As we have already noted, meme tokens are proving to be much more understandable for ordinary people who have not previously interacted with the niche of digital assets. However, the latter are hardly interested in the consensus algorithms used in the project, blockchain throughput, transaction finality time and other complex issues.

For newcomers, all this is successfully replaced by a meme that can be relevant to any life situation and, in addition, is actively used in the same Internet correspondence.

The Dogwifhat meme token is one of the biggest hits of this crypto market growth

Another reason for the success of memes is their ability to grow, which can be measured in tens and sometimes hundreds of per cent per day. To illustrate, let’s look at some popular examples of this asset category that have emerged in the current cycle.

The Popcat token (POPCAT) on the Solana network became the first cat-themed meme to reach a billion-dollar market capitalisation.

On 1 January 2024, its price was 0.7 cents, and already on 21 July the crypto asset took the dollar level.

Changes in the exchange rate of the meme-token POPCAT

It turns out that from the beginning of the year to its local peak, POPCAT jumped in price 142 times. Of course, only a few people were able to earn such tokens on it, but the idea of the coin’s rapid growth is one of the keys to the popularity of memes among people outside the industry.

And this is how the price behaviour of Dogwifhat token, which is based on a popular meme with a dog in a hat, looks like.

A comparison of the current Dogwifhat meme token rate with its low and highs

Although the WIF rate is now 66 per cent behind its all-time high, compared to the price in the middle of last December, it has risen by an absurd 102,000 per cent.

A statue of the Attack Bull on Wall Street wearing a hat from the Dogwifhat meme

The above factors led to the launch of platforms created specifically for easy creation of meme tokens. The first such platform was pump.fun, based on the Solana network, whose earnings on commissions the previous day exceeded the $100 million mark.

Interface of pump.fun platform for launching meme-tokens


Such platforms allow you not only to create your own meme, but also to buy other people's projects at an early stage of their existence. However, only 41 assets from the pump.fun platform have reached a market capitalisation of one million dollars, which makes making money from memes in this format more complicated than playing casino games.
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Since its launch in January 2024, more than one million meme tokens have been created through pump.fun. It turns out that the average new cryptoasset has since surpassed the 4,500 unit level.

According to Uphold’s McLaughlin, what’s happening emphasises the “fraudulent nature of some parts” of the cryptocurrency industry, as many such projects are created by scammers purely to make money. Here’s his quote, as cited by The Block.

It’s depressing to see the industry reach a point where it’s creating about 7,000 new meme tokens every day. This trend of creating memes involving artificial intelligence is simply devaluing an entire segment and tearing it down.


The top memes of the previous bullrun were Dogecoin and Shiba Inu. Their market capitalisation at their peak in 2021 reached $88 billion and $40 billion, respectively, which indicates the incredible demand of investors for representatives of the new trend.

However, experts admit that the situation may not be repeated during the current growth phase. Still, the number of memes is now prohibitive - and this dilutes the capital that could be in a couple or three projects and thus lead to a tangible increase in the rates of such assets. Although to be fair, there is also more money in the niche now compared to the previous bullrun.


Dogecoin meme token market capitalisation changes

And while McLaughlin is concerned about what’s happening to the digital asset industry, his company Uphold still allows clients to mess around with meme tokens. Specifically, they can invest in a “careful selection of popular memes” along the lines of the biggest representatives in the likes of Dogecoin, FLOKI, PEPE and BONK.

The entrepreneur commented on the product.

We are extremely sensitive about what we list.

On top of that, McLaughlin added that some meme tokens have some pretty good use cases.

That said, the situation with “serious” crypto assets is not the best. For example, the level of activity on the Bitcoin network has dropped to a three-year low, indicating a lack of user interest in what’s going on.

In mid-March, when BTC reached a record rate of $73,777, the number of active addresses in the blockchain reached 1.2 million units per day. Now the figure is at 838,000, while in late August it was down to 744,000 units.

Number of active addresses in the Bitcoin network

What is happening was commented on by the experts of CryptoQuant. Here is their quote, which is cited by Cointelegraph.

In 2024, the total number of active addresses in the Bitcoin network fell to new lows, returning to the marks of three years ago, when the price of BTC fluctuated around 45 thousand dollars. The decline in the number of active addresses signals a weakening of activity on the Bitcoin network: the number of transactions is noticeably decreasing, which may indicate a decreasing interest in using the network in the current market situation.

However, what is happening may also speak of good opportunities for long-term investments in BTC and other similar assets. Here’s a quote.

For some investors, the drop in the number of active addresses and the drop in price may be a signal to buy Bitcoin in anticipation of future growth. However, if this drop is taken as a sign of a weakening position or loss of relevance in the current macroeconomic context, new support levels may form. Thus, the decline in interest in the asset and the corresponding new entry opportunities will only intensify.

Cryptocurrency investors during the bullrun


Obviously, the cryptocurrency industry does not need hundreds of thousands of meme tokens, and their mass launch over the past few months has hardly benefited the blockchain sphere. Be that as it may, it's an open market, and anyone can create their own token - including one with no meaning. Eventually, industry participants will weed out what is not useful anyway.