Memecoins Soar to $56 Billion Market Cap in Q1 2024 Despite Lack of Stimulus

• Market cap of memecoins hit $56 billion in Q1 2024, highest level since 2021 according to data from IntoTheBlock • Demand and appetite for memecoins has soared despite high interest rates and no stimulus checks • Top gaining memecoins were Dogecoin (100% gains), Shiba Inu (2.5x gains), Pepe (5x gains), and dogwifhat (20x yearly returns) • Memecoins thrived on lower fee blockchains like Solana which had multiple days with higher trading volumes than Ethereum • Ethereum saw a meme frenzy after gas fees dropped over 10x due to the Dencun upgrade last month