**Exploring the Market Cap of Memecoins in Q1 2024** π
New findings from IntoTheBlock uncover a surge in the market cap of memecoins π
Lucas Outumuro, head of research at IntoTheBlock, reports a substantial increase in the overall value of meme assets, reaching $56 billion in Q1 of 2024 π
Demand for memecoins has spiked to levels unseen since 2021, despite economic factors like high interest rates and the absence of stimulus checks π
It remains unclear whether this surge is a result of an overheated economy or a rise in financial nihilism, but memecoins have seized the spotlight in the crypto sphere in recent months π
– **Memecoin Winners and Losers** π
– Notable meme assets like Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) have experienced significant growth
– DOGE saw a 100% increase in Q1, SHIB surged by 2.5x, and PEPE recorded almost 5x gains ππΈπ
– Surprisingly, dogwifhat (WIF), a memecoin built on the Solana (SOL) network, emerged as a top performer, boasting 20x yearly returns π©π
**Ethereum Re-enters the Memecoin Arena** π
After the Dencun upgrade that lowered gas fees, Ethereum (ETH) is witnessing a resurgence in memecoin activity on Coinbase’s Base layer-2 network π
The meme craze has returned to Ethereum, thanks to a significant drop in gas fees post the Dencun upgrade, signaling a shift in capital rotation within meme assets πΈ
**Hot Take: Memecoin Mania Continues π**
New data from IntoTheBlock reveals that the market cap of memecoins has hit its highest level since 2021.
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