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ARTICLE · 05 MARCH 2025

Crypto Collectibles: Meme Coins Deemed Not Securities By SEC Staff

Farrell Fritz
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According to crypto platform Kraken, the aggregate market cap for all meme coins is over $70 billion. Five meme coins would be considered unicorns (market cap over $1 billion) if they were startups.

United StatesTechnology
Alon Kapen
Alon Kapen

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According to crypto platform Kraken, the aggregate market cap for all meme coins is over $70 billion. Five meme coins would be considered unicorns (market cap over $1 billion) if they were startups. Dogecoin's market cap is $35 billion. Social media influencers, celebrities and high-profile politicians have either launched their own meme coin or endorsed others, including Caitlyn Jenner (JENNER), Iggy Azalea (MOTHER) and Donald Trump (MAGA). Meme coins are not backed by any real-world assets, not even virtual assets. In fact, many meme coins originate as internet jokes.

Meme coins lack any inherent utility and function primarily as speculative gambling vehicles. Given the speculative nature of meme coins, they tend to experience significant market price volatility.

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