Meme coins have a market capitalization of over $70 billion and a trading volume of $7 billion
According to CryptoPotato, meme coins have been a trend on crypto social media recently, with many seemingly worthless tokens getting hyped over the weekend. Industry observer “L” told their 46,000 X followers that the meme coin craze was apparently driven by the retail market. They added that the total market capitalization of Meme coins in 2023 was only $2 billion, and today these assets have rapidly surged to nine figures. According to CoinGecko data, the total market value of Meme coins has exceeded $70 billion, and daily trading volume has exceeded $7 billion. For example, dogwifhat (WIF) went from nothing to a market capitalization of $4.4 billion, surpassing Arbitrum, Immutable, or Cronos. Dogecoin’s market capitalization is almost three times that of Chainlink, while Shiba Inucoin’s is twice that of Polygon. So for now, it seems that traditional crypto projects and fundamentals in terms of practicality and purpose have been left behind.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bank Earnings Hinge on Anthropic IPO as SpaceX Windfall Fades
On the eve of a competitor’s $106 billion IPO, Musk says: SpaceX (SPCX.US) Starlink must be affordable for Indians
Elon Musk has promised that Starlink’s pricing in India will be affordable, initiating a price war with Jio, which is planning an IPO with a valuation of 106 billions USD.
Nvidia (NVDA.US) plans to use "acquisition-style hiring" to secure Reflection AI: first investing 800 millions, then bypassing regulation by buying talent instead of the company.
Nvidia is in talks to increase its investment in or acquire Reflection AI, which has a pre-investment valuation of 25 billion USD. The acquisition may take the form of an acqui-hire to bypass regulatory scrutiny.
AI halo fading and foreign capital accelerating departure, South Korea’s stock market has shifted from the world’s strongest to the world’s weakest
Once the world's hottest destination for AI-related trading, the South Korean stock market is now experiencing a sharp cooling. While the Kospi led global gains in the first half of the year, it has since dropped 22% in the second half, becoming the worst-performing major index globally. Foreign investors have withdrawn $131 billions so far this year, with trading volume plummeting 70% from its peak, and retail investors’ leveraged capital has also shrunk significantly. Samsung Electronics saw a nearly ninefold surge in quarterly profits, yet its stock price declined. Meanwhile, several institutions have shifted to increase their allocations to the Taiwan stock market.
Crypto prices
More
