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Crypto sentiment on X resembles the market temper in February, when the ETF launches and shopping for drove bullish expectations. This time, meme mindshare is driving the constructive sentiment.
Crypto posting on X is displaying constructive sentiment and content material growth. The mindshare remembers the temper in February when the ETF narrative led to the 12 months’s peak rally. This time, the principle narrative is the most recent wave of meme tokens, together with older belongings which are accelerating after months of buying and selling.
The primary driver behind the sentiment is the brand new meme season, pushed by exercise on Solana and a handful of present blue-chip tokens. The frenzy to purchase the low-priced belongings in hopes of 100X beneficial properties or extra helps your entire crypto market. Meme tokens are thought of aligned with Bitcoin (BTC), with merchants on the lookout for community-driven belongings, and never these launched by cabals.
CT sentiment reaching February ranges.
Again then? Bitcoin ETF success.
Now? Meme season. pic.twitter.com/ppJB05XqVX
— Kaito AI 🌊 (@_kaitoai) October 25, 2024
Within the final quarter of 2024, new meme tokens are all the craze. This time, the promotion comes from a small shortlist of prime influencers, as a substitute of a paid number of KOLs. Only some X accounts have the most important mindshare and are capable of trigger token rallies with a single tweet.
The highest meme token influencers on this crypto cycle embrace Murad Mahmudov, Ansem, Him, and Dragos. Murad has the most important mindshare, with the opposite three sharing the remaining affect equally.
The present number of X accounts focuses on a small listing, mixing a couple of established tokens with huge alternate listings, and one or two sizzling cult tokens. Some tokens are used for lively buying and selling and flipping, whereas others are purchased up within the hope of changing into the subsequent cult with devoted holders that can delay taking earnings.
One other participant entered the influencer recreation – the increasing X account of Fact Terminal. Nearly per week in the past, the bot skilled on Web lore had solely round 74K followers. Since then, the account is as much as 204K followers.
Briefly, Fact Terminal even flipped Murad’s mindshare, pumping its personal number of memes. The one cause Fact Terminal will not be a full influencer is its penchant for tweeting random musings.
Fact Terminal has additionally develop into a software for third events, who compete within the replies to make the bot point out a selected phrase. Typically, the phrase might be used to create a brand new batch of meme tokens. These tokens will rally very quick, then crash, however nonetheless retain a few of their preliminary liquidity, with the hope for future rallies. SCOOP, one such not too long ago created token, appreciated by 2,000% in minutes. The benefit of AI meme tokens is they’re constructed in a short time and adopted by merchants within the trenches, with no time for cabals to manage the provision.
Kaito AI additionally identified the final couple of weeks introduced the AI agent season, the place new bot accounts are spawning instead of KOLs and different social media engagement hooks.
Google searches for ‘meme token’ and ‘meme tokens’ had a small uptick this week, with a way more notable pattern on YouTube searches.
Meme tokens outperform on the finish of the 12 months
The meme token pattern remains to be mirrored on each Solana and Pump.enjoyable. The meme token launch platform units up a day by day file, with greater than 36K tokens deployed on October 24. Solana additionally marks peak charges and bribes, as consumers scramble to amass new belongings and commerce the most well liked tokens.
Memes are additionally probably the most dramatically outperforming class of digital tokens, gaining hundreds of % in a couple of months. Primarily based on Murad Mahmudov’s listing, 14 out of 20 top-performing belongings in 2024 are memes. Memes usually get away of the pack, and the newest gainers embrace POPCAT and MEW. The meme token market established its worth at $57B, of which DOGE was valued at above $19B.
Crypto merchants are additionally boosting volumes for newly launched tokens, as even those with a low market capitalization see peak DEX volumes, boosting Solana’s earnings.
Even Binance is getting extra concerned into the meme token frenzy, although cautiously itemizing a small number of tokens on its perpetual futures market. The most recent additions had been GOAT and MOODENG, two of the newer memes with a cult following.
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