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The meme coin sector plays a vital part in the crypto space and might even become a new asset class, said crypto research firm Messari.
“Crypto is often criticized for not having use cases for the average Joe, and that is a fair comment,” said vice president of research Maartje Bus at a conference in Seoul on March 28. “But meme coins actually have been successful, consistently, in bringing people on-chain.”
Meme coins are a kind of ”Trojan Horse” in the way they introduce investors to key crypto concepts, including decentralization, crypto wallets, and other applications, she said.
Great to be back at @buidl_asia! https://t.co/JG0tuKbX94
— Maartje Bus (@maartjebus) March 28, 2024
Because of that, meme coins have the potential to evolve into something beyond their current reputation as just being for fun, Bus said.
Solana Meme Coin Mania
The meme token market is going through a period of rapid development, with coins launched within the Solana ecosystem recently gaining considerable attention from crypto investors.
There have been many success stories of traders amassing millions of dollars in profit as a result of the hype.
One trader managed to turn $72,000 into $30.2 million after Binance, the leading crypto exchange in terms of volume, announced that it would list Book of Meme (BOME). The token’s price surged, causing the meme coin’s market cap to jump by nearly $1 billion within just the first two days of trading.
#Binance will list @dogwifcoin $WIF with Seed Tag Applied.
➡️ https://t.co/zlKeAgCLO6 pic.twitter.com/76nuDTbsAO
— Binance (@binance) March 5, 2024
Dogwifhat (WIF), another Solana meme coin, managed to set a new all-time high recently, while Book of Meme (BOME) scored a coveted listing on Binance, the world’s biggest crypto exchange
Investors are now waiting to see if new SOL memecoins Slothana (SLOTH) and Smog (SMOG) will attract Binance’s attention. If this happens, the $SLOTH price will experience a massive surge.
SLOTH has already raised more than $1.5 million within days of its presale going live.
Meanwhile, SMOG has teased an upcoming exchange listing as the second season of its airdrop kicks off.
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