Crypto Traders Discuss Why Memecoins Have Been 2024s Most Profitable Narrative

Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast.  They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector. Related Reading: Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coins Price Tumble Is There Value In A Memecoin? To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people think too hard about the value of memecoins as projects. Moreover, he considers theres no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens. Why Memecoins Have Been 2024s Most Profitable Crypto Trade: Ansem and Kelxyz Dive into the wild world of memecoins with @blknoiz06 and @kelxyz_! Discover how Ansem and Kel trade memecoins, the risks and rewards, and their predictions for the future of memecoins Plus, pic.twitter.com/QovysNwAGP — Laura Shin (@laurashin) May 7, 2024 Ansem further explains that the crypto community is very internet-centered, with its members being internet people since cryptos origin.  As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture. The trader believes theres value in memes and culture on the internet. People in the community are “financializing” meme virality and realizing that its a possibility with crypto. Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a bazillionaire by now. The host seemingly referenced the still-popular meme that originated from Drakes Hotline Bling music video. Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their winning trade businesses idea. All these trillion-dollar businesses () facilitate directing attention and the way theyve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet. The Risks And Criticisms Of Memecoin Mania To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens. One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can be riskier and more easily go to 0. Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns. Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doges top to those who bought Bitcoin at $69,000 last cycle before it fell to $15,000. To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector. Ansem considers the shady behavior behind the projects teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors. In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by the Financial nihilism and the lack of liquidity that the youth has. Adding that investors are Buying a mere coin is like a lottery ticket. It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that. This guy won a 4,906x lottery ticket today, so lucky! He trades MEMEcoins like buying a lottery ticket, investing 0.1/0.2/0.3 $SOL for each #MEMEcoins. He invested 0.2 $SOL($30) in $AGORA today, then sold 2M $AGORA for $100K, with 959K $MILK(worth $47K) left. So he turned $30 pic.twitter.com/fnJDQnavfI — Lookonchain (@lookonchain) May 7, 2024 Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned $30 into $147,000 by turning 0.2 SOL into 2 million AGORA. Whats In Memecoins Future? When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it. The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF). Adding to that idea, Kel asserted that all memes will become coins in the next ten years.  Moreover, the trader wouldnt be surprised if the creation of a meme was natively financialized by then, as the trend of financialization of things continues to increase. Ultimately, he believes the sector is in the early stages of this trend as the community tries to capture the moment of a meme and capitalize on it now that crypto has made financialization trivial from a tech perspective. Related Reading: Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms Total crpto market is at $2.22 trillion on the weekly chart. Source: TOTAL on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024.  According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics [...]

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The Dog Days Are Over: Cat Memecoins Soar 16.1% After Roaring Kittys Return

On Monday, popular internet figure and trader Roaring Kitty made a surprise comeback to social media that sent the crypto market into shock and excitement. His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz Memecoin Frenzy And Market Reaction Keith Gill, known as The Roaring Kitty, returned to social media after a three-year hiatus by posting the popular leaning forward in the chair meme. pic.twitter.com/YgjVqtgcNS — Roaring Kitty (@TheRoaringKitty) May 13, 2024 His comeback propelled GameStops meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy. Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits. Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins. As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day. Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth $1.98 million, and had already made $236,000 in unrealized profit a few hours later. Dog Days Are Over, Cat-Themed Memecoins Gain 16% The impact of Roaring Kittys return didnt stop at the dog-themed memecoins. Several images and references to cats were part of the traders edits, fueling a 16% surge in the cat-themed sector. Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month. One of Roaring Kittys edits included a fragment of Florence + The Machines song Dog Days Are Over. Alongside the video, the trader emphasized the lyrics, The dog days are over, the dog days are done. pic.twitter.com/TdmJom9ifu — Roaring Kitty (@TheRoaringKitty) May 13, 2024 Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones. Whales Hear The ROAR Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge. Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume. Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from $0.00024830 to $0.0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%. Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around $235,472. Related Reading: No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning Another big player, who had previously made 2,170 SOL, about $320,000, on POPCAT, spent another 4,000 SOL, approximately $592,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount. Featured Image from Unsplash.com, Chart from TradingView.com

