Analyst: At Least 3 Meme Cash Will Have A Market Cap Of Over $100 Billion In This Bull Cycle

As soon as dismissed as a fad, Meme cash are actually rising as critical contenders within the crypto market. In a current publish on X, an analyst boldly predicted that meme cash like Dogecoin, Shiba Inu, and Bonk usually are not simply right here to remain however are poised to command no less than $100 billion in market cap within the subsequent bull cycle high.

Will Meme Cash Explode In The Subsequent Bull Cycle?

In keeping with CoinMarketCap knowledge, solely three crypto initiatives have a market cap of no less than $100 billion. Bitcoin has a market cap of $1.3 trillion at spot charges, whereas Ethereum is second at round $388 billion. Perched at third is USDT, the stablecoin issued by Tether Holdings, commanding a market cap of $109 billion. 

Nonetheless, it must be famous that USDT is, as beforehand talked about, a stablecoin that may be redeemable for an equal quantity in USD. Its worth doesn’t fluctuate, however its progress instantly displays the rising curiosity within the broader monetary markets.

CoinMarketCap knowledge shows that the overall market cap of the meme coin scene is over $53 billion. If meme cash have been a crypto venture, they might be extra beneficial than XRP and USDC, whose market caps are over $30 billion and $34 billion, respectively.

From the $53 billion market cap, Dogecoin—the primary meme coin—is essentially the most beneficial at over $22.5 billion. Shiba Inu is second at over $15.6 billion, whereas the most recent meme cash, together with Pepe and others, primarily from Solana, dominate the highest 10. 

Top meme coins by market cap | Source: CoinMarketCap

Based mostly on the analyst’s prediction, meme cash will proceed to achieve prominence within the coming years. It stays to be seen whether or not present meme cash can be propelled to these mega valuations or new initiatives will emerge to take over from Dogecoin and present tokens. 

Right here’s Why Pepe, Dogecoin, And Related Tokens Will Rise

In keeping with the analyst, what units meme cash aside is their accessibility and ease of understanding. In contrast to advanced decentralized finance (DeFi) protocols like Uniswap or Aave, meme cash are simple and simple to understand.

Creators of a few of the most beneficial meme cash, like Pepe, have explicitly acknowledged that their creations don’t have any utility and exist purely for leisure functions.

Past accessibility, the analyst added that meme cash are usually extra liquid, making them simpler to commerce than non-fungible tokens (NFTs). After the plunge of 2022, the NFT buying and selling scene collapsed, with some tokens laborious to purchase or commerce.  

Avalanche price trending upward on the daily chart | Source: AVAXUSDT on Binance, TradingView

Conscious of meme cash’ functionality, particularly in reviving community exercise, the Avalanche Basis not too long ago launched a $1 million “Memecoin Rush” program. The aim is to incentivize buying and selling and liquidity for community-owned meme cash throughout the Avalanche ecosystem. 

Leave a Comment