Meme coins have been the heartbeat of this cycle. Fundamental advocates have slowly started making peace with this fact, while those still in resistance like the cartoon duck - DonAlt - have flipped their profile pictures upside down. The dazzling returns that memes have bestowed traders and investors over the past few months speak for themselves. To top it all, new records continue being scripted on a daily basis.
If you still don’t buy the fact that we’re currently in the midst of a meme coin supercycle, then consider this: 23-year old crypto entrepreneur Dadvan Yousuf recently scaled Mount Everest. When he was at the summit, he unfurled a Bitcoin flag. In a conversation with blocmates, Yousuf revealed that many co-summiters and sherpas knew about Bitcoin and appreciated his gesture. However, they were more keen on knowing about meme coins and the exchanges from where they could be bought and sold. Revealing which coin people were the most curious about, Yousuf told blocmates,
“I was mostly asked about the meme coin Pepe by climbers on the summit.”
On-Chain Trends
Whales have been quite active of late and have been indulging in Pepe Coin transactions. Just over the last couple of days, an address has raked in more than 1.3 trillion PEPE tokens from Binance. Their aggregate value is currently more than $418.2 million.
The coin also surpassed a $6.5 billion market cap today and paved its path into the top 20 list, thanks to its 55% appreciation over the past week. With its price hovering around all-time highs, less than 1% of the holders are underwater. In fact, as reported recently, Pepe Coin is now also aggregately worth more than the top-25 NFTs combined.
It seems to be all roses and sunshine at the moment in meme-land. Leaving aside Pepe, there is a healthy market cap competition going in other sub-sectors. Just a few hours back, MOG overtook POPCAT to become the largest cat-themed meme. In fact, this whole cat-coin category’s aggregate valuation is up to $2 billion, after noting an 8% rise over the past day. Contrarily, the macro crypto market valuation is up only by 0.6% in the same timeframe - despite the ETF approval catalyst - justifying how the ROI has made memes so dear to the community. Even dog-themed coins continue to bark out loud. WIF, for instance, overtook TAO on the market cap font, and community members are as affirmative as ever about the hat staying on.
Reasoning It All Out
MOG Coin’s ‘aug’ recently made his appearance on blocmates’ Still Early Podcast. Amongst the multitude of things he discussed, he touched upon why people have been gravitating towards memes lately. He said,
“I think people kind of got burned on DeFi. They don’t find it very interesting, they don’t fully understand it. It’s just that a joy cat wearing pit vipers is very easy to understand and very easy for someone to feel they can contribute to. Anyone can jump on to grab some of our memes, or just make their own memes. That’s a big appeal for a lot of meme coins. You can really feel you’re having an outsized positive impact on your bags if you’re with meme coins.”
Technicals and patterns do give an insight into the fate of coins, but when it comes to memes, the cult and the community sentiment play the most crucial role. Looking at the current state of affairs, it can be contended that the meme coin supercycle is here to stay as long as people want it to.
