After a disappointing Uptober, meme coins are back on the map after Bitcoin price exploded to the $90K price level over the past month.
Indeed, when writing, Bitcoin
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has a market cap of over $1.8 trillion.
According to Coingecko, the cumulative market cap of all meme coins now exceeds $126 billion.
(Source)
At this point, holders of BTC (and any other altcoin) are in the money. Meme coin degens, however, are deeper in profits if those who bought BONK, GOAT, MOODENG, or any other successful token on Solana, Ethereum, or Sui, are anything to go by.
The problem is that not everyone has warmed up to meme coins outperforming Bitcoin and top altcoins.
Though carving out a unique niche, tokens like BONK tread a thin line between finance and internet culture. Accordingly, they continue to draw criticism and admiration.
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Meme Coins Will Still Feed Bitcoin Demand
Taking to X, one observer, responding to a critic, thinks at the end of the day, all the mega 10X profits generated by successful meme coins will eventually find their way to Bitcoin.
This preview is because, according to his assessment, despite the world’s most valuable coin trailing meme coins, they will last and even exist 100 years from now. On the other hand, POPCAT, DOGE,and other meme coins won’t be here in a few years.
The response came after a blunt critique from one analyst who thought it was weird for people to meme coins like “Dog” while they had an opportunity to double down and buy more Bitcoin.
Meme Coins are stupid.
Including Meme Coins on BTC.You have the opportunity to buy Bitcoin and you buy "Dog"?
Are you insane?
— Fred Krueger (@dotkrueger) November 17, 2024
Unlike Bitcoin, PEPE and other alternatives have been criticized for their high volatility, lack of utility, and dependency on hype.
Even so, some traders, given their relatively low liquidity and absence of VCs, consider meme coins as high-risk, high-reward opportunities that consistently outperform all top-10 altcoins.
Highlighting this state of affairs, the analyst shared the PEPE/BTC chart.
Therein, he notes that despite the bear market of late 2022 through to 2023, when PEPE was listed on Binance, the token has rallied 1,000% versus BTC.
(Source)
While PEPE, for example, rose versus Bitcoin, the world’s most valuable coin, will be a choice store of value.
If successful, those who skillfully trade and make money from meme coins can have more to invest in Bitcoin.
In this way, these fun tokens are more like vehicles for accumulating funds. Eventually, gains will be funneled to BTC as a long-term investment.
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Time Will Tell How The Bull Market Develops
How prices print out in the next few years remains to be seen. Crypto is dynamic. With the success of NFTs in the last cycle, driving valuations to fresh highs, this bull run has been partly pumped by meme coins, most of them on Solana.
The next bear cycle will test the resilience of this retail-driven market. It will determine whether all those meme coins minted on Solana and Tron have what it takes to withstand selling pressure and generally apprehensive investors.
If they stand the test of time, these tokens will no longer be considered a “short-term” strategy. Instead, they will be assets that can command billions in market cap by the end of the decade.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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