The meme token market has exploded in recent weeks, with Dogecoin leading a massive surge that saw its value jump by over 80% in a single week. Market data from Kaiko Research highlights how this rally stands out from previous ones, showing new patterns in both trading and token creation.
The surge gained extra momentum after former President Trump announced plans for a new “Department of Government Efficiency” (D.O.G.E.), which would be led by Elon Musk and Vivek Ramaswamy. This news sent Dogecoin’s price soaring, similar to its 2021 rally when Musk and Mark Cuban backed the token.
How Meme Token Assets Are Changing in 2024
A key shift in this year’s meme token trend is the rise of Solana-based tokens. The platform pump.fun has become a popular spot for launching new meme tokens, though it comes with high risks—about 95% of launches fail.
Still, success stories like PNUT, a token inspired by a popular New York squirrel influencer, show the potential rewards. One trader turned $16 into $3 million through PNUT, which now trades on major exchanges like Binance and Crypto.com.
Market Makers and Trading Volume Analysis
The boom has caught the attention of serious market players. U.S. exchanges are listing more meme tokens than ever before, with 35% of new listings happening on American platforms this year—up from 26% in 2022. This shift comes as offshore exchanges face stricter rules and take fewer risks with new tokens.
Market makers are putting more money into meme token trading, pushed by the chance to profit from bid-ask spreads. The market’s health has improved too, with U.S. exchanges hitting a record $110 million in liquidity depth. While big names like SHIB and DOGE still control most of the market (over 70%), smaller tokens are gaining ground.
The surge hasn’t just affected prices; it’s changing how meme tokens are traded and created. U.S. exchanges are becoming more important, market makers are more involved, and new platforms are making it easier to launch tokens.
While the risks remain high, especially for new tokens, the market’s structure is becoming more sophisticated, suggesting meme tokens might play a bigger role in crypto’s future.
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