Memecoin Sector Surges 84% in Past Week, Outperforming Red-Hot AI Tokens
The memecoin sector has taken center stage in the midst of a bullish crypto market, outperforming even red-hot AI tokens.
Industry sectors such as Layer 2s, which are crucial for scaling blockchain for mainstream use, and the intersection of crypto and artificial intelligence, were expected to lead the way in terms of performance.
Technical frontiers like restaking, modular blockchains, and DePIN projects were also seen as potential contenders.
However, defying expectations, it is the cat-themed coins, dog-themed coins, memes, and fractionalized NFTs that are leading the charge.
Cat-themed coins, with tokens like Taylor Swift’s Cat, Banana Cat, and Pop Cat, have seen impressive gains, with Taylor Swift’s Cat token surging 25-fold in the past seven days.
Although the cat coin sector may seem dismissible with a market cap of $730 million, the meme category has emerged as a force to be reckoned with.
With a staggering market cap of $55 billion, meme coins have surpassed the liquid staking sector, Layer 2s, and gaming tokens in terms of valuation.
Within the meme category, dog-themed coins dominate, with Doge, the original meme coin, reigning supreme with a market cap exceeding $20 billion.
The sector as a whole has experienced an 84% surge in the past week. Notable performers include SHIB, PEPE, BONK, WIF, FLOKI, and POPCAT, which have more than doubled in value, contributing billions of dollars to their market caps.
Other significant gainers include MYRO and MOG.
Solana, a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading meme coins.
The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump.
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