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Cryptocurrency analyst Murad Mahmudov suggested in his August 23 post on X that “cult memecoins” will continue to outperform everything else until the end of the market cycle. Mahmudov noted that each 
cryptocurrency market cycle is characterized by specific main themes. In 2017, Ethereum, altcoins, and ICOs were prominent, in 2021, alternative Layer-1s, DeFi, and NFTs were dominant, and in this cycle, artificial intelligence, real-world assets (RWA), and memecoins will prevail.
“Memecoins Will Continue to Rise”
Mahmudov highlighted the assets that rose in previous cycles, stating, “Most of these coins had a preliminary rise in the year before the bull run’s final year and then had major surges in the bull run’s final year.” He cited the 2016-17 cycle with ETH, XMR, and XVG, and the 2020-21 cycle with SOL, ADA, MANA, and CryptoPunks as examples of this behavior.
Mahmudov noted that many in the cryptocurrency community believe memecoins have reached their peak, posing the question, “What if the rise we experienced in memecoins in the spring of 2024 was just a PRELIMINARY RISE?”
The analyst presented a list of the top twenty memecoins, excluding “remnants” like Dogecoin, Shiba Inu, and Floki. He also noted that the market value of these twenty memecoins is only 8 billion dollars, emphasizing that this value is “nothing” compared to the half-quadrillion-dollar wealth in the world. The analyst made a striking prediction that the market value of memecoins could exceed 1 trillion dollars.
Overview of the Memecoin Market
The current total market value of memecoins is 41.7 billion dollars, constituting only 1.85% of the total cryptocurrency market value. According to data from the cryptocurrency data and price platform CoinGecko, there are currently 1,728 known memecoins. Moreover, 57% of the market value of memecoins is made up of just two memecoins, Dogecoin and Shiba Inu. This supports Mahmudov’s view that hundreds of low-market-value tokens have the potential to transform into high-market-value assets.
Recently, Solana and Base have been heavily utilized by memecoin creators due to low transaction fees and high transaction volume. Additionally, Tron has quickly joined this race with SunPump. Since its launch, thousands of memecoins have been released daily on the platform.
