Tuesday, 30 May 2023

Crypto News

How memecoins performed first time hitting $1B market cap

How memecoins performed first time hitting $1B market cap

Memes, internet jokes, and popular culture references have become an integral part of online communities. Because of this, cryptocurrencies inevitably gave birth to a new wave of assets called “memecoins.” While some argue that these coins are just a fad, others might also believe in their potential to bring financial gain to their investors. 

One of the most popular memecoins that was recently launched is a frog-themed token called PEPE. The token has gained traction amid the bear market and garnered a lot of support from various members of the community despite its official website saying “the coin is completely useless and for entertainment purposes only.”

According to its creators, PEPE is on a mission to “make memecoins great again” a play on former United States president Donald Trump’s political slogan, make America great again. The project also expressed its intent to surpass dog-inspired meme coins that “already have had their day” and have Pepe, which they argue to be the most recognizable meme in the world, take its place as the “king of memes.”

As it makes its way to the top, PEPE has to surpass the current king that sits on top of the charts for memecoins–Dogecoin. In a Cointelegraph Twitter poll back on April 25, DOGE still remained on top when Twitter was asked what they think will have the biggest market capitalization in 2025. However, PEPE came in close and claimed second place.

PEPE and Dogecoin (DOGE) have their similarities and will inevitably perform differently from each other. Both crypto tokens gained a significant following and were created for a similar reason which is entertainment. However, the difference lies in their journey to a $1 billion market capitalization and performances after hitting the market capitalization. 

Dogecoin’s journey to the top of the memecoin world

Dogecoin was created four years after the genesis block of Bitcoin (BTC) was mined. It was created by software engineers Billy Markus and Jackson Palmer, attempting to poke fun at the cryptocurrency space. 

The memecoin first gained traction in January 2014 as it reached a market capitalization of $60 million. Four years later, the token’s market capitalization reached $1 billion for the first time as the coin’s price reached $0.0100.

Days after DOGE hit the milestone, the cryptocurrency proceeded to pump up to…

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