The meme market scale exceeds 500 billion RMB, the frog series rises to challenge the dominance of DOGE.

Data shows that the market value of the Meme sector has reached $50 billion, equivalent to more than 300 billion yuan. The daily trading volume of this sector is as high as $4 billion, with liquidity reaching 8%. This scale has surpassed the market value of the liquid staking sector at $47 billion and is far higher than the total market value of the NFT market, which is less than $30 billion. Even the highly watched Layer2 and Depin tracks have a market value of only over $20 billion.

Recently, the value investing concept seems to be ineffective in the cryptocurrency market. In May of this year, a trading platform released a report acknowledging that the profits in the crypto space in 2023 mainly came from the Meme sector, which saw an increase of up to 331%, far exceeding other sectors. In contrast, many VC-backed projects peaked immediately upon listing, and due to a lack of practical applications and facing significant unlocking pressure, the subsequent trends are worrisome.

Meme coins do not have these concerns; they are fully circulated upon listing, relying entirely on market forces. In recent years, Meme coins have become a primary way for ordinary investors to achieve wealth reversal. For ordinary users who find it difficult to obtain low-priced shares of quality projects, in-depth research on Meme coins may be a better choice.

In the current Meme market, the DOGE theme still dominates. Among the top ten Meme market capitalizations, there are six dogs, three frogs, and one cat. The number one is DOGE, with a market capitalization of over 17 billion USD, accounting for 35% of the entire sector's market cap. Following closely is a well-known DOGE that was born in 2020, which now has a market cap of 10 billion USD.

However, the frog-themed Meme coin is quietly rising, challenging the dominance of DOGE. The most notable among them is Pepe, which has only been listed for a little over a year but provided investment opportunities throughout last year. Pepe's popularity is closely related to the support of a certain political figure, as this frog frequently appears in various political movements.

In addition to Pepe, other frog-themed Meme coins like Brett and Bome have also performed well. Since its launch on March 1st of this year, Brett's market capitalization has increased several hundred times, reaching $1.5 billion, making it the seventh in the Meme sector. Bome, on the other hand, has attracted attention with its unique social media marketing strategy.

It is worth mentioning that the soul figure behind these frog-themed Meme coins is the cartoonist Matt Furie. The characters from his "Boy's Club" comic series have become prototypes for several popular Meme coins. In addition to Pepe and Brett, other characters created by Furie, such as Hoppy, Andyd, and Landwolf, have also derived good market values.

With the rise of frog-themed Meme coins, market competition is becoming increasingly fierce. In the future, more hit Meme coins themed around frogs may emerge, which will further challenge the dominance of DOGE. For investors, keeping a close eye on Matt Furie's latest works may bring new opportunities.