Key Points
- A recent survey reveals that 53.7% of traders, investors, and analysts prefer memecoins over Bitcoin (BTC).
- A significant number of respondents believe that Bitcoin will reach the $100,000 mark by the end of 2024.
The recent survey by AMBCrypto, which included responses from 557 participants globally, has revealed that more than half of the traders, investors, and analysts are favoring memecoins over Bitcoin. However, many still believe that Bitcoin will reach a value of $100,000 by the end of 2024.
Popularity of Memecoins
While Bitcoin’s price has seen a 53.32% increase on a Year-To-Date (YTD) basis, it pales in comparison to the performance of memecoins. For instance, the value of dogwifhat (WIF) has soared by an impressive 1,768% this year, whereas Bonk (BONK) recorded a 123% increase. Another memecoin, PEPE, registered gains of 945%, despite Ethereum’s lagging behavior.
The survey also found that 36.8% of all respondents have allocated some part of their portfolio to memecoins. Additionally, 25.5% have done so for AI-themed tokens, with DeFi and GameFi sectors finding a place within the holdings of 25.5% and 15.4% of all the respondents, respectively.
Bitcoin Still in the Picture
Despite the bullish sentiment surrounding memecoins, 65.5% of the respondents owned Bitcoin, indicating that the coin still holds significant appeal. The report also revealed that most believe BTC could increase by 80% by December 2024, which would make the price of Bitcoin worth $121,953 by the end of the year.
According to data from Santiment, the number of PEPE holders in February was less than 160,000, but that number had risen to 238,000 at the time of the report. This almost 50% increase in less than three months may suggest that the memecoin supercycle might not stop anytime soon.
The report also highlighted the emergence of SocialFi as a notable trend. Platforms like Friend.tech and Fantasy.Top have been accruing millions of dollars in trading volume. Despite the significant uptick in money flows, memecoins might continue to attract more market participants over any other sector in the market. However, this does not necessarily mean that Ethereum will continue to lag, or Bitcoin will fail to hit $100,000.
