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Memecoins continue to attract the attention of cryptocurrency enthusiasts, with data indicating an increase in their share within the ecosystem. According to a recent report, memecoins constituted 1.3% of the market value at the beginning of the year but rose to 3.16% of the entire cryptocurrency market by December 1. When excluding Bitcoin 
$100,819 and Ether, the market share of memecoins surged from 4.2% to 11.21%.
Particularly Solana and Pumpfun
In projects like Pumpfun, based on Solana 
$160, the daily creation of memecoins skyrocketed from a few dozen in February to thousands in March. Currently, over 60,000 memecoins are created daily, half of which occur through Pumpfun. This indicates significant growth in the early stages of the memecoin sector.
According to CoinGecko data, the total market capitalization of memecoins exceeded $140 billion. This figure is fueled by the appeal of meme coins’ high volatility. Typically, meme coins represent frivolous themes such as animals, internet jokes, or political figures. The report notes that the market capitalization of memecoins increased by 330% from January to December, while Bitcoin rose by 140% and Ether by 71%.
New Memecoins and Diversity
Established memecoins like Dogecoin 
$0.190116 and Shiba Inu have long dominated the market, but as of 2024, new memecoins with diverse themes have begun to emerge. These include cat-themed, artificial intelligence-focused tokens, as well as gaming-themed and political memecoins.
Kerya noted that previous cycles saw memecoins experiencing the most significant capital rotation at the end of the bull run following halving events. However, he pointed out that, unlike past instances, memecoins gained notable influence even before the halving this time. Additionally, he expressed that the increasing market share of memecoins could accelerate the emergence of speculative bubbles.
The Solana network stands out as a major winner in the memecoin frenzy of 2024, while Telegram’s TON network has seen a 750-fold increase in memecoin trading volume over the past six months. However, the TON network holds only 1% of the memecoin market value.
Memecoins serve as an entry point for individual investors into the cryptocurrency world, strengthening their role in the market. The growth of memecoins necessitates that investors carefully evaluate these cryptocurrencies. They should consider both the high volatility and potential gains offered by memecoins along with their risks. Therefore, they may want to allocate only a small portion of their overall portfolio to this sector.
