Memecoin Market Capitalization Reaches Record High

In the recent recovery wave, Ethereum-based Moo Deng [MOODENG], Popcat [POPCAT], and First Neiro [NEIRO] have led the memecoin market’s resurgence. Over the past 30 trading days, NEIRO has taken the lead with an impressive +3000% gain, followed by the cat-themed POPCAT which has increased by 137%.

Memecoin market with a charitable purpose The recovery on October 8th has attracted attention, especially for MOODENG, which had fallen by more than 60% in the previous few days.

For the first time, Vitalik Buterin, the founder of Ethereum, has expressed his appreciation for memecoin projects that have sent him tokens to donate to charities, including MOODENG.

“I really appreciate all the memecoins that donate a portion of their supply to charity. Everything sent to me will go to charity (thanks Moodeng! 10 billion from today will go to technologies to prevent airborne diseases).”

Buterin called for the development of useful memecoins, especially for charitable purposes, rather than just benefiting a small group of people. He also donated a significant amount of money from NEIRO in early August.

Strong market growth

The market recovery in late September boosted the capitalization of memecoins, creating growth momentum for the entire market. According to CoinMarketCap, the market capitalization jumped from around $25 billion in early September to a peak of nearly $55 billion at the end of the month. Although there was a slight correction later, the recent recovery has helped maintain the capitalization at the $50 billion mark, equivalent to adding about $15 billion in value to the memecoin market in 30 Days.

Kaito notes that the sector has reached a record high market share control for the year, confirming memecoin’s dominance and continuing the narrative of a supercycle for the coin. However, at press time, memecoin still leads in monthly performance, followed closely by AI projects.

Data from Artemis shows that the memecoin segment has returned an average of 46% over the past 30 trading days. In response to the boom, crypto trader Mayne shared his opinion:

“This cycle is all about memecoins, you know, coins that have no real value and that doesn’t matter. The community and attention are what determine the price, it’s all about supply and demand.”