meme coins raised concerns about market manipulation.
- Fan tokens are outpacing NFTs in market cap, as evidenced by new launches like Chiliz's Pepper.
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7-Day Meme Coin Market Snapshot
The meme coin market cap has risen around 10%, from about $48 billion to $53 billion, in the past seven days.
It’s been a wild week, with new trends like the emoji meme token craze sending charts up and straight down again in most cases.
Crypto majors like Bitcoin, Ethereum and Solana are on the rise as Democratic nominee Kamala Harris pledges to support a regulatory framework for cryptocurrencies, Bloomberg reports. The biggest Bitcoin daily ETF inflows since June have also been recorded this week.
Is Uptober finally here, and what does it look like? Even with Bitcoin performing well this week and breaching $67K, Google search volumes for meme coins outperform that of Bitcoin. Meme coins have also been outperforming on the market, with Brett on Base chain the biggest gainer over the weekend from the top 100 cryptocurrencies, rising almost 30%.
Meme Coin Market vs Other Crypto Sectors
According to DeFiLlama’s Narrative tracker, the meme coin sector’s mCap-weighted category performed the third-best, with a 13.47% rise in the last week.
The 30-day trajectory for meme coins is also up in a big way, rising almost 180%
Source: DeFiLlama.com
The biggest meme coins showed a highly correlated movement and steady rise in price over the last seven days, with Brett on Base chain marginally outperforming Neiro on Ethereum to claim the spot for biggest gainer.
Top 20 Meme Coin Leaderboard
Source: CMC Meme coins Page
Meme Coin Charts: 7-Day Insights
The meme coin market soared during the last week and continues trending upwards. The top two meme coins by market cap, Doge and Shiba Inu, the OG meme coins, are struggling to keep up with the exponential growth of the shiny 2024 culture punts that have entered the market like Pepe, Dogwifhat, Popcat, Bonk and many more.
Mog Coin and Popcat in particular are exhibiting the meow factor! Simon Cowell, are you watching?
Biggest Gainers (Last 7 Days):
- BOOK OF MEME (BOME): +58%
- Brett on Base (BRETT): +29%
- Cat in a dogs world (MEW): +21%
- Mog Coin (MOG): +16.05%
- Popcat on Sol (POPCAT): +10.77%
Top Losers (7D %):
- Osaka Protocol (OSAK): -7.49%
- PepeCoin (PEPECOIN): -31.37%
- MAGA (TRUMP): -9.81%
- Moo Deng (MOODENG): -18.69%
- Sudeng (HIPPO): -29.48%
Honorable mention: Santa Klaus came to town this week, launching and pumping nearly 600%.
Slowly, Then All at Once
Meme coin adoption on both Ethereum and Solana continues to soar. Is Murad’s Supercycle on for real?
Let’s have a look.
Meme Coins by Chain
Ethereum Memes
Vitalik Buterin sold more meme coins in line with his policy on unsolicited tokens. This has raised concerns about the possible risks of promoting these coins, especially after Buterin endorsed projects like EBULL and MOODENG for their charitable contributions. Critics such as Crypto Rug Muncher worry that as a high-profile crypto personality, it could mislead small investors and inflate token prices, benefiting insiders at their expense.
Vitalik sold:
Sold 14M POPCAT for 74.99 ETH ($186K).
Sold 14B ITO for 36.55 ETH ($90K).
Sold 1.05M ETH6900 for 15.37 ETH ($38K).
Sold 50.53B SATO for 11.34 ETH ($28K).
Sold 10B MILO for 4.77 ETH ($12K).
Source: Etherscan
Solana Memes
- According to Wintermute, 40% of Solana’s trading volume is around meme coins. It has found that Solana’s trading volume has increased by 50%, reaching $51 billion, higher than Ethereum’s at $46 billion.
- A crypto trader turns $727 into $2.42 million in four days with a Solana coin called Goatseus Maximus (GOAT) currently sitting at a market cap of $108 million.
Tron Memes
Tron meme coins continued to slide this week and have retraced quite a bit from their all-time highs. Only three of the top coins by market cap on Tron have made positive gains in the last seven days.
Will the SunGod come to the rescue again?
SUI Memes
Following a Sui-per run, the Sui meme coins did not perform well over the last week as the bees flew to other chains. Only two of the top ten coins are green. Nothing in crypto goes up in a straight line, so let’s see whether the bees come back.
Thoughts
- Magnificent week for big memes: meme coins performed exceptionally well with all top 10 meme coins by market cap in the green for the last seven days.
- The 99% vs the 1%: SPX6900 has had more than 19 days of sustained upside and, unlike the SPX, the trading floor never closes. Could this be the next $1 billion token?
- “If you don’t like to read, you have not found the right book” - J.K. Rowling: BOOK OF MEME(BOME) rises over 40% in one week.
- Fight, Fight, Fight: MAGA(TRUMP) is heating up ahead of the elections, will this rally all PolitiFi memes?
Biggest Meme Coin News This Week
Man vs Meme Machine
AI Bots launching tokens was all the hype last week, but was it really AI that launched the tokens? An AI bot called Truth Terminal, funded by Marc Andreessen, did not launch the token Goatseus Maximus (GOAT). The bot’s creator Andy Ayrey confirmed that the bot only promoted the token, adding fuel to the frenzy reported by Cointelegraph.
Ayrey said someone else made the token and tagged the bot, which then endorsed it. He also added that this is not a crypto project but rather a study in memetic contagion and the risks of unsupervised infinite idea generation in the age of LLMs.
Sure. Just like I suspected!
Fan of Memes: Red Hot Chiliz Pepper Launches
Chiliz CEO Alexandre Dreyfus says fan tokens have a much larger market cap than non-fungible tokens (NFTs). He pointed to data that the current 24-hour volume of NFTs is at $6.8 million, while fan tokens are at $134 million, according to CoinMarketCap.
As a result, Chiliz (CHZ) launched a meme coin called Pepper on Oct. 10. Pepper was airdropped to Chiliz (CHZ) token holders, but not for U.S. citizens, and can also be farmed.
Dreyfus also said the reason for the Pepper token is, ”well, Chili Pepper.”
SCF Has Pal Going Bananas
Smoking Chicken Fish (SCF), according to Raoul Pal, is going bananas, and he sounds irresponsibly long. Tooker Kurlson (TOOKER) released a new video featuring Pal, Arthur Hayes and Church of the Smoking Chicken Fish (SCF). It’s a must-watch.
Is it Banana Zone time?
What You Can Do:
- DYOR to see if the Supercycle is real or if you are just getting rinsed by the Cabal wash trading machine again.
- Elections are coming up—look into the PolitiFi narrative.
- Explore blockchain platforms like Ethereum, Solana, and Sui to understand their ecosystems and development opportunities.
- Master on-chain tools to investigate meme coin opportunities early.
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