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GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%.  Fueling this rally is the return of the influential social media figure Keith Gills “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins.  GameStop Memestock Frenzy The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds.  Keith Gill’s “TheRoaringKitty” account and the subreddit WallStreetBets played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year.  While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures. Related Reading: Investment Firm Makes Bitcoin Its Strategic Reserve Impact On Price According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, skeptics were up an estimated $400 million from January to April before slipping into the red by Monday morning. The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania.  As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range. Roaring Kitty’s Ripple Effect Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows.  Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release. Related Reading: Is The Bitcoin Bottom In? Analyst Reveals Key Price Levels To Watch Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data.  For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading. Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday.  The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges.  Featured image from Shutterstock, chart from TradingView.com

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Solana Memecoin Hits $320 Trillion Market Cap, But Theres A Catch

The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase. Related Reading: 1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE Solana Memecoins New Strike Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder. Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens. A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons. The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam. Bonk Killer's price and market capitalization. Source: Birdeye As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldnt move their tokens only after the projects creator activated the freeze authority. This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing. Its worth noting that the token isnt backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it. When you buy but can't sell. #bonkkiller pic.twitter.com/AjJokgptmw — Bull.BnB (@bull_bnb) April 30, 2024 Half A Million Stolen By Memecoin Scammer Unfortunately for investors, the creator didnt use the freezing authority to boost the tokens market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens. The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around $420,000. According to Birdeye data, the token is valued at $32.81 as of This writing. UPDATE: @solana memecoin BONKKILLER, a scam and honeypot token, has withdrawn liquidity worth over 3,000 $SOL after freezing token sales for users. pic.twitter.com/JO3E3RuXMW — SolanaFloor | Powered by Step Finance (@SolanaFloor) April 30, 2024 Even after the communitys warning, some investors continued to buy the project. In the last 12 hours, investors have spent nearly $40,000 on the token. As some X users pointed out, the false market cap might be misleading inexperienced investors into buying the memecoin. Although its not the first scam of this type, the increasing rate of new launches turning fraudulent seems alarming. As reported by NewsBTC, $27 million vanished over the last month after 12 projects were abandoned by their creators. Ultimately, this incident highlights the importance of thoughtfully researching a projects background and carefully deciding whether the possibility of massive gains outweighs the risks. Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Heres Why Total crypto market cap is at $2.18 trillion in the three-day chart. Source: TOTAL on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE

A strategic trader has made the most of his money after making over 1,000x profit with PEPE.  Despite the recent frog-themed token slump, the memecoin investor gained millions. Similarly, whales have continued accumulating PEPE while it resumes its upward trajectory. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished Memecoin Trader Makes Millions According to Lookonchain data, a memecoin trader named James Wynn multiplied its PEPE investment by 1,503. Wynn bought the token in its earlier stages, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold over half his holdings, 1.81 trillion tokens, for $4.57 million. jwynn.eth(@JamesWynnReal) – A smart trader who made $12.8M(1,503x) on $PEPE. He also traded $BOBO and $ANDY recently, making another $818K! 1/ Lets dig into his trades. pic.twitter.com/2vOkjObVPr — Lookonchain (@lookonchain) April 24, 2024 After the frog-themed memecoin became a market sensation, the traders unrealized profits on his remaining bag exponentially increased. Currently, Wynn holds 1.02 trillion PEPE in three wallets worth $8.25 million. The traders total profits from PEPE total $12.8 million. However, if he had held onto his tokens, the gains would have exceeded $20 million. Per the blockchain research platform, Wynns feat doesnt end with PEPE. He has also made over $800,000 trading other memecoins over the week. He recently bought five tokens, two of which remain profitable: BOBO and ANDY. At the time of the report, the trader bought over 273.62 billion BOBO for $138.263, making a profit of $430,000. Similarly, he acquired 4.711 billion ANDY for $115.493, gaining over $338,000. Nonetheless, not all of Wynns trades resulted in success. According to the X post, the trader has a 45% success rate, gaining over $13.7 million with nine memecoins and losing around $350,000 on eleven tokens, including some rug pulls. Breakdown of the 20 tokens traded by Wynn. Source: Lookonchain Whales Go On PEPE Buying Spree As reported by NewsBTC, recent data showed that PEPEs price decline over the last month has reduced the number of addresses carrying gains. However, this has not stopped whales from accumulating the token. This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio, and Uniswap. The address bought the tokens at an average of $0.000007291, spending $1.54 million. The buying spree turned profitable as, some hours later, the tokens price increased by 17%. According to Spot On Chain, the holdings worth surged to $1.72 million, making $173,000 in unrealized profits. Other reports suggest that whales have continued accumulating and taking profits from their PEPE holdings. However, the tokens market activity decreased by 22.1% in the last 24 hours, with a $1.2 billion daily trading volume. PEPEs market capitalization has also dropped 1.58%. Despite this, the token has regained its spot as the third largest memecoin by this metric, as dogwifhat (WIF) lost 13.88% of its market cap on the last day. Its worth noting that WIF flipped PEPE on March 28 after becoming the newest sensation in the crypto market. As of this writing, PEPE is changing hands for $0.000007821, representing an 11.4% drop in the monthly timeframe. Nonetheless, the token continues recovering, registering a 52.2% surge in the last seven days. Related Reading: FLOKI And BONK Drop 5% After Revolut Listing Announcement PEPE's recovery in the seven-day chart. Source: PEPEUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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Hedge Funds Fall For The Memecoin Frenzy: Mind-Boggling Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market. Memecoin Mania One example of the appeal of memecoins [...]

