Meme coins have a market capitalization of over $70 billion and a trading volume of $7 billion

According to CryptoPotato, meme coins have been a trend on crypto social media recently, with many seemingly worthless tokens getting hyped over the weekend. Industry observer “L” told their 46,000 X followers that the meme coin craze was apparently driven by the retail market. They added that the total market capitalization of Meme coins in 2023 was only $2 billion, and today these assets have rapidly surged to nine figures. According to CoinGecko data, the total market value of Meme coins has exceeded $70 billion, and daily trading volume has exceeded $7 billion. For example, dogwifhat (WIF) went from nothing to a market capitalization of $4.4 billion, surpassing Arbitrum, Immutable, or Cronos. Dogecoin’s market capitalization is almost three times that of Chainlink, while Shiba Inucoin’s is twice that of Polygon. So for now, it seems that traditional crypto projects and fundamentals in terms of practicality and purpose have been left behind.