Memecoins are digital currencies inspired by internet trends, memes, or popular characters. Initially starting as a joke with coins like Dogecoin, they have evolved into a significant part of the crypto market, driven by innovation and strong community backing.

Some meme coins have reached multi-million dollar market capitalizations, making them an attractive yet highly speculative trading option. Their popularity has attracted traders, but their extreme volatility demands caution and thorough research before trading.

To help you understand this rapidly growing market and its influence on the crypto space, we’ve compiled key data and insights on meme coins.

Market Share And Growth Of Meme Coins

In 2024, meme coins dominate the crypto, blockchain, and Web3 space, claiming the largest market share at 22.49%, surpassing major blockchains like Solana and Ethereum.

Meme coins have become the most popular and rapidly growing niche within digital assets, increasing with a 41% share of the total Web3 market capitalization.

As of May 2024, the meme coins market cap has reached $70 billion, highlighting their significant influence in the blockchain world.

Meme Coin Issuance Count

According to DEX aggregator reports, nearly 40,000 to 50,000 new meme tokens are created daily. During viral moments, this number can spike to as high as 100,000. 

Among all blockchains hosting meme coins, Solana stands out with the highest daily issuance of new tokens, ranging from 17,000 to 20,000.

This indicates Solana’s popularity for launching new projects, particularly in the memecoin niche.

By June 2024, these tokens’ average on-chain swap volumes ranged between $91 million and $109 million on the Solana blockchain.

The rapid creation of meme coins is evident in their short average lifespan, with most liquid tokens only about 1.3 hours old.

As of March 2024, nearly 2,000 meme coin projects exist, with 1,000 being actively traded (liquid). Among all meme coin projects, 57% of the trading volume comes from liquid tokens, while 43% consists of non-trading (zero volume) tokens.

This suggests that while many meme coins are launched, only a portion gains sufficient traction to maintain active trading, indicating a high market attrition rate.

Meme Coin Market Capitalization

Memecoins emerged in 2014, but their market capitalization only began to rise significantly in Q2 2017, surging by 1,198% to reach $343 million.

By Q1 2018, this figure surpassed $1 billion. The market cap fluctuated between $250 million and $900 million until Q1 2021 when it skyrocketed by 1,287% to $7.2 billion.

In 2021, it peaked at $60 billion before falling to $22 billion during the 2022-2023 crypto winter, a 63.33% decline. However, 2024 shows a resurgence, with the market cap climbing 169% to return to $60 billion.

Meme Coin 24H Relative Strength

The 24-hour relative strength of coins indicates which coins are outperforming or underperforming within 24 hours.

At the time of writing, the Toshi token led the meme coin group, showing a 48% growth with a relative strength score of 3.17. AIDOGE and DOG follow with relative strength scores of 2.75 and 2.05, respectively.

Toshi’s strong performance highlights its current momentum in the market, but such trends can quickly change, reflecting the volatile nature of meme coins.

Meme Coin 24H Token Holder Growth Numbers

According to the data, the HEMULE meme coin has seen the highest growth in token holders, with an increase of 0.37%. At the time of writing, HEMULE has 9,444 token holders.

Token holders represent the number of users who own a particular token or currency, and an increase in token holders indicates a growing interest in and adoption of that token.

This suggests that HEMULE is gaining traction in the market, potentially driven by community engagement and increasing visibility within the cryptocurrency space.

Liquid Meme Coins By Blockchain

As of 2024, Ethereum is the leading blockchain for meme coins, hosting 459 projects, which accounts for 45% of all meme coin projects.

The BNB Chain follows with 377 projects, while Solana and Arbitrum host 149 and 22 liquid meme coin projects, respectively. Most meme coins are launched on single-chain blockchains, with only 64 projects issued on multi-chain networks.

Among these, BNB and Ethereum is the most popular combination, hosting 26 projects, or 40% of multi-chain meme coins.

This trend suggests that while Ethereum remains the leader, other blockchains are gaining traction in the memecoin niche, potentially driving future innovation and competition.

Meme Coin Projects By Market Cap

In 2024, 10 meme coins dominate 90% of the market capitalization within the meme coin niche. These are:

  • Dogecoin(DOGE): $15.21 billion
  • Shiba Inu(SHIB): $8.14 billion
  • Pepe: $3.4 billion
  • Dogwifhat(WIF): $1.7 billion
  • Bonk: $1.3 billion
  • FLOKI: $1.1 billion
  • Brett (Based): $933.71 million
  • Popcat(SOl): $538.42 million
  • BOOK OF MEME(BOME): $486.41 million
  • Mog Coin(MOG): $481.32 million

At the time of writing, the total market capitalization of meme coins stands at $38.70 billion. The market share of the top 10 popular meme coins is distributed according to their market caps.

Top Meme Coin by Search Volume

Dogecoin and Doge are the most searched meme coins on Google, according to the Ahref data. Dogecoin has a global search volume of 13 million, while Doge stands at 2.4 million.

After Doge, the list contains meme coins like Shiba Inu, Shib, and Hoge.

24H Trading Volume of Meme Coins

As of 2024, Dogecoin leads the meme coin market with a 24-hour trading volume of $546,372,538. PEPE follows with a significantly higher volume at $761,210,764; Shiba Inu ranks third with $206,533,815.

These figures highlight the active trading and market interest in meme coins, with Dogecoin and PEPE showing extreme activity.

Memecoin Statistics

  1. In April 2024, 138 new meme coins were registered on the CoinMarketCap. (Source – finance.yahoo.com)
  2. In April 2023, 18 new meme coins were added to CoinMarketCap.(Source – finance.yahoo.com)
  3. In 2024, are 2,229 memecoins listed on CoinMarketCap, with a combined market capitalization exceeding $50 billion. (Source – finance.yahoo.com)
  4. Dogecoin dominates the memecoin market with a 53% share, while Shiba Inu holds 44%. (Source – coinstove.com)
  5. As of March 2024, meme coins have a turnover ratio of 77%, significantly higher than Bitcoin’s 1.8%. (Source – bdc.consulting)
  6. Around 40% of memecoin projects are involved in pump-and-dump schemes, 30% turn out to be rug pulls, 20% include additional fees, and 2-3% are honeypot scams. (Source – bdc.consulting)
  7. At least 20% of memecoins have contract codes that contain at least one vulnerability. (Source – bdc.consulting)
  8. In August 2024, the Pepe meme coin, a Layer 2 blockchain project, is closing in on $8 million in funding. (Source – outlookindia.com)
  9. Dogecoin is among the world’s top ten cryptocurrencies, while Shiba Inu falls within the top 15. (Source – bravenewcoin.com)