Meme zone market capitalization exceeds 50 billion USD, dog and frog series become mainstream

According to statistics from a data platform, the total market capitalization of the Meme token zone has reached 50 billion USD, equivalent to over 300 billion RMB. The trading volume for this zone on that day was as high as 4 billion USD, with liquidity reaching 8%. This data surpasses the market capitalization of the liquidity staking zone at 47 billion USD and far exceeds the NFT market, which is less than 30 billion USD in scale. Even the popular Layer 2 and Depin tracks have a market capitalization of only over 20 billion USD.

Value investing struggles against the Meme craze

In May of this year, a trading platform released a report acknowledging that the best way to profit in the crypto market in 2023 is to speculate on Meme tokens. This zone has seen an increase of 331% this year, far surpassing other zones. Compared to traditional tokens, Meme tokens are fully circulated upon listing, avoiding the sell pressure caused by subsequent unlocks. In recent years, Meme tokens have become a new way for ordinary investors to achieve wealth.

Dog family dominates the market

In the top ten list of meme tokens by market capitalization, there is a pattern of "six dogs, three frogs, and one cat." The first place, Dogecoin, has a market capitalization of over 17 billion dollars, accounting for 35% of the entire zone. The second place, Shiba Inu, was born in 2020 and currently has a market capitalization of about 10 billion dollars.

The representatives of the dog family also include Floki, Bonk, and WIF, among others. Among them, Bonk, as a representative of the Solana ecosystem, has a market capitalization of 1.6 billion dollars. WIF has also rapidly risen to the top four in market capitalization, reaching over 2 billion dollars.

Cat-themed tokens perform moderately

Compared to the strong performance of dog-themed tokens, cat-themed Meme tokens have shown relatively lukewarm results. Currently, the best-performing cat-themed token is POPCAT, but its market capitalization is still lagging behind mainstream dog-themed tokens.

The Frog System Quietly Rises

In a market dominated by dog-themed tokens, frog-themed tokens are quietly rising. Among them, the Pepe token is the representative of the frog category. Although it has only been listed for a little over a year, its market capitalization has already ranked among the top. Brett, as Pepe's "brother" token, saw its market capitalization multiply by hundreds within just over three months, reaching 1.5 billion USD.

It is worth noting that both Pepe and Brett originate from the work "Boy's Club" by cartoonist Matt Furie. In addition, the eighth-ranked Bome is also a frog token initiated by the artist of Pepe's secondary creation.

Matt Furie: The Soul of the Frog Meme

The characters created by Matt Furie include not only Pepe and Brett, but also Hoppy, Andyd, and Landwolf, all of which have derived tokens that have achieved good market capitalization. Currently, Matt Furie's latest work, Dark Lord, has been released in NFT form and may become the next frog-themed token worth watching.

With the booming development of the Meme token market, the competition between dog-themed and frog-themed tokens is becoming increasingly fierce. New hit frog tokens may emerge in the future, bringing more surprises to this vibrant market.