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Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?

On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies. These Memecoins Have Enjoyed 3,000% Average Volume Increase According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector. When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors. Related Reading: CryptoQuants Bitcoin Bull-Bear Indicator Flags Price As Overheated On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades. Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK). Looks like the value of the metric has been quite high for all of these coins recently | Source: Santiment on X As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally. Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift. Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods. For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset. Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this. Related Reading: Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated. As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days. Shiba Inu Price Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the $0.00002746 mark. The price of the asset appears to have been sharply going up recently | Source: SHIBUSD on TradingView Featured image from iStock.com, Santiment.net, chart from TradingView.com

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FLOKI Skyrockets 32% Higher Following DWF Labs $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097. DWF Labs Strengthens Partnership With Floki Inu According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem.  As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity. The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption.  Related Reading: Bitcoin Fear & Greed Index Reaches Highest Level Since 2021, What To Expect Next Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement: This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run Price Soars, TVL Rises, And Chinese TV Exposure Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024. According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market. The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition. Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000 Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products. In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years. This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them. The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update. Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com

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Dogecoin, memecoins outperform crypto market as Trump wins US election

Memecoins are up today, fueled by positive sentiment following Trumps win in the US presidential elections.

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Only 43 Tokens Have Outperformed Bitcoin This Year, Most Of Them Memecoins

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 [...]

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Solana-Based Pump.Fun Records $15 Million Daily Revenue As Memecoin Mania Continues

Popular Solana-based Launchpad Pump.fun started 2025 with a record-breaking $15 million daily revenue amid the ongoing frenzy surrounding memecoins. The sector continues to be the best-performing narrative of the cycle, driving millions into the hands of investors. Related Reading: Altcoins To Explode In Early 2025: Analyst Says Grand Finale Is Around The Corner Pump.Fun Sees Record-Breaking Daily Revenue Memecoins have been this cycles largest narrative, with Solana-based tokens stealing the spotlight throughout 2024. This trend is seemingly set to continue this year after Solanas launchpad Pump.fun saw a record-breaking performance on January 1st, 2025. Last year, Pump.fun cemented itself as the most popular token launcher for simplifying the creation of memecoins and facilitating token deployment. During Q3 2024, the launchpad surpassed Ethereum and most Solana protocols, doubling the fees and revenue of these projects. The remarkable success of Pump.fun saw the creation of several competitors, including the Tron-based SunPump and multi-chain platform GraFun. Despite being banned in the UK in December, the launchpads performance remained steady, recording a daily revenue between $2 million and $3 million throughout the month. As of this writing, the platform has deployed 5.39 million tokens since its launch and generated over 2.02 million SOL in revenue, worth $418.7 million at current prices. Moreover, the Solana launchpad started 2025 with a new record-breaking day, surpassing its previous milestone. According to Dune Analytics data, Pump.fun registered 72,506 SOL, around $15 million, in daily revenue this Wednesday. This performance represents a nearly 30% increase from the 55,000 SOL recorded in late November. Additionally, the launchpad continued to dominate Solana decentralized exchange (DEX) transactions last month. Dune data shows that Pump.fun-related transactions accounted for 52.8% of all SOL DEX transactions in December. Memecoin Mania Continues Despite Criticism The platforms success has also brought heavy criticism. At the end of 2024, Pump.fun received criticism after several users broadcasted harmful and violent content using its Livestream feature. In late November, users created numerous memecoins using controversial prompts to become viral and pump their tokens. The trend started after a 12-year-old livestreamed himself rugging a memecoin. Amid the livestream chaos, the Solana launchpad registered its largest revenue day, recording 55,832 SOL, worth around $11 million, in a single day. However, the incident resulted in backlash from the crypto community and the temporary shutdown of the feature. Moreover, on-chain data analysis firm Lookonchain reported that Pump.fun deposited over 355,608 SOL to Kraken during the last day. This brings the total tokens sent to the exchange to 1,564,064 SOL and the amount sold to 264,373 SOL for 41.64 million USDC. The platforms transfers and sell-offs have also received significant backlash, with community members driving comparisons between the Solana-based launchpad and the Ethereum Foundation. Related Reading: Bitcoin Retests $95,000 Amid 4.2% Surge, Is A New Year Rebound Coming? Nonetheless, the memecoin narrative continues to dominate the crypto market, with the Solana Meme category on CoinGecko recording a 12.5% increase to a market capitalization of $20.9 billion in the last 24 hours, suggesting that the trend is likely to extend. Newer players like ai16z (AI16Z) and Fartcoin (FARTCOIN) saw an 8.9% and 43.7% daily surge to hit new all-time highs (ATHs) on January 2nd. Ultimately, these relatively new tokens have stolen the sectors spotlight, making it to the top 10 memecoin list in record time. Featured Image from Unsplash.com, Chart from TradingView.com

