06.04.2024

IntoTheBlock analysts: interest in memcoins will continue to grow

According to a recent report from IntoTheBlock, traders are increasingly turning to speculative opportunities that promise high returns. This trend is especially evident in the sector of meme coins, which can be seen in the appearance of new assets and the revival of long-issued, but again gaining popularity.

Analysts note that the same tendency of speculative activity was observed in previous cycles of the bull market. It is manifesting itself even now – memcoins are recording the highest number of transactions since 2021. The surge was partly caused by the hype around Dogecoin, which accounted for over 2 million transfers per day.

In just one month, the total capitalization of memcoins more than doubled to over $69 billion.

Most of the new meme tokens appeared on blockchains with low transaction fees Solana, Avalanche and Base, making the assets even more accessible to retail investors.

However, despite the hype surrounding meme tokens, their growth depends on the dynamics of the entire crypto market. Changes in the exchange rate of leading coins, especially bitcoin, can change the capitalization of the memcoin sector.

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Коля Мельниченко

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