The cryptocurrency market in 2024 is experiencing a significant shift toward memecoins, which are outperforming traditional altcoins. Memecoins, driven by community support and lacking the complexities of tech-based alternatives, are predicted to reach a market cap of $1 trillion, accounting for 10% of the total crypto market. These coins benefit from no unlocks, inflation, or VC dumping. Investors are capitalizing on short-term cycles and dips, with expectations of 10-100x gains. The trend of valuing assets based on 'memetic' value rather than fundamentals continues as the third quarter ends.