Meme coins have become more popular than traditional assets like Bitcoin and Binance Coin among cryptocurrency holders, according to a survey conducted by Binance.
16% of respondents reported holding meme coins, making them the most widely owned cryptocurrency. Bitcoin came in second with 14.4% ownership, followed closely by Binance Coin at 14.23%. Ethereum lagged behind with only 10.95% ownership.
The survey also noted that other leading layer-1 tokens collectively accounted for 10.38% of user wallets.
The total market cap for meme coins is estimated to be around $116.5 billion, with Dogecoin leading the pack.
The survey also revealed that participants expect increased regulatory oversight and a rise in involvement from traditional financial institutions and institutional investors in the cryptocurrency industry. Participants expressed interest in artificial intelligence tokens, meme coins, decentralized finance, and layer-1 tokens as potential areas of growth.
The survey highlighted an influx of new participants into the cryptocurrency space, with approximately 45% of interviewees entering the market in 2024.
Trading activity remains robust, with a significant number of respondents engaging in daily and weekly trades.
The future trajectory of meme coins and the cryptocurrency market as a whole remains uncertain, as investors navigate the complexities of the evolving landscape.