In April 2024, the launch of memecoins surged, boasting ten times the number compared to the same period in 2023. However, on Ethereum, the majority of memecoin trading revolves around PEPE.
While Solana, Base, and Blast have been hubs for the latest and often wildest memecoin releases, Ethereum remains a stronghold for one of the more established tokens, PEPE. Despite the higher gas fees on Ethereum, traders continue to place their bets on PEPE, underscoring the enduring appeal of so-called “blue chip” tokens.
The memecoin frenzy has reached unprecedented levels in 2024. Onchain analyst Crypto Koryo reports a staggering 138 new memecoins listed on CoinMarketCap in April, marking a nearly tenfold increase from the previous year. However, Koryo suggests that the actual number could be much higher, as CoinMarketCap captures only a fraction of all tokens.
PEPE stands out in the Ethereum memecoin arena, with transaction volumes reaching $84 million in the last 14 days, surpassing its closest competitor GROK by over 500%. Despite the influx of new memecoins, PEPE maintains a dominant position, showcasing its enduring popularity among traders.
The rise of memecoins has prompted private funds to adopt memecoin investment strategies. BitMex founder Arthur Hayes revealed that his family office, Maelstrom, is actively investing in Ordinals and the broader memecoin sector. Despite skepticism surrounding memecoin investments, proponents argue that established memecoins like PEPE, Doge, and Shiba Inu offer significant potential, citing their high beta nature in crypto markets.
