The Solana-based memecoin was created on Nov. 2 in memory of Peanut the squirrel, which the New York State Department euthanized on Oct. 30.
The token has since risen to an all-time high of $2.44. Achieving a market cap of $2.4 billion before correcting to $1.25.
Crypto Exchanges Fuel Meme Fest
Memecoins have become the growing theme in the crypto market during this bull cycle. This is evidenced by several crypto memecoins created and listed by crypto exchanges.
The memecoin frenzy is evident from the fact that mainstream crypto exchanges like Binance and Coinbase have listed several meme tokens in this bull cycle.
The meme coin frenzy peaked in April, when meme coins, barely an old week, achieved a billion-dollar market capitalization and exchange listings.
The trend also gave rise to many racist meme tokens, gory content, and several extreme versions of the people trying to pump their tokens. The scams and pump-and-dump schemers have been constant.
The frenzy reached a point where the United Kingdom banned platforms such as Pump.fun, which allows anyone to create memecoins anonymously.
Memecoins Another Bull Cycle Bubble?
In every post-halving bull cycle, a new trend gets popularized and overrun in the crypto market. In the 2017 bull cycle, the initial coin offering(ICO) trend was popularized; during the 2020-21 bull cycle, NFTs emerged as the key trend, and in 2024, memecoins became the leading trend.
However, each popular trend often becomes a bull cycle bubble as most projects fail to achieve the projected target. According to data, 90% of the ICOs were scams.
Similarly, most NFT projects failed to offer the promised returns, and their value fell over 90% in the bear market. A similar trend is being seen with memecoins as well, where many call it pure gambling.
Memecoins had come a long way from their Dogecoin era when they were primarily seen as a cultural thing rather than an investment. The 2021 bull cycle turned these meme tokens into an investment class, with Dogecoin and Shiba Inu making the top 10 by market capitalization.
In 2024, these memecoins have become a pure form of gambling where users buy or create new memecoins to get rich quickly.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
