The dominance of memecoins appears to be continuing as the narrative evolves amid the Q4 2024 market recovery.
During the recent market resurgence, Moo Deng [MOODENG], Popcat [POPCAT], and First Neiro on Ethereum [NEIRO] emerged as the front runners of the meme coin revival.
Over the past month of trading, NEIRO took the lead with an impressive +3000% surge, closely trailed by the cat-themed POPCAT at 137%.
Impact of Memecoins on Charity Initiatives
The significant rebound observed on October 8 was particularly noteworthy, especially for MOODENG, which had seen a steep decline of over 60% in the preceding days.
Notably, Ethereum’s founder Vitalik Buterin commended meme coin projects that allocated tokens for charitable causes, with MOODENG being among the recognized contributors.
“I appreciate all the memecoins that allocate portions of their tokens to charity. Any tokens sent to me are also donated to charity (thank you Moodeng! The 10 billion today is directed towards anti-airborne-disease technology).”
Buterin has advocated for meme coins that serve a purpose, especially in supporting charitable initiatives, rather than solely benefiting a select few insiders. He had previously donated a significant portion of NEIRO in early August.
Expansion of the Market Size
Following the market rebound at the close of September, the overall market capitalization of memecoins experienced a surge.
Based on data from CoinMarketCap, the market cap escalated from approximately $25 billion in early September to a peak of almost $55 billion by September’s end.
Though there was a slight retracement subsequently, the recent upswing has pushed the market cap close to $50 billion, reflecting an increase of nearly $15 billion in meme coin value over the past 30 days.
As per Kaito, the sector achieved record-high annual control over mindshare, underscoring the dominance and supercycle narrative of memecoins.
Furthermore, at the time of reporting, memecoins took the lead in monthly performance, with the AI sector following suit.
According to data from Artemis, the segment yielded average returns of 46% over the past month of trading.
Commenting on the sector’s exceptional performance, crypto trader Mayne remarked,
“During this cycle, memecoins are the primary focus. The utility of the coin is insignificant; what drives the price is the community and attention it garners, purely driven by supply and demand.”