Meme coins explode to $54B as crypto bulls charge into Q4.
TL;DR
- Meme coin market cap reaches $54B
- Top meme coins see double-digit gains in 7-day period
- Pump.fun regains popularity, minting over 10,000 new tokens in a day
The Big Story: Meme Coin Market Surge Continues
The meme coin market has been flying over the past week, with the total market capitalization reaching a staggering $54 billion (before settling around $49.9 billion) after being under $40B a week ago.
This surge comes as Bitcoin topped $65,000 again with the broader crypto market preparing for Uptober and the start of Q4, which has been boosted by the recent Federal Reserve rate cut.
Meme coins are seen as the riskiest crypto asset class out there, as they offer no intrinsic value or utility in almost all cases (and proudly so!). However, with the controversial low float high FDV trend of 2024 that saw retail investors denied of the opportunity to get into the big new shiny blue chip coins of this new cycle, meme coins as a result surged in value, thanks to their transparent tokenomics, community-driven marketing and most importantly, a small but real chance at making those crypto millions back that you would have had if you didn’t paper hand your portfolio during previous cycles. Can I get an Amen?
Now, with even Pump.fun, crucified for churning out hundreds of thousands of scam meme tokens in recent months, making a comeback, it’s clear that the memes market is set for a wild Q4 if the broader crypto market can build on its gains and retain a bullish structure. Can I get another Amen, please? Thank you.
As shown in the chart, the meme coin market has experienced a significant uptick, particularly in the latter half of September. This growth trajectory reflects the increased interest in speculative assets and the overall positive sentiment in the crypto space.
Biggest Meme Coin Stories This Week
Moo Deng Investor Turns $800 into $7.5 Million
An anonymous trader invested $800 in Moo Deng four hours after launch, with the investment now worth $7.5 million. The trader hasn't sold yet. You know how this story normally ends!
Arthur Hayes Shills Solana-Based Meme coin SCF
BitMEX co-founder Arthur Hayes announced his purchase of Smoking Chicken Fish (SCF), a Solana-based meme coin that surged 32.54% in 24 hours.
https://twitter.com/CryptoHayes/status/1840150994455515384
Pump.fun Makes a Comeback
Pump.fun revenue and fees during September Source: DeFillama
Solana-based token launchpad Pump.fun showed signs of recovery, minting 10,309 new meme coins in a single day after a period of decline.
Meme coin mania was in full flow in Singapore at Token2049, Solana Breakpoint and yes, the 2nd edition of MemeCon, the first meme coin conference in the world. Shoutout to David and Julien, the crazy organizers of this fun event.
This huge Bonk statue greeted Breakpoint afterparty attendees
Meme Con: Business in the front, banana suit party in the back
Meme Coin Market Performance
Meme Coin Market Performance
Top Performers (7d)
- Dog (Runes) (DOG): +72.83%
- Gigachad (GIGA): +58.95%
- Mog Coin (MOG): +41.88%
- Pepe (PEPE): +39.40%
- Shiba Inu (SHIB): +36.46%
Notable Mentions
- dogwifhat (WIF): +36.45%
- Bonk (BONK): +31.46%
- First Neiro On Ethereum (NEIRO): +29.09%
- Cat in a Dogs World (MEW): +28.62%
- FLOKI (FLOKI): +26.50%
- Dogecoin (DOGE): +18.92%
Underperformer (7d)
- DOGS (DOGS): -8.92%
The meme coin sector is showing strong performance this week, with most tracked coins posting double-digit gains. Dog (Runes) leads the pack with a 72.83% increase, while even established players like Dogecoin are seeing significant growth.
How Hot Are Meme Coins Right Now?
The meme coin sector continues to outperform many other crypto sectors, as evidenced by the DeFiLlama's Narrative tracker. Only NFTs and SocialFi have shown comparable strength in recent days.And even better, Memes are the hottest ticket in crypto over the last 30 days!
SOL vs TRON vs TON Meme Coins: Who’s Winning?
For the last week, it appears like TON meme coins generally underperformed, TRON presents a highly volatile market with both significant gains and losses. Solana emerges as the standout, with consistently positive performance across its top meme coins.
Of course, meme coin traders are more disloyal than cats (yes, I said it) at times and profits flow freely across chains based on what the hot new narrative is that the Cabal concocted over in their Cabal Discord or wherever they gather for this week.
TON Meme Coins:
The TON meme coin market has experienced a general downturn over the past week.
- TON FISH is the sole gainer, with a modest 2% increase.
- The majority of tokens show significant losses, with WATCoin, the new Animoca meme coin, experiencing the most substantial decline at -63% after its launch on Monday.
- Other notable decreases include Ton Cat (-22%) and Povel Durev (-21%).
The overall trend for TON meme coins appears bearish in the short term.
TRON Meme Coins:
TRON's meme coin market had its ups and downs this week:
- SUNDOG leads the positive trend with a 10% gain, while BULLS shows the highest percentage increase at 65.15%.
- Notably, Tron Bull (TBULL) has experienced exceptional growth at 585.45%.
- However, several tokens have seen significant losses, including MUNCAT (-40.80%) and SUNCAT (-30.04%).
This indicates high volatility and divergent performance within the TRON meme coin ecosystem.
Solana Meme Coins:
Solana's meme coin sector saw a sea of green this week:
- Moo Deng hit an impressive 408.06% gain.
- Other significant performers include Gigachad (51.07%), michi (49.79%), and MUMU THE BULL (33.44%).
- Even the lowest performer in the top 10, Popcat, shows a 9.69% increase.
This suggests a robust bullish trend for Solana-based meme coins over the past week. Will it hold?
I don’t know. I’m asking you!
What You Can Do
- Exercise caution: While the meme coin market is booming, remember these assets are highly volatile and risky.
- Diversify: Consider balancing your portfolio with more established cryptocurrencies alongside meme coins.
- Stay informed: Keep an eye on social media trends and community movements, as they often drive meme coin prices.
- Do your research: Before investing, thoroughly investigate the projects behind meme coins, especially newer entries like SCF.
- Get off your phone and computer: Meme coin trading can make you feel like a gambling addict as you scour DEX tools and screeners hunting your next 100x gem. Inevitably, you’re going to start making mistakes as you look to keep adding the dopamine kick it gives you. Instead, take a break, get off your digital screens, and go smell the roses, play with your dog or cat (the physical kind), and get some sun if you can.
That’s what I’ve been doing this week from an island in Thailand to recharge the batteries. Will start my meme degen-ing as soon as the plane home takes off and there’s WiFI onboard!
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