Cryptocurrency analyst Murad Mahmudov has forecasted that “cult memecoins” will maintain their robust performance until the conclusion of the current market cycle. In his August 23 post on X, Mahmudov highlighted that each cryptocurrency market cycle is defined by certain dominant themes, citing Ethereum, altcoins, and ICOs in 2017, and alternative Layer-1s, DeFi, and NFTs in 2021. For the present cycle, he emphasized artificial intelligence, real-world assets (RWA), and memecoins as key themes.
What If Memecoins’ Surge Is Just Beginning?
Mahmudov pointed out that assets which experienced significant growth in previous cycles often had preliminary rises prior to the bull run’s final year, followed by major surges. He referenced the 2016-17 cycle with ETH, XMR, and XVG, and the 2020-21 cycle with SOL, ADA, MANA, and CryptoPunks as examples. He questioned the prevailing sentiment that memecoins have peaked, suggesting instead that the recent rise in memecoins might just be an early phase.
Potential of the Memecoin Market?
The analyst shared a list of the top twenty memecoins, excluding well-known ones like Dogecoin, Shiba Inu, and Floki. He noted that the combined market value of these twenty memecoins stands at only 8 billion dollars, a fraction of the global wealth. Mahmudov made a bold prediction, suggesting that the market cap of memecoins could eventually surpass 1 trillion dollars.
Key Insights and Predictions
Key takeaways from Mahmudov’s analysis include:
- The current market value of memecoins is 41.7 billion dollars, representing 1.85% of the total cryptocurrency market.
- Dogecoin and Shiba Inu comprise 57% of the memecoin market value.
- Platforms like Solana, Base, and Tron are popular among memecoin creators due to low transaction fees and high volume.
- Thousands of memecoins are released daily on these platforms.
These insights underline the significant growth potential in the memecoin sector.
In conclusion, Murad Mahmudov’s predictions signal a promising future for memecoins, suggesting that their rise is far from over. As the market cycle progresses, memecoins may continue to gain traction, potentially reaching unprecedented market values.