Memecoins are back in action, rallying across the board as the market recovers.
Both classic memecoins and trendy new AI-generated tokens are hitting all-time highs, but there’s a twist, AI projects are starting to steal some of the hype.
Funny joke
After a bit of a slump at the end of last year, memecoins have bounced back, pushing the total meme market valuation above $124 billion, but while these tokens are gaining traction, their social media buzz is waning as the hype around AI takes center stage.
Kaito’s data reveals that the mindshare for memes has dipped to levels not seen since April.
But make no mistake, despite this, memecoins are still highly liquid and closely watched by big players in the market.
The rally also showed that many of these so-called blue-chip memes are just waiting for the right moment to make their next move.
The rise of AI, and their tokens
Since November, interest in AI has also surged big time, capturing over 60% of the market’s mindshare by January 2.
Back in November, memes and AI were neck and neck in popularity, but now it seems like memes are retreating into their niche communities while AI takes over.
But don’t count memes out just yet! The SPX6900 token has made headlines by jumping 36% in just one day, reaching a new all-time high of $1.36 with record trading volumes.
This token is riding high on community support and is one of Murad Mahmudov’s picks. It’s worth noting that a few connected wallets control a significant chunk of its supply.
Another favorite, Gigachad, also saw a peak at $0.09 thanks to its loyal fanbase. Mahmudov believes both SPX and GIGA could lead this cycle, although some skeptics think it might just be a case of shilling.
Why so serious?
Interestingly, even lesser-known tokens like FARTCOIN have defied expectations by rising to $1.53.
While it’s still considered an AI meme, it hasn’t jumped on the latest AI bandwagon. It seems forgotten tokens have a knack for rallying against all odds, keeping buyers hopeful for a breakout.
While some categories like PolitiFi and parody tokens haven’t taken off as expected, the meme market is still hanging around near its all-time high capitalization.
Worth to mention, searches for memes have dipped as attention shifts toward another projects.
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