The Memecoin Market Is Making a Strong Comeback Following a Prolonged Downtrend, Sparking Talk of an Imminent Memecoin Season

The memecoin market is recovering quickly after a multi-month downtrend. Is another memecoin season coming soon?

The memecoin market is surging back to life after a multi-month downtrend, sparking talk of an imminent memecoin season.

The memecoin market is recovering quickly after a multi-month downtrend. Is another memecoin season coming soon?

pic.twitter.com/huqd6Zeot4

— IntoTheBlock (@intotheblock) October 29, 2024

The memecoin market cap surged by 5%, hitting $58 billion despite broader crypto market struggles. As Bitcoin fell from $69,500 to $66,000 with $165 million in long positions liquidated, memecoins outpaced all other sectors, achieving a 10.50% gain over the past week and a 60% rise in the last 30 days, according to DeFiLlama.

Trending Coins:

AI-driven memes led the way, with $GOAT climbing 129%, establishing itself as a frontrunner in the AI narrative. Meanwhile, $DOGE jumped 23% after Elon Musk’s tweets and favorable election odds for Trump. Notably, newer memecoins are hitting $1 billion market caps faster than ever—while it took DOGE eight years to reach this milestone, SPX6900 achieved it in just one month.

CoinMarketCap also reported on the surging memecoin market, highlighting the impressive gains and rapid market growth.

? Week in Meme Coins: DOGE Wakes Up, https://t.co/pmNbCec8dm Adds Token and Premium Service.

Meme coin market hits $58B!

DOGE pumps 23%!

GOAT leads AI narrative with 129% gain!

Let's unpack today's crypto market ?

1/6 pic.twitter.com/w9t8JKLyBu

— CoinMarketCap (@CoinMarketCap) October 29, 2024

Chain Activity & Key Developments

Ethereum-based memecoins saw renewed interest with ETF inflows, while Solana showed resilience as Pump.fun sold off $6.6 million. On Tron, five top coins turned positive, with Bull leading at a 101% gain, though SUI memes continued to decline.

Platform & Trading Updates

Pump.fun expanded its platform with a new terminal, offering mini-charts, holder data, and social indicators to enhance trading insights. Although 98.5% of its memecoins failed to bond on Raydium, Pump.fun introduced zero-fee trading for the first month to attract more users.

With renewed momentum and significant price movements, the memecoin market's recent rally has caught the attention of traders and enthusiasts alike, hinting at the possibility of another exciting memecoin season on the horizon.

This article is for informational purposes only and should not be taken as financial advice. Always consult a professional before making any financial decisions and thoroughly research any service or platform you intend to use.

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This article was originally published in The Block on October 29, 2024. It has been updated with the latest market data and to reflect recent developments in the memecoin market.

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