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Meme Coin Mania Sweeps The Globe: Top 10 Countries Leading The Craze In 2023

The rise of the meme coin mania in 2023 has taken the cryptocurrency world by storm, and a new report by CoinGecko shows that the trend is most popular in the United States, India, and the United Kingdom. These countries account for over 50% of all meme coin fans this year, indicating a strong interest in these assets. But the appeal of meme coins continues beyond there. The report also highlights the popularity of these coins in other regions, including Southeast Asia’s Philippines and Malaysia, Nigeria and Morocco in Africa, Oceania’s Australia and New Zealand, and Canada. This diverse mix of countries suggests that meme coins have a global appeal. Related Reading: More Dip To Come: Bitcoin Liquidity On The Move Ahead Of Major Event From the US to India, The Global Phenomenon Of Meme Coins Takes Hold The top 10 countries leading the meme coin craze in 2023 make up the majority of interest in these assets, representing 82.9% of all fans. This indicates that even though meme coins may have started as a niche trend, they have quickly gained a following worldwide. According to the report, the United States is at the forefront of the meme coin craze in 2023, accounting for a whopping 23.6% of the global interest in these speculative assets. With over 2 million views on the top meme coin pages, it is clear that Americans are embracing this new type of cryptocurrency. The report shows that the most popular meme coin in the US this year is Shiba Inu, which generated 60.7% of all US interest in meme coins. This is not surprising given the coin’s recent surge in popularity due to celebrity endorsements and high-profile listings on major cryptocurrency exchanges. Following closely behind Shiba Inu is Pepe, a trending crypto that recently drove 11.8% of meme coin interest in the US. Other popular meme coins in the country include Bonk and Volt Inu, which generated 5.7% and 4.9% of US interest, respectively. Moreover, India will be the second-largest driver of the meme coin hype in 2023, accounting for 20.3% of all interest across the countries. Shiba Inu is the most popular coin in India, generating 55.8% of the country’s interest in these speculative assets. Baby Doge Coin also received a relatively high share of interest, with 29.9% of India’s meme coin interest. Floki is the most popular meme coin in the Philippines, generating 26.7% of the country’s interest in these assets. Shiba Inu and Bonk also received similar interest levels at 18.3% and 17.8%, respectively. Baby Doge Coin and Pepe were close behind, with 12.7% and 10.2% share of Philippines meme coin interest, respectively. Shiba Inu Reigns Supreme According to the report,  Shiba Inu is the most popular meme coin among investors in 2023, driving 46.7% of interest among the top meme coins.  Baby DogeCoin is the second most popular, generating 12.3% of investor interest. This is followed by more recent coins, Pepe (9.4%), Floki (8.6%), and Bonk (8.2%). Furthermore, Pepe captured the most interest in Canada, accounting for 26.9% of all interest in the country. Interestingly, while Dogecoin pioneered the meme coin space, it generated only 61.1% of interest in Morocco and received only minor interest in the other countries surveyed.  Overall, the report by CoinGecko shows that meme coins continue to gain popularity and are a force to be reckoned with in the cryptocurrency market. As new coins emerge and gain traction, it will be interesting to see how this market evolves and whether meme coins will continue to be a dominant trend in the cryptocurrency world. Related Reading: SUI Plummets Over 30% As Trading Goes Live On Exchanges, What Went Wrong? Featured image from Unsplash, chart from TradingView.com

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