Dogecoin, PEPE, And WIF Lead The Charge As Meme Coin Demand Reach 2021 Levels
Meme coins such as Dogecoin, PEPE, and WIF have continued to enjoy greater acceptance, which is evident in recent data showing that the demand for them has clocked a new high.
This also undoubtedly strengthens predictions that this category of crypto tokens will be one of the leading narratives in this market cycle.
Dogecoin, PEPE, And WIF Lead Demand For Meme Coins.
IntoTheBlock reported that demand for meme coins reached its highest level since 2021 in Q1 of this year.
This surge has spurred the launch of new meme coins, driving the market cap of this category to its highest level in two years.
Their market currently stands at over $56 billion, meaning their aggregate value has nearly tripled this year.
As expected, OG meme coins like Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) have led the way. Dogecoin has seen its price double in 2024, while PEPE and SHIB have recorded a 5x and 2.5x gain, respectively.
Meanwhile, newcomer Dogwifhat (WIF) has also earned a spot at the table, with a 20x yearly return and rising to become the third-largest meme coin by market cap.
WIF’s growth has been mainly credited to its “rampant community,” which includes well-known crypto influencer Ansem.
Meme coins have thrived in low-fee environments, notably on Solana, surpassing Ethereum in trading volume multiple times this year. The frenzy has led to increased network activity, causing congestion on Solana.
Meme Coins Are Here To Stay
IntoTheBlock noted that meme coins were able to achieve this record despite interest rates remaining high and no “stimmy checks” being sent out.
The platform further speculated on what could be the reason for the increased demand for crypto tokens, which have been largely criticized for lacking any real-life utility.
Meme coins are gaining prominence in the crypto space, acknowledged by Ethereum's Vitalik Buterin. Despite their perceived lack of utility, they could attract new users, as seen with DOGE's hype in 2021.
