GameStop 2.0 🎰

Hey, it’s Marc. ✌️

2024 has been the year “memecoins”.

They may seem like a fad, but there's more to them. Let me explain.

It started with Elon Musks Dodgecoin. Now, the number has exploded to over 140, and a market cap of $67B.

The top 10 memecoins by market cap are:

1. Dodgecoin

2. Shiba Inu

3. Pepe

4. dogwifhat

5. FLOKI

6. Bonk

7. Brett

8. BOOK OF MEME

9. DOG•GO•TO•THE•MOON (Runes)

10. ConstitutionDAO

Why it’s important: Memecoins have become a popular GTM strategy for crypto projects. The more they circulate, the more value they have. And they’re potentially a signal for a much bigger trend (more on that below).

Zooming in: BONKbot, a Telegram trading bot on Solana, originated from the $BONK token, a Solana memecoin. The trading bot recently crossed daily trading volume of $200M (compare that to Base, which averages about $200M in daily trading volume).

Now, celebrities start to launch their own Memecoins:

• Rapper Iggy Azalea’s memecoin, Mother Iggy ($MOTHER), has been added to liquidity vaults by Kamino Finance, Solana-based liquidity and lending solution.

• Caitlyn Jenner has launched the token, JENNER on Solana and then on Ethereum to support Donald Trump 👱

• Other notable tokens like RICH (Rich the Kid), ZACK (Edward Constantin), TRUMP (MAGA) and DAVIDO (Davido) are in talks.

By the data📈

• Solana has become the mother of memecoins. The chain saw 455,000 tokens launches in May. The majority were memecoins.

• Pump.fun, the memecoin launchpad on Solana, has crossed a revenue of $30M, half of that made in May.

• 90% of celebrity memecoin volume (~106M) is bring traded on the Solana chain.

What they’re saying: Vitalik Buterin has slammed the ongoing celebrity token experimentation. "Financialization as a means toward an end”, is the way forward, Vitalik said.

Devil’s advocate😈: most of these tokens are bullshit and celebrity cash grab.

Subscribe to PRO Subscription to read the rest.