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Crypto research firm Messari said the memecoin industry plays an important role in the crypto space and may even become a new asset class.
“People often criticize crypto for not having uses that the average person can use, and that’s a fair comment,” Maartje Bus, vice president of research at Messari, said at a Seoul conference on March 28. “But memecoin is actually succeeding in attracting people to the chain in a sustained manner.”
She said memecoins acted as a "Trojan horse" in introducing investors to key crypto concepts, including decentralization, crypto wallets and other applications.
Because of this, memecoins have the potential to evolve into something more than their current purpose of simply being fun, Bus said.
Solana Memecoin Frenzy
The meme token market is going through a rapid development phase, and the recent launch of tokens in the Solana ecosystem has attracted considerable attention from crypto investors.
There are many successful traders who have amassed millions of dollars in profits because of the hype.
One trader managed to turn $72,000 into $30.2 million after Binance, the largest crypto exchange by volume, announced it would list Book of Meme (BOME). The token’s price surged, increasing the memecoin’s market cap by nearly $1 billion in just two days of trading.
Another Solana memecoin, Dogwifhat (WIF), recently hit a new all-time high, while Book of Meme (BOME) received a much-sought-after listing on Binance, the world’s largest crypto exchange.
Investors are now waiting to see if new SOL meme coins Slothana (SLOTH) and Smog (SMOG) can catch Binance’s attention. SLOTH has already raised more than $1.5 million in presale funds within a few days of going live.
Meanwhile, SMOG hinted at an upcoming exchange listing at the start of the second season of airdrops.
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