The dominance of memecoins shows no signs of slowing down as the narrative of the market recovery extends into Q4 of 2024.
In the recent resurgence of the market, Moo Deng [MOODENG], Popcat [POPCAT], and First Neiro on Ethereum [NEIRO] have taken the forefront in the meme coin revival.
Over the past month of trading, NEIRO has emerged as the top performer with an impressive rally of +3000%, closely followed by the cat-themed POPCAT with a 137% increase.
Memecoin Market Impact on Charitable Causes
The significant rebound witnessed on October 8 was particularly noteworthy, especially for MOODENG, which had experienced a sharp decline of over 60% in the preceding days.
In a notable development, Ethereum founder Vitalik Buterin lauded meme coin projects that contributed tokens for charitable purposes, with MOODENG being among them.
“I commend all the meme currencies that allocate parts of their supply directly to charitable causes. Any tokens sent to me are also directed towards charitable endeavors (thanks Moodeng! The 10B from today will support anti-airborne-disease technology).”
Buterin has been advocating for meme coins that serve practical applications, especially in supporting charitable initiatives, rather than solely benefiting a select group of insiders. The founder had also made a substantial donation of NEIRO in early August.
Expansion of Market Size
Following the market rebound towards the end of September, the overall market capitalization of memecoins experienced a notable increase.
According to data from CoinMarketCap, the market cap surged from approximately $25 billion in early September to reach a peak of nearly $55 billion by the close of the month.
Despite a slight pullback shortly afterward, the recent upward momentum has pushed the market capitalization back towards $50 billion, representing an additional value of around $15 billion accrued in meme coins over the last 30 days.
As per Kaito, the sector has achieved a record-high annual dominance, underscoring the continued supremacy and supercycle narrative of memecoins.
As of the latest update, memecoins maintain the top position in monthly performance, with the AI sector following closely behind.
Based on data from Artemis, the segment has achieved an average return of 46% over the past month of trading.
Commenting on the sector’s strong performance, one cryptocurrency trader, Mayne, remarked,
“In this cycle, memecoins are leading the way, where the coin’s utility is not a significant factor. The price is primarily driven by community engagement and attention, reflecting pure supply and demand dynamics.”