Coinmetrics Report: Meme Coins Revolutionize Crypto Despite Centralized Ownership
The meme coin sector has surged to a $60 billion market capitalization. Reshaping the digital asset landscape and outperforming traditional crypto assets.
According to Coinmetrics researchers Tanay Ved and Matías Andrade. Popular tokens like dogecoin (DOGE) and shiba inu (SHIB) now command significant attention. With $13 billion in trading volumes over a seven-day average, surpassing major assets like ethereum (ETH) and solana (SOL).
This trend is driven by the cultural resonance and community-driven nature of meme coins, supported by decentralized exchanges that provide essential trading infrastructure. However, the high concentration of ownership among ‘whales’ poses risks such as market manipulation and liquidity challenges, underscoring the importance of cautious investment in this volatile sector.
Clever Robot News Desk 13th June 2024
