In a year marked by significant volatility in the cryptocurrency market, memecoins have emerged as key players, outperforming Bitcoin (BTC) and the rest of the largest cryptocurrencies in the ecosystem.
This trend was underlined by recent insights from market expert Miles Deutscher, who highlighted a presentation by memecoin analyst Murad at the TOKEN2049 conference in Singapore.
Memecoins Challenge Traditional Cryptocurrencies
According to Murad, only 43 tokens have surpassed Bitcoin’s performance in 2024, with 13 of those being memecoins. Notably, eight of the top ten performers in the market this year are also memecoins.
Murad emphasized that this cycle is distinct from previous ones, asserting, “The memecoin cycle is not a prediction; it has already begun—memecoins are dominating by virtually every metric.”
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The rise of memecoins can be attributed to several factors, particularly their ability to resonate with retail investors seeking community, identity, and excitement, rather than merely potential financial gains. As Murad puts it, “Memecoins are a superior version of altcoins.”
The appeal of memecoins extends beyond speculation; it is alleged that they have cultivated a culture that fosters community and “emotional connection” among investors. Murad noted that these tokens enable users to engage in a shared experience, bringing real value through stories that “create trends and spark movements”.
Success stories of significant gains—such as those seen with tokens like dogwifhat (WIF) and Pepecoin (PEPE)—propagate quickly, fueling interest and excitement in the memecoin space over the past year.
According to Deutscher, the most successful cryptocurrencies have developed strong communities, often resembling “cult-like followings.” Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have thrived on this dynamic, and memecoins are fully embracing it.
SPX And GIGA Capture Retail Attention
Murad further explained that the recent performance of altcoins on platforms like Binance has further fueled the memecoin narrative. Almost every altcoin listed this year is trading below its listing price, with only two exceptions: WIF, a memecoin, and JUP, which facilitates memecoin trading.
Murad further alleges that retail investors prioritize making money (70%), having fun (20%), and feeling a sense of…
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