Shiba

Pepe

Base

Dogecoin

Shiba Inu

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 <p>New data from market intelligence platform IntoTheBlock reveals that the market cap of memecoins has hit its highest level since 2021.</p>
 <p>In a new article, IntoTheBlock’s head of research, Lucas Outumuro, says that the aggregate value of meme assets has nearly tripled in Q1 of 2024 to $56 billion.</p>
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 <p><em>“Demand for memecoins hit the highest since 2021 this quarter. Despite interest rates remaining high and no ’stimmy checks’ being sent out, appetite for seemingly useless crypto-assets has been very strong.</em></p>
 <p><em> It’s unclear whether this is due to the economy getting overheated, or perhaps just growing financial nihilism, but memecoins have become the main subject in crypto over the last few months.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/04/08/612107ec7498d5302be0a5118c2c0b97.webp" alt="" width="875" height="338">
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   Source: IntoTheBlock
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 <p>According to the crypto analytics firm, some of the winning meme assets are Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB). IntoTheBlock notes that DOGE witnessed 100% gains in Q1 while SHIB went up by 2.5x and PEPE printed nearly 5x gains.</p>
 <p>However, the biggest winner, according to IntoTheBlock, is dogwifhat (WIF), a Solana (SOL)-based memecoin.</p>
 <p><em> “Memecoins have thrived in lower fee ecosystems, with Solana recording multiple days with larger trading volumes than Ethereum this quarter. More than just a dog coin, the leading meme coin in Solana, WIF boasts a dog with ‘wif a hat’ and a rampant community behind its 20x yearly returns.”</em></p>
 <p>Lastly, the firm notes that the meme asset capital rotation has made its way to Ethereum (ETH) due to last month’s Dencun upgrade, which lowered gas fees.</p>
 <p><em> “More recently, the meme frenzy has found its way back to Ethereum, mainly on top of Coinbase’s Base layer-2 network. This has been facilitated by gas fees dropping by more than 10x since the Dencun upgrade.”</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/market-cap-of-memecoins-hit-56-000-000-000-in-q1-as-demand-soared-to-highest-level-since-2021-intotheblock-tbt84787.html">https://thebittimes.com/market-cap-of-memecoins-hit-56-000-000-000-in-q1-as-demand-soared-to-highest-level-since-2021-intotheblock-tbt84787.html</a></p>

Market Cap of Memecoins Hit $56,000,000,000 in Q1 As Demand Soared to Highest Level Since 2021: IntoTheBlock

TheBitTimes

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