Cryptocurrency market sees massive influx of new traders buying memecoins

The cryptocurrency market is seeing a massive influx of new traders buying memecoins these days, according to an analysis shared by platform IntoTheBlock on April 3.

According to the platform’s survey, the number of addresses that hold meme coins for a period of less than thirty days reached a record last month. This is indicative of a massive influx of new traders buying memecoins, the analysis noted.

In a chart, the platform highlighted that the three meme cryptocurrencies that lead the data released in terms of numbers of traders and transactions are: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE).

The number of addresses holding meme coins for under thirty days hit a record high last month. This indicates a massive inflow of new traders buying memecoins pic.twitter.com/Qqc2at98UV

— IntoTheBlock (@intotheblock) April 3, 2024

The market capitalization of meme cryptocurrencies reached the peak of the cycle, surpassing more than US$50 billion and doubling its value in just one month due to the explosion in prices of this type of asset and new successful launches. Currently, the market capitalization of memecoins is $62,424,494,560. In the last 24 hours alone, the memecoin market recorded a trading volume of $6,207,732,207.

Notably in a development achieved in recent months in the crypto scene, blockchains with low fees, such as Solana (SOL), Avalanche (AVAX) and Ethereum Layer-2 (L2) networks, such as Base, are becoming a great reference for new meme coins.

The Solana blockchain has been shaking the market with its memecoins, which have been achieving several price explosions since the beginning of the year. Dogwifhat (WIF), Book of meme (BOME), Bonk (BONK), Cat in a dogs world (MEW) are examples of memecoins that have attracted attention in the market and attracted several investors due to their high appreciation rates.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.