Experts at IntoTheBlock have observed an increase in speculative sentiment surrounding meme coins amidst the current bull market. Traders are turning to speculative opportunities that promise high returns, leading to a surge in the meme coin sector with the emergence of new meme coins and the resurgence of older ones gaining popularity again.

Analysts have noted that this trend of speculative activity has been seen in previous market cycles and is now manifesting in the current one, as evidenced by the performance of the meme coin sector.

Recent data shows that meme coins have seen a significant increase in transactions, surpassing levels seen during the 2021 bull market. The surge was partly driven by Dogecoin (DOGE), which recorded over two million transactions in a single day, according to IntoTheBlock.

However, the current bull market in 2024 has shown several differences compared to past performances. In just one month, the market capitalization of the meme coin category more than doubled, reaching a cycle peak of over $50 billion.

Platforms with low transaction fees, such as Solana, Avalanche, and Base, have become popular choices for trading these new meme coins. Lower gas fees on these blockchains make trading more accessible to retail investors.

Despite the rapid growth in the meme coin market, the sustainability of this trend will depend on broader market dynamics, including potential changes in major cryptocurrencies like Bitcoin (BTC) that could impact the trajectory of meme coins, as noted by analysts.

In a recent report, Ethereum co-founder Vitalik Buterin highlighted the growing interest in meme coins within the crypto community. Buterin suggested using these tokens for fundraising purposes for charitable causes.

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