"The super cycle of meme coins is not a prophecy about the future, but something that is happening right now."

Written by: Wenser, Odaily Planet Daily

Undoubtedly, when the market is in a phase of "dominance by the major market," the only opportunity for performance falls on meme coin projects, and more and more market attention is shifting to the meme coin sector.

Data shows that the search volume for "Bitcoin" on Google hit a one-year low during the week of October 12, with the search index dropping to 33 over the weekend, while the "memecoins" search index was at 77 during the same period. Although it has not yet surpassed the historical high of 100 set in late October 2023, meme coins have undoubtedly become the most discussed topic and area of interest among the general public compared to Bitcoin.

The ensuing questions are: Is there an excessive bubble phenomenon in the meme coin sector? What is the ceiling for meme coin projects? With such an intense "hype wave," has the meme coin sector already peaked? Odaily Planet Daily will briefly analyze the meme coin sector in this article, looking at the future market space performance of meme coins from a data perspective.

Performance of the Meme Coin Sector: Market Cap Share Below 2.5% but Top 100 Accounts for 10%

According to data from Coingecko, the overall market cap of the meme coin sector is currently around $58 billion, accounting for only 2.4639% of the total market cap of the cryptocurrency industry, which is $2.354 trillion, and is less than 2.5%.

Previously, Ansem, a well-known crypto KOL and trader known as the "King of Meme Coin Hype" and "First Person to Promote Meme Coins," stated: "The overall funds flowing into meme coins in the cryptocurrency market are insufficient (with $500 billion out of a $2.2 trillion market cap, accounting for 2.5%), but they are gradually gaining more attention."

The best trades in the next four months will determine which meme coins have the following characteristics: 1) a long accumulation period; 2) a fervent community on platform X (i.e., Twitter); 3) easy to relate to for the average person."

Notably, someone in the comments mentioned that MOG meets the three criteria mentioned by Ansem, and Ansem, as the "MOG hype leader," did not hesitate to affirm this positively, saying: "So True."

Ansem's statement screenshot

In stark contrast to the market cap share, the current top 100 cryptocurrencies by market cap already show an increasing number of meme coin projects among them.

Coingecko's information shows that meme coin projects occupy 10% of the top 100 by market cap, with leading projects including: DOGE, SHIB, PEPE, WIF, BONK, FLOKI, POPCAT, BRETT, NEIRO (lowercase projects), and MOG; among them, DOGE ranks 9th among the top 10 cryptocurrencies with a market cap of $16.57 billion.

If we compare the cryptocurrency industry to a country, this "country's" overall economic volume shows that the meme coin "economic system" currently only accounts for 2.5% of the total GDP; however, among the top 100 "companies" in this "economic system," 10 "companies" belong to the meme coin sector.

In comparison, in 2023, the total revenue of companies listed in the Fortune 500 in the U.S. was $18.1 trillion, equivalent to 71% of the U.S. GDP for that year; in 2024, the total revenue of the top 500 companies in the U.S. rose to $18.8 trillion, an increase of about 4% from the previous year; the total revenue of the listed companies accounted for two-thirds of the U.S. GDP.

Of course, comparing the cryptocurrency industry, with a market cap just over $2 trillion, to the U.S. economy with a GDP in the tens of trillions is undoubtedly quite absurd, but we can clearly see that compared to the relatively fixed market cap range of the cryptocurrency industry ($2 trillion - $3 trillion), the meme coin sector is undoubtedly in a strong growth trend in this cycle.

Contributors to the Meme Coin Sector: Solana Ecosystem + pump.fun's Innovative "One-Click Token Creation" Model

Market data shows that in 2024, the market performance of meme coins is outperforming all other sectors of cryptocurrency, and there are no signs of slowing down.

Statistics from an article in June this year

According to data from Step Finance, since September 12, nearly 497,153 new token projects have been created on the Solana network.

Solana Floor previously reported that on October 8 alone, nearly 20,000 new token projects were launched on Solana, most of which were meme coin projects. On October 12, it also stated that the total market cap of the meme coin sector on Solana exceeded $10 billion, with a 24-hour trading volume of about $2.3 billion.

Fundamentally, the prosperity of meme coins is mainly attributed to the following three aspects:

• The approval of Bitcoin spot ETFs and Ethereum spot ETFs, leading mainstream funds to concentrate on centralized investments.
• Many crypto VC projects "have not produced results for a long time but are issuing tokens," further draining market liquidity.
• Continuous development of the Solana ecosystem and the innovative "one-click token creation" model by pump.fun.

