GameStop 2.0 🎰

A glimpse of why Memecoins could be a big opportunity for brands.

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:

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:

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.

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