Memecoins emerged as the most popular crypto market sector in the first half of 2024. Will the trend continue in H2?
were the most popular cryptocurrency category in the first half of 2024. Per the CoinMarketCap H1 2024 report, memecoins eclipsed DeFi,‘In the Solana ecosystem, meme coins reign, symbolizing a rush into speculative assets. Retail investors are prioritizing quick gains over VC-backed high FDV projects, indicating an anti-establishment sentiment’On average, Solana-based memecoins outperformed their Ethereum counterparts by 8X on a year-to-date basis.
“This is likely due to the rush of speculative capital from other chains, attracted by the explosive rallies of WIF and BONK, causing more memes to pump and attracting even more capital and attention.”WIF was down 10% and traded at $1.79, while POPCAT was down 17% and exchanged hands at $0.4. The ongoing crypto market rout could exert more sell pressure and losses across the memecoin segment.
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