Market Chatter: Memes Rule
Welcome to Market Chatter, your guide to on-the-ground conversations among Bybit communities in different regions.
Before WSOT 2024 ends, we want to take advantage of Bybit’s global network and our regional partners to share all the market colors based on what our traders and users have been chatting about — and what draws their attention. This week, we look into meme coins.
Meme coins have been dominating the broader crypto market, as speculators look for their next favorite meme tokens. Our intelligence shows that new Southeast Asian users have shown strong interest in recent new listings from Bybit, which focus heavily on meme coins. On the other hand, existing users in the region have kept showing strong interest in meme coin trading, as more traders have been on-ramping to stablecoins via P2P.
When you look at the market cap of some of the hottest meme coins, it’s not hard to imagine how popular they are in the market. For example, Goatseus Maximus ($GOAT), one of the hottest AI-related meme coins, used just 10 days to grow its market cap from $110 million to $850 million and rank among the top 100 market cap crypto on CoinGecko. Another AI-related meme coin, AI16Z, has also drawn attention from the community, reaching a market cap of nearly $100 million after a16z partner Marc Andreessen mentioned the project on his social media.
Reports show that some meme coin investments can potentially provide significant returns. However, overall meme coin trading can be highly volatile, and we recommend everyone do their own research before investing in meme coins.
