In 2024, meme coins became a significant part of the crypto world, attracting investor attention. Bitcoin also plays a crucial role, maintaining its leading position among crypto assets.
Popularity of Meme Coins in 2024
Meme coins captured the attention of most crypto traders and emerged as a popular narrative. According to CoinGecko, these tokens attracted 30.67% of investor interest. Dog and cat-themed meme coins, as well as tokens related to pop culture and internet personalities, are especially popular. Interest in meme coins grew by 6% year-on-year.
Solana and XRP Dominate Meme Sectors
XRP-based and Solana meme coins have taken leading positions, surpassing the 'blue chip' meme coins. Dogecoin, SHIB, and PEPE remain key assets but are losing value compared to new meme tokens.
Rise in Institutional Investments in Meme Coins
Institutional investors have tripled their holdings in meme coins, increasing from $62.5 million to $204.8 million from February to March 2024. Eugene Cheung from Bybit noted that both institutional and retail investors are leveraging opportunities in the meme coin market.
The division between Bitcoin and meme coins is becoming increasingly apparent, which could impact ETF approval and attract new investors in the future. Bitcoin remains the primary asset, while meme coins are seen as more speculative.
