‘Cult Meme Coins’ Will Survive This Market Cycle – Analyst

In a post on X on August 23, crypto analyst Murad Mahmudov explained why he thinks “cult meme coins” will continue to outperform until the end of the market cycle.

He added that every crypto cycle has a few core narratives that dominate with Ethereum, altcoins and ICOs for 2017, altcoins, DeFi and NFTs for 2021 and artificial intelligence, real world assets (RWAs) and meme coins for to this cycle.

Meme coins will do that, says Murad

He elaborated on assets that rose in previous cycles, noting that “many of these coins had a prior bomb in the pre-final year of the bull run, followed by mega-bombs in the final year of the bull run.”

He used some examples of tokens that have shown this behavior, such as ETH, XMR and XVG in the 2016-17 cycle and SOL, ADA, MANA and CryptoPunks in the 2020-21 cycle.

He said that many in the crypto community ask for the tops for meme coins, but…

“What if the spring 2024 bomb we had in the memes was just the PRE-PRE-PUMP?”

1/16 Why Cult Memecoins will continue to beat it all until the end of the cycle

Every Crypto “Altcoin” cycle has a few core narratives that dominate the cycle.

2016-2017: Ethereum, Altcoins and ICOs
2020-2021: Alt-L1s, DeFi, GameFi, NFT
2024-2025: Memes, AI, RWA pic.twitter.com/6RKPFPM42O

— Murad (@MustStopMurad) August 22, 2024

The analyst made a list of the top twenty meme coins, discounting the “relics” Dogecoin, Shiba Inu and Floki.

He then created an index that pointed out that the market capitalization of these top twenty was only $8 billion. Also, $8 billion is “effectively nothing” in a world with more than half a quadrillion in wealth, he said, before predicting:

“I wouldn’t be surprised if Memes hit $1 billion or more.”

He concluded that earlier this year was only the first minor bombshell for meme coins and that they “will continue to go ballistic over the next 15 months.”

Memecoin Market Outlook

Meme coins currently have a market cap of $41.7 billion, which is just 1.85% of the total crypto market cap, according to CoinGecko, which lists 1,728 of them.

Also, 57% of this meme coin market cap is just two tokens, Dogecoin and Shiba Inu, so Murad is right that there are hundreds of low-cap tokens that have the potential to become in high capitalization assets.

Solana and Base have recently been flooded by meme coins due to their low fees and high performance.

However, Tron is catching up, as reported by CryptoPotato, which revealed that a thousand coins have been launched every day since the launch of SunPump.

Love them or hate them, meme coins are now part of the crypto ecosystem and are here to stay.

Check the amount of popular memecoin holders on their respective chains pic.twitter.com/heptHbqiAF

— Coin98 Analytics (@Coin98Analytics) August 20, 2024

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