Meme coins are gaining traction in the current bull market, drawing attention from traders seeking high returns. This surge is marked by the emergence of new meme coins and the resurgence of older ones.

Recent data from IntoTheBlock shows a notable increase in speculative activity within the meme coin sector, reminiscent of previous market cycles. Transaction volumes have soared, with Dogecoin leading the charge, surpassing two million transactions in a single day.

Unlike past cycles, the market capitalization of meme coins has more than doubled in just a month, reaching over $50 billion at its peak. This growth is supported by blockchains like Solana, Avalanche, and Base, which offer lower transaction fees, making meme coin trading more accessible to retail investors.

However, the sustainability of this trend hinges on broader market dynamics, including potential shifts in major cryptocurrencies like Bitcoin. Ethereum co-founder Vitalik Buterin has also highlighted the rising prominence of meme coins, suggesting their potential use for charitable fundraising.

Overall, the meme coin phenomenon reflects the evolving landscape of cryptocurrency markets, presenting both opportunities and challenges for investors.
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