Recent data from IntoTheBlock indicates a significant surge in demand for meme coins like Dogecoin (CRYPTO:DOGE), PEPE (CRYPTO:PEPE), and WIF (CRYPTO:WIF), reaching levels not seen since 2021.

The market cap of meme coins has nearly tripled in 2024, surpassing $56 billion, with OG coins like Dogecoin leading the way with a doubling in price.

Newcomer Dogwifhat (WIF) has also gained traction, becoming the third-largest meme coin by market cap with a 20 times yearly return.

This surge in meme coin popularity has been attributed to their thriving in lower-fee ecosystems, such as Solana, which has seen increased network activity and congestion due to meme coin frenzy.

Despite criticism for lacking real-life utility, meme coins are becoming a permanent fixture in the crypto space, attracting mainstream attention and potentially onboarding new users, similar to Dogecoin's impact during the 2021 bull run.