'Meme Coin Supercycle' Means 13 Out Of Top 20 Outperforming Tokens Are Memes: Will Shiba, Dogecoin Be First To Reach $100B?

Cryptocurrency analyst Murad Mahmudov predicted a "meme coin super cycle" in a speech at the Token 2049 conference in Singapore, arguing that these tokens are outperforming traditional cryptocurrencies and are poised for significant growth.

What Happened: Mahmudov pointed out that meme coins are already dominating the market, with 13 out of the top 20 outperforming tokens being meme coins. He attributes this trend to both internal and external factors within the crypto space.

He emphasized that meme coins enable "poor holders to get rich who subsequently become unpaid full-time evangelists for the project," creating a more organic and passionate user base compared to traditional altcoins.

He challenged the notion that meme coins lack utility, stating, "Meme coins are not a vampire attack against crypto tech, meme coins are vampire attack against crypto tech tokens." He suggested that meme coins offer various forms of utility, including entertainment, community building and a sense of belonging.

The analyst urged investors to focus on meme coins that have the potential to become "cults, brands or movements," rather than purely speculative assets. He sees meme coins as "financialized vessels of faith" that reflect broader societal trends and dissatisfaction.

"Stop trading and believe in something," Mahmudov advises, suggesting that the emotional and community aspects of meme coins may be key drivers of their future success.

Also Read: Dogecoin Up 19%, Shiba Inu Surges 32% In September: What’s Next For The Meme Coin Leaders?

Why It Matters: Popcat POPCAT/USD, Dogwifhat WIF/USD, Pepe PEPE/USD, Bonk BONK/USD and Shiba Inu SHIB/USD are some of the best performing meme coins over the past 30 days.

One key factor cited by the analyst is the overproduction of tokens, with "600,000 new tokens being launched in 2024" and "over 5,000 tokens being launched per day." Mahmudov argued that this has led to inflated valuations and a system where retail investors often become exit liquidity for insiders.

Looking ahead, Mahmudov predicted a trillion-dollar market cap for meme coins, with two meme coins potentially reaching $100 billion valuations and ten surpassing $10 billion. He anticipates that “10% meme coin dominance” will be achieved in the overall crypto market.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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