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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Dogecoin PEPE WIF

Dogecoin, PEPE, And WIF Lead The Charge As Meme Coin Demand Reach 2021 Levels

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin, meme coins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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

Market intelligence platform IntoTheBlock recently revealed that the demand for meme coins hit its highest in the first quarter of this year since 2021. Furthermore, the increased demand has led to the launch of newer meme coins, pushing the market cap of this crypto category to its highest in two years. 

Related Reading: Shiba Inu Burn Rate Breaks Down 28% With Only 5 Transactions As Price Turns Red

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. 

Dogecoin, WIF, PEPE

IntoTheBlock further revealed that meme coins have thrived in lower-fee ecosystems, with Solana recording multiple days since the beginning of the year when it surpassed Ethereum in trading volume. Thanks to this meme coin frenzy, Solana has also seen increased network activity, with Bitcoinist reporting that Solana is currently facing unprecedented levels of congestion. 

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. 

Related Reading: Shiba Inu On The Brink Of Crashing As Multiple On-Chain Metrics Turn Red

Irrespective of the reason, it has become clear that meme coins are here to stay, seeing as they have become one of the main subjects in the crypto space over the last few months. Ethereum’s founder, Vitalik Buterin, also recently published an article in which he admitted this fact and declared that it was best to determine how these crypto tokens could gain utility. 

Despite their supposed lack of utility, the buzz around meme coins could be good for the crypto space in terms of their ability to onboard a new wave of crypto users. Crypto expert Scott Melker recently highlighted how the hype around DOGE ushered in mainstream demand for crypto tokens in the 2021 bull run, and the same thing could happen in this market cycle. 

Dogecoin price chart from Tradingview.com (PEPE, WIF)

DOGE price recovers above $0.18 | Source: DOGEUSDT on Tradingview.com
Featured image from Coinmarketcap, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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