Meme coins have a market capitalization of over $70 billion and a trading volume of $7 billion
According to CryptoPotato, meme coins have been a trend on crypto social media recently, with many seemingly worthless tokens getting hyped over the weekend. Industry observer “L” told their 46,000 X followers that the meme coin craze was apparently driven by the retail market. They added that the total market capitalization of Meme coins in 2023 was only $2 billion, and today these assets have rapidly surged to nine figures. According to CoinGecko data, the total market value of Meme coins has exceeded $70 billion, and daily trading volume has exceeded $7 billion. For example, dogwifhat (WIF) went from nothing to a market capitalization of $4.4 billion, surpassing Arbitrum, Immutable, or Cronos. Dogecoin’s market capitalization is almost three times that of Chainlink, while Shiba Inucoin’s is twice that of Polygon. So for now, it seems that traditional crypto projects and fundamentals in terms of practicality and purpose have been left behind.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. crude oil inventories decline for the third consecutive week, while gasoline and distillate inventories increase; Venezuelan crude imports reach highest level in nearly 10 years
According to the EIA, for the week ending September 11, U.S. commercial crude oil inventories decreased by 640,000 barrels, which was less than the market expectation of 1.4 million barrels. Strategic Petroleum Reserve inventories fell by 403,000 barrels. Gasoline inventories increased by 794,000 barrels, while the market had expected a decrease of 800,000 barrels. Distillate fuel inventories rose by 1.6 million barrels, with the market expecting no change. Imports of Venezuelan crude oil reached nearly 800,000 barrels, the highest level since 2017.
Sector Update: Energy Stocks Fall in Afternoon Trading
Dow Jones 2:00 PM Averages
Sector Update: Financial Stocks Decline Wednesday Afternoon
Crypto prices
More
