Are Meme Coins A New Asset Class Crypto Needed But Didn’t Know?

Meme coin markets are on fire, rising as their market cap shows a vast growth in meme coin trading, but are meme coins the best way to 100x?

Everyone remembers when crypto was all about serious tech and talk of a future where the blockchain would power everything.

From never-ending webinars and physical conferences discussing network improvements to the launch of solutions that directly impact the lives of users, and much more?

While not taking away anything. This phase was important for the overall well-being of the industry, allowing everything to morph as it is.

From 2016 to 2023, this era was the foundation of critical infrastructure, from exchanges like Coinbase, Binance, Uniswap, Curve, and DEX to middlewares like Chainlink and the rest.

Meme Coins Changing The Crypto Game

In 2024, crypto is now different, and the days of “life-changing” innovations are kinda over.

Dogecoin (DOGE) set an example, becoming the world’s most valuable with a market cap exceeding $25 billion.

( Source )

Shiba Inu read the template and is following DOGE in the valuation ranking.

Thousands of meme coins are now churned on Ethereum, Solana, and layer-2 platforms like Base.

If anything, in the next few years, one analyst thinks meme coins will rise to a market cap of over $1 trillion. At this level, by his estimation, at least two meme coins will boast of over $100 billion in market cap.

Presently, not one novelty coiin is even near this valuation. In fact, the cumulative market cap of these “entertainment” tokens is less than $70 billion when writing in late October.

DISCOVER: The Hottest Meme Coin ICOs in November 2024

A New Asset Class We Never Knew?

Assuming the future is bright and meme coins are indeed the future, are these internet memes and jokes creating what the crypto industry wants?

Well, on X, one analyst thinks it is exactly the case.

He argues that these tokens are all about having fun, unlike traditional assets like Bitcoin and Ethereum, designed to be base layers and categorized as “serious” investments.

Whenever someone buys a meme coin, they do so because of the “liking,” not tech.

The thousands of meme coins on Pump.fun or SunPump exist more of the “class clown” of the crypto world, always ready with a joke or a silly idea.

( Source )

And their names reveal quite a lot.

From Moo Deng after the Hippo, PEPE after “Pepe the Frog,” or GECKY, SADWOOF, and many more, looking at Gecko Terminal , it is clear traders are here to have fun–not discuss tech or submit presentations.

( Source )

Most of these tokens, minted in thousands, also lack a functional website or a whitepaper.

However, don’t let their playful nature fool you.

100X Gains: Nothing New For Meme Coin Markets

Some of them are surprisingly profitable—so profitable, in fact, that there is news of an early adopter raking in 100X every day.

Yesterday, Lookonchain analysts said one coin, TEE , an AI meme coin similar to GOAT, soared.

( Source )

The 53.45 TEE controlled by its bot soared to over $1.8 million in a record five hours.

And guess what? This amount was bought for less than $1,500.

Given this level of success, the question is: Why are meme coins ripping? How do these tokens work their magic?

It is a simple answer: Everything is about the community and hype.

Usually, when a meme coin catches fire, the social chatter rankings rise, and the demand rises.

Accordingly, the snowball effect pushes valuation so high so much that early adopters are handsomely rewarded.

What’s cool about this expansion is that these projects allow ordinary people to participate in the crypto game without limitations.

You don’t need to be a financial wizard or a tech genius to buy.

Crypto All-Stars: The Next Low Cap Gem?

This is a trend seen on Crypto All-Stars that’s currently on presale.

So far, nearly $3 million has been raised but investors think this meme coin project will explode on launch.

Crypto All-Stars is building a solution that adds utility to meme coin holders. Through its MemeVault, DOGE, SHIB, BRETT, and other holders can stake and earn STARS.

What’s more? Earned or purchased STARS can be staked for even more STARS.

 

As it gains traction, one analyst on X thinks the STARS meme coin token can easily 100X once it is listed on Uniswap and other exchanges.

VISIT STARS HERE

EXPLORE:  2024 Election Day Could Trigger 10% Move in BTC and Bitcoin All-Time High

Join The 99Bitcoins News Discord Here For The Latest Market Updates