As mainstream funds concentrate on ETF investment portfolios, newcomers entering the cryptocurrency industry will focus more on the meme coin sector, which has effects of virality, wealth creation, and herd behavior; because many crypto VC projects, after experiencing the previous bear market, have not produced any notable achievements or results, but want to "seize the bull market opportunity and issue tokens for profit" and are crowding to issue tokens, leading to further depletion of already limited market liquidity, making retail investors even less willing to invest their hard-earned money into these spiraling "value coins," resulting in a further vicious cycle; meanwhile, with the continuous development of the Solana ecosystem and pump.fun's innovative "one-click token creation" model, on one hand, the threshold for issuing tokens has been further lowered, truly realizing the vision of "anyone can issue tokens"; on the other hand, meme coins have become a "new growth point" for different blockchain network ecosystems, such as TRON, Base, SUI, etc., which have gained significant market attention, liquidity, and ecosystem focus through meme coins.

Prerequisites for the Establishment of the Meme Coin Super Cycle: Nationwide Celebration, Market Cap Share Close to 10%, Appearance of $100 Billion Projects

I personally believe that in this cycle, if cryptocurrency gradually enters a bull market phase, according to the normal distribution principle, the market cap share of meme coins should be at least close to or equal to the share of the top 100 projects, meaning the market cap of the meme coin sector should be around 8% - 10% of the total cryptocurrency market cap.

Previously, the peak market cap of the cryptocurrency industry was over $3 trillion in November 2021, in other words, under highly optimistic conditions, the potential market for the meme coin sector still has 4-5 times growth potential.

Industry OG, crypto KOL, and investor Murad previously mentioned in a speech: "The super cycle of meme coins is not a prophecy about the future, but something that is happening right now." Moreover, he also mentioned that among the cryptocurrencies in the top 300 by market cap, only 43 tokens have performance returns better than Bitcoin, and among them, meme coins are undoubtedly the main sector.

Data from Murad's September speech

In a recent tweet, Murad mentioned: "The number of meme coin holders in the Ethereum and Solana ecosystems is rapidly increasing, and we are still in the early stages of the meme coin super cycle."

Meme Coin Projects with Rapid Growth in Holder Numbers Over the Past 30 Days

Crypto KOL and veteran player in the meme coin sector, Neso, previously expressed his personal views on the future development of the meme coin sector, stating: What kind of market can be considered a meme coin super cycle? At least the following key indicators need to be met:

• The total market cap of the meme coin sector reaches or exceeds $300 billion (which will be about 5% - 8% of the total market cap of cryptocurrencies at the peak of this cycle);
• At least one meme coin with a market cap over $100 billion appears;
• 5-10 meme coins with a market cap over $10 billion appear;
• At least one meme coin that is reported by mainstream global media, attracts the attention of celebrities, and creates a nationwide FOMO effect.

It is worth mentioning that the market cap peak of DOGE, known as the "ancestor of meme coins," was on May 8, 2021. At that time, driven by the global focus on the "tech mogul" Elon Musk and a fervent fan base, its market cap briefly surpassed $100 billion, reaching a price of $0.7316 per DOGE and a total market cap of $107 billion. This single meme coin project accounted for about 4.65% of the total cryptocurrency market cap at that time. Although the development stage of the cryptocurrency industry then was completely different from today, and it had not yet reached the market cap peak of the cryptocurrency industry, it still holds extraordinary reference value for the current development "ceiling" of meme coin projects. (At the same time, Bitcoin was priced at around $57,361; the total cryptocurrency market cap was approximately $2.3 trillion.)

We have reason to believe that the conditions for the super cycle of meme coins are still not fully mature. In the current increasingly tense global political and economic situation, cryptocurrencies, as assets with certain hedging properties, are bound to receive more and more attention.

In the future, under the atmosphere of nationwide celebration, it is entirely possible for 1-3 meme coin projects with a market cap of $100 billion to emerge, and the overall market cap of the meme coin sector may hope to exceed $300-500 billion.

After all, as Ki Young Ju, CEO and founder of CryptoQuant, mentioned: "Due to the high market interest in meme coin-related digital assets, the search volume for memecoins may return to previous historical highs by the end of October 2024."

Summary: The Meme Coin Super Cycle Will Arrive in 2025

A report from crypto asset management firm Matrixport shows that the global adoption rate of cryptocurrencies is approaching an important milestone, with 7.51% of the global population currently using cryptocurrencies. This figure is expected to exceed 8% by 2025, marking a shift of cryptocurrencies from a niche market to the mainstream financial system.

Additionally, the Q3 market research report from CMC Research, a subsidiary of CoinMarketCap, mentioned that "the bull market cycle of Bitcoin is accelerating, with this round of the bull market starting 100 days earlier than the typical four-year cycle. Various factors indicate that Bitcoin may enter a super cycle, driven by institutional adoption, BTC trading platform exchange-traded funds (ETFs), and changing market dynamics. This bull market is expected to peak between mid-May and mid-June 2025. Although there is some early acceleration, there are signs that infrastructure growth is slowing down, which may indicate that broader market dynamics are changing."

As Murad previously stated, 2025 will be "a year of rapid rises and falls for meme coins like a parabola."

In other words, the bull market in 2025 is promising, and meme coins will shine brightly in the cryptocurrency industry, which will no longer be niche.

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