Meme coin market cap is $42.1 Billion, a 14.2% drop in the last 24 hours, according to CoinGecko.
Meanwhile, with a 24-hour trading volume of over $5.2 Billion, there is significant trading activity in the meme coin market, indicating trading interest in the highly volatile meme coin market. In April 2024 alone, up to 138 new meme coins and tokens were registered on CoinMarketCap, as reported by Cointelegraph.
Read also: Memecoins dominate crypto trading on decentralized exchanges.
Dogecoin, Shiba Inu, and Pepe continue to lead the meme coin market.
Of the over 2,200 meme coins and tokens in the crypto market today, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain the Big Three. In the larger crypto market however, DOGE, SHIB, and PEPE have the 9th, 15th, and 28th biggest market capitalization respectively.
DOGE, the no. 1 memecoin, sits at over $15.6 billion, with a 24-hour trading volume of over $908 million.
SHIB comes second with a market capitalization over $8.3 billion and a lower 24-hour trading volume of over $253 million.
Lastly, PEPE settles for third place with a market capitalization of over $3.6 billion and the highest 24-volume trading of over $1.2 billion. PEPE has however been down by 29% in the last 7 days.
Thriving on hype and community growth
While meme coins and tokens may seem frivolous to many, they have gradually become a force in today’s crypto landscape. Based on market capitalization and community growth, and sometimes playful but exciting use cases, meme coins and tokens can be the real deal for the highest returns on investments. Of course, meme coins and tokens also present, perhaps, the highest risks in the ever volatile crypto market.
During the first quarter of 2024, meme coins and tokens netted a whopping average price return of 1,313%.
Read also: Newly created celebrity tokens lose over 99% in price value
Let’s briefly look at the trending meme coins and the largest gainers, according to CoinGecko, at the time of writing.
The Trending Meme Coins
Neiro on ETH Neiro on ETH $0.143819.0% (up by 18.40)
Brett $0.09405 (down by 11.8%)
Pepe $0.058589 (down by 8.9%)
The Largest Gainers
Rubber Ducky: $0.001347 (up by 172.4%)
Cult Rubber: $0.0005208 (Up by 64.7%)
Ducky Cult: $0.052601 (Up by 56.4%)
Read also: Davido Coin and Davido’s Crypto Trail: A Pattern of Pump and Dump?
The rewarding irony of meme coins and tokens
No doubt, meme coins and tokens are relatively more affordable than the more established cryptocurrencies. This greatly makes meme coins and token adoption quite easy, with millions of newbies around the world trooping to meme coins and tokens.
However, meme coins and tokens pose higher risks, and significantly so. This is because their value, if any, is relatively more easily influenced by internet trends and social media buzz without any fundamental utilities—at least typically.
The irony above is where the rewards of meme coins and tokens really lie. Getting those rewards is another ball game. Millions have lost big; and so have millions won big. Whatever it is, remember: Do not risk what you can’t afford to lose. Forget about any Elon Musk and DOGE romance tale on the internet, meme-coin trading is no honeymoon. Trade carefully and responsibly, so you don’t also end up a meme.
Read also: Understanding the Pros and Cons of Memecoins as an Investor
