Analyst: At Least 3 Meme Coins Will Have A Market Cap Of Over $100 Billion In This Bull Cycle

Meme Coins: Serious Contenders in the Crypto Market

Once dismissed as a fleeting trend, meme coins have emerged as significant players in the crypto market. In a recent analysis, an expert boldly predicts that meme coins like Dogecoin, Shiba Inu, and Bonk will not only endure but are poised to command a combined market capitalization of at least $100 billion in the next bull market cycle.

Will Meme Coins Explode in the Next Bull Cycle?

According to CoinMarketCap, only three crypto projects currently have a market cap exceeding $100 billion: Bitcoin ($1.3 trillion), Ethereum ($388 billion), and USDT ($109 billion). However, USDT, a stablecoin, maintains a stable value and does not fluctuate in value.

Despite this, the total market capitalization of meme coins stands at over $53 billion. This value surpasses that of XRP ($30 billion) and USDC ($34 billion). Dogecoin, the pioneer of meme coins, dominates the scene with a market cap of over $22.5 billion. Shiba Inu follows closely at $15.6 billion, while newer meme coins like Pepe and others on the Solana blockchain feature prominently in the top 10.

Top Meme Coins by Market Cap | Source: CoinMarketCap

Why Pepe, Dogecoin, and Similar Tokens Will Rise

Analysts attribute the success of meme coins to their accessibility and simplicity. Unlike complex DeFi protocols like Uniswap or Aave, meme coins are easy to understand and acquire. Creators of popular meme coins like Pepe have explicitly stated that their creations have no inherent utility and exist solely for entertainment purposes.

Furthermore, meme coins tend to be more liquid than NFTs, making them easier to trade. In the aftermath of the 2022 market downturn, the NFT trading market suffered a decline, with many tokens becoming difficult to buy or sell.

Avalanche Price Trending Upward on the Daily Chart | Source: AVAXUSDT on Binance, TradingView

Recognizing the potential of meme coins, the Avalanche Foundation recently launched a $1 million "Memecoin Rush" program. This initiative aims to incentivize trading and liquidity for community-owned meme coins within the Avalanche ecosystem.