Memecoin Market Heats Up: Analyst Murad Mahmudov Predicts Expansion of the Niche, From 7 to Over 25 Ranked Among Top 100 Cryptocurrencies

The cryptocurrency market is currently witnessing a recovery from its dip in the recent past, particularly within the memecoin sector.

The cryptocurrency market is currently recovering from a recent dip, especially in the memecoin sector.

On-chain data and market trends suggest a bullish outlook for these unique digital assets. According to CoinMarketCap, the total market capitalization of memecoins has risen to about $38.55 billion, showing a 2.25% increase. This uptick is complemented by a strong trading volume of $3.92 billion, up 21.72%, indicating high investor interest and optimism in the market.

Top 100 Memecoins

Amid this market recovery, memecoin analyst Murad Mahmudov shared his observation with his 128,000 followers on social media regarding the potential for expansion within this niche. At the time of writing, out of the 100 largest cryptocurrencies, only 7 are memecoins.

According to Mahmudov, the number of memecoins ranked among the top 100 cryptocurrencies is expected to increase significantly, from 7 to over 25. Currently, established players like Dogecoin and Shiba Inu are not only leading the pack but also showing steady market performance.

Dogecoin, ranked ninth, has seen a 5.25% increase over the past week, reaching a market cap of over $15.28 billion. Shiba Inu, on the other hand, holds the 13th spot with a market cap of $8.08 billion despite a slight decrease of 1.46%. Other memecoins in the spotlight include Pepe, Dogwifhat, Bonk, Floki, and Brett (Based), each presenting varying degrees of market fluctuations but maintaining positions within the top 100.

Imminent Top 100 Contenders 

Apart from the established memecoins, newer entrants like DJT and Book of Meme (BOME) are attracting attention. BOME, in particular, has seen a 3,000% increase in value since launching on March 22, 2024, riding the wave of the Solana ecosystem’s growing popularity. BOME aims to integrate meme-based content with decentralized storage technologies, transforming web3 dynamics.

POPCAT and Neiro Ethereum are also showing promise. POPCAT has recorded a 117% increase in value within two weeks, while Neiro Ethereum, amidst a temporary market downturn, is expected to rebound.

MAGA (TRUMP), a memecoin designed purely for entertainment and not officially linked to Donald Trump, features elements that mirror his public persona. This association could lead to fluctuations in the coin’s market value, influenced by his political activities, particularly potential election outcomes.

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