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With the Bitcoin halving around the corner, Benzinga takes a look at how the meme coin landscape has changed since the last halving.
What Happened: According to CoinGecko data, the market capitalization of meme coins stands around $49.3 billion.
While countless meme coins are being launched on a daily basis, the top two players have remained unchanged since the last halving:
The meme coin leaders may not have real-world utilities, but Shiba Inu has been consistently working on developing its token’s applicability and adopting token burns to reduce market supply and impact price movements. Meanwhile, the Dogecoin community is eagerly awaiting the coin’s adoption as a payment feature on X.
Heavily-followed crypto trader Crypto Tony tweeted, "Memecoins really are ride to 0 or to the moon. Always enter expecting nothing back."
Next in line are the $2 billion valuation meme coin club members:
Following Shiba Inu’s lead in burning tokens as a marketing gimmick are:
Next is a community-driven AI project:
The latest entrants in 2024 are:
Also Read: How ‘Meme Coin Sausage Is Made,’ According To Crypto VC: ‘I May Be Everyone’s Exit Liquidity’
Why It Matters: While meme coins have generated skyrocketing returns since the start of 2024 amid what is being called the meme coin super cycle, the lack of utility and increasing number of scams raise concerns in the crypto community.
A CoinGecko report highlighted the meme coin narrative as the most profitable in the year’s first quarter, with the highest returns of 1312.6% on average across its top tokens. The report adds that the meme coin narrative was 4.6 times more profitable than the next best-performing crypto narrative, real-world assets.
With the upcoming Bitcoin Halving, analysts continue to predict a bull run in Bitcoin prices until the end of the year, potentially pushing altcoins, including meme coins, even higher.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin, Shiba Inu, Dogwifhat Among Top Picks For This Researcher’s ‘Meme Coin Supercycle’ Thesis
Image: Shutterstock