Meme coin market cap rises to $47B, outperforming most crypto sectors; Sui network coins gain traction, while experts predict potential meme coin supercycle.
TL;DR
- Meme coin market cap is up over 7 days, total market cap is now $47B
- The meme coin sector performed second-best among crypto categories
- Sui network's meme coins gained momentum, with Sudeng hitting a $150m market cap
- Ethereum's Moodeng jumped 480% after Vitalik Buterin's mention
- HBO documentary revealed Satoshi Nakamoto as Peter Todd, but he denied the claim
- Meme coin experts predict a potential meme coin supercycle
7-Day Meme Coin Market Snapshot
The crypto majors like Bitcoin, Ethereum and Solana have been treading water with sudden impacts of price increases only to be rejected. As a result, the crypto community has increasingly rotated towards meme coins as they wait for the market to choose its direction for hopefully bigger and instant gains that they eventually will rotate back into majors.
Meme Coin Market vs Other Crypto Sectors
According to DeFiLlama’s Narrative tracker, the meme coin sector’s mCap-weighted category performed the second-best with a 17.86% rise the last week.
The 30-day trajectory for meme coins is also up in a big way.
Source: DeFiLlama.com
The biggest meme coins showed a highly correlated movement and steady rise in price in the last 7 days with Neiro on Ethereum the clear winner.
Top 20 Meme Coin Leaderboard
Source: CMC Meme Coins Page
Meme Coin Charts: 7-day Insights
During the last week, we’ve seen some memes with explosive growth but mostly rapid, short-lived memes for smaller gains. You need to keep a close eye if you’re day trading.
Biggest Gainers (last 7 days):
- First Neiro On Ethereum (NEIRO): +84.46%
- SPX6900 (SPX): +197.55%
- Gigachad (GIGA): +77.31%
- Turbo (TURBO): +32.09%
- Popcat (SOL): +23.14%
Top Losers (7d %):
- DOGS (DOGS): -0.69%
- Dog (Runes) (DOG): -6.57%
- FLOKI (FLOKI): -6.30%
- Bonk (BONK): -6.41%
- Brett (Based) (BRETT): -22.52%
Sui Memes
SUI, SUI, SUI, SUI… The leading Move network and potential Solana killer has been making noise this week as its meme coins begin to pick up momentum.
Sudeng, the SUI version of Moo Deng, has skyrocketed up its list of best ecosystem coins, currently holding 4th place with a $150m MC. It’s been a great week for Sui meme coins like Fud the Pug and aaa Cat which also gained traction.
Ethereum Memes
First Neiro on Ethereum saw a big pump this week, but meme coin Moodeng on Ethereum jumped 480% after Vitalik’s mention, selling the tokens that got airdropped to him for $308.69 Ethereum and donating it to charity
Solana Memes
- Pain is temporary, swag is forever: After a tremendous run, WIF and POPCAT prices both fall double digits.
- Solana, GigaChad and Retardio cooked this week with 60%+ gains
Tron Memes
American rapper Ty Dolla Sign accidentally transfers $500k Sundog tokens to a wrong address, but the SunKing Justin Sun “refunded” the rapper so that he can stay in the game.
Notes
- Great week all around: meme coins overall did well across the board with 8/10 of the top memes ending green.
- Old is Gold: Further down the totem pole we're seeing many of the older OG coins coming back from the dead and showing huge gains.
- Wen flippening: Pepe’s ATH market cap is higher now than Doge’s current MC. Will there be a new top dog this cycle?
- JPEGS or Memes?: Chris Burniske, co-author of Cryptoassets, says the cultural relevance garnered from some NFT collections in 2021 will be surpassed by some meme coins.
Biggest Meme Coin News This Week
HBO Reveals Identity of Satoshi Nakamoto
The HBO documentary Money Electric has finally revealed its pick for Satoshi, and It is fair to say that everyone was wrong in their predictions. The memes started flowing again until Peter Todd posted on X that he is not Satoshi and made fun of the degens spamming his posts.
It was fun while it lasted. Meme coins never cease to entertain.
Meme Coins vs VC-Backed Tokens
VanEck portfolio manager Pranav Kanade highlighted that meme coins have four traits that all teams in crypto should mimic. These are:
- Simple Token Design
- Clear Vision and Purpose
- Transparency in Benefits to Token Holders
- Adopting a “High Float” Model
He also added that meme coins have a clear product-market fit with retail due to their simplicity. “Many teams over-engineer their token, failing to realize: Time + Capital + attention = scarce”
Meme Coin Supercycle?
According to Murad Mahmudov at Token2049, the meme coin supercycle is upon us, and it feels like the whole of Crypto Twitter is buying into this hype.
- According to the messianic-looking meme coin trader, he believes the crypto industry is more about speculation.
He does have a point there. How many of us care about the tech in our phones?
- Murad also believes that meme coins will transition from jokes to serious memes.
- Talk about being serious: ZachBTC has since doxxed $24m worth of Murad accounts.
BTW, Su Zhu says ‘what’s up.’
What You Can Do:
- Stay informed about meme coin market trends and price movements
- Research emerging meme coins on different networks (Ethereum, Solana, Sui, TON and Tron)
- Consider diversifying investments across various meme coins and networks
- Be cautious of rapid price fluctuations and exit strategies when trading meme coins
- Keep an eye on celebrity and influencer involvement in meme coin projects
- Stay updated on regulatory news that may impact the meme coin market
- Evaluate the long-term potential of meme coins vs. traditional cryptocurrencies
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