The number of coin memes on CoinMarketCap reached a record 138 this April, which compares to 18 in April 2023, according to an analyst known by the pseudonym Crypto Coryo. This growth reflects the parabolic increase in interest in coin memes in recent years. However, it’s worth noting that CoinMarketCap only counts about 10% of all tokens, so the actual number of meme coins could be much higher.
At the time of tracking the data on CoinMarketCap, there were 2,229 meme coins with a total market capitalization of over $50 billion. That’s a huge amount, almost equal to the market capitalization of corporate giants like JPMorgan and Tesla.
Meme coins are often criticized for their lack of utility and real-world use case, but they remain an object of pure speculation. Some analysts and members of the crypto community, such as Vitalik Buterin and Arthur Hayes, emphasize that meme coins bring attention to cryptocurrencies and the blockchain in general. They can also attract new developers and engineers to the blockchain ecosystem, which can benefit the technology’s development.
Many meme coins are finding their home on the Solana blockchain, which provides lower fees and faster transactions than Ethereum. This has led to increased activity on the Solana network and increased interest in this platform among developers and investors.
