
The Ethereum network has experienced a significant surge in fees, reaching nearly two-year highs, due to a frenzy around meme coins such as PEPE, SHIB, and FLOKI. This speculative wave has not only tested the network's scalability but also boosted its revenue, with IntoTheBlock data showing Ethereum mainnet's revenue from network fees hitting $193 million this week. The total market cap for meme tokens now exceeds $60 billion, indicating a strong presence and interest in the market. Despite concerns about market overheating, many see this rise as a sign of market efficiency and the return of the retail crowd. Meme coins, tied to various themes including political candidates, have gained attention for their potential to predict sentiment and election results. Dogecoin, a leading meme coin, hit an all-time high market cap of over $80 billion last cycle, underscoring the significant impact and interest in meme tokens. This trend is seen as part of a broader shift towards the Attention Economy, where meme coins could play a significant role in monetizing and speculating on various aspects of culture and politics.
My memecoin thesis is that it’s the default bull market narrative when nothing else is pumping, and during meta transition periods. This was true last cycle as well and wasn’t just one szn. We had shib and doge insane run up, but also had cumrocket and safemoon and a bunch of… https://t.co/LapG1upwtI
These political meme coins are crypto’s way of protesting the ruling class The more negative the depiction of the politician, the bigger the mcap Bigger they get, the more they must be acknowledged by MSM Few hundred m’s worth of sentiment and growing. worth acknowledging imo
Meme coins are pumping again 📈






