CandleFocus Meme tokens overtake DeFi narrative as mindshare shifts on social media
2024-10-16
Author: Content Editor
The attention in the cryptocurrency market is shifting from decentralized finance (DeFi) to meme tokens. Memes have gained popularity for their simplicity in accessing the market compared to the complexity of new platforms. While DeFi usage remains high, meme tokens are seeing increased activity as the hype around DeFi fades. Memecoin mentions are at peak levels, with meme tokens holding a mindshare of over 32%. Even some altcoin narratives resemble meme tokens, lacking utility but expecting positive price action. New meme tokens are surpassing previous batches and older narratives like Dogecoin. The market for meme tokens has surpassed $55 billion in value and is experiencing constant growth. Memes that focus on community perform better than projects offering utility or DeFi products. Pump.fun activity, which indicates a return to the meme token craze, reached an all-time high in token deployments. Meme token influencers, such as Ansem and Murad Mahmudov, are active and riding the meme wave. However, Mahmudov advises caution and due diligence in choosing meme tokens.
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