Top 5 Memecoins to Watch in 2024: The Reasons Behind Their Surge
In the last crypto cycle of 2021-2022, several memecoins surged alongside the original Dogecoin, drawing significant attention. Many have recovered from their lows and are poised for new highs in 2024, capturing widespread interest.
Historically, the cryptocurrency bull run cycle repeats every four years, with Bitcoin leading the charge by breaking its previous all-time high. This surge is typically followed by altcoins like ETH, BNB, and FIL, which then experience exponential growth.
Top 5 Memecoins for 2024
Let’s dive into the top 5 memecoins closely watched by crypto investors for 2024, anticipating significant price surges. This season features more memecoins from various blockchain ecosystems compared to last year.
1. Dogewifhat (WIF)
Dogewifhat, also known as WIF, has made a significant impact in the crypto ecosystem. Its market cap soared from $20 million in November 2023 to nearly $2 billion. This Solana-based memecoin has gained immense popularity within the crypto community. Initially expected to reach just $1, WIF is now approaching the $2 mark. The listing of WIF on Binance has expanded its reach, and community interest suggests it could reach a market cap of $10 billion.
2. Dogecoin (DOGE)
Dogecoin, the original memecoin, remains a strong contender. Launched in 2013 as a parody cryptocurrency, Dogecoin boasts a market cap of over $25 billion, peaking at nearly $85 billion according to Coinmarketcap. Elon Musk’s admiration and endorsement, including considering Dogecoin payments for Tesla, have significantly boosted its profile. Unlike other memecoins, Dogecoin operates on its own blockchain with a PoW consensus, adding to its utility and staying power among the top 10 cryptocurrencies.
3. PEPE
PEPE, the frog-themed memecoin, entered the market in April 2023 and quickly became one of Ethereum’s most popular memecoins. With a market cap of $3.1 billion, PEPE has seen exponential growth, becoming the third largest memecoin after Dogecoin and Shiba Inu. Its whimsical appeal and rapid price increase have drawn significant attention.
4. Bonk
Bonk is a notable Solana-based memecoin that gained fame following the Solana phone airdrop. Users who purchased Solana Saga mobile devices received free BONK tokens, which often had higher market value than the phone itself. Bonk’s market cap surpassed $1 billion, quickly establishing it as a leading memecoin.
5. Shiba Inu (SHIB)
Shiba Inu, launched during the 2020 bull run, gained fame as the “Doge-killer.” Fueled by viral images of Elon Musk’s pet Shiba Inu, this memecoin initially launched on Ethereum. Shiba Inu now operates on its own blockchain, Shibarium, and features a decentralized exchange (DEX), ShibaSwap. The launch of Shibarium in August 2023 has expanded its ecosystem with a variety of dApps.
Why Are Memecoins Surging?
Memecoins have seen double or even triple-digit surges at the start of 2024. Among the top performers are WIF and PEPE, with DOGE, SHIB, and BONK also gaining momentum. The reasons behind this surge include:
- Liquidity Rotation: After a massive Bitcoin breakout, profits are often reinvested in altcoins. Seasonal investors shift from Bitcoin to other assets, driving their growth.
- Memecoin Frenzy & Exponential Price Gains: The significant price surges of memecoins attract investors looking for quick gains, often outperforming major cryptocurrencies.
- Altcoin Season: Following Bitcoin’s all-time high, the altcoin season begins, with many crypto assets gaining momentum and reaching new highs. This fuels the memecoin market as investors seek opportunities before major breakouts.
Will Memecoins Outperform Bitcoin?
While memecoins have already achieved substantial gains, Bitcoin’s dominance remains unmatched in terms of market cap. Memecoins may unlock massive price growth, but Bitcoin’s market cap growth is steadier and more sustainable.
Conclusion
The crypto market is poised for further growth, with memecoins adding excitement to the 2024 bull run. Their price gains contribute to increased activity on underlying blockchains and ecosystems. These impressive gains and growing investor interest position memecoins at the forefront of this year’s bull run.
FAQs
Which memecoins are best to invest in for 2024?
Leading gainers include Dogewifhat (WIF), Pepe (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), and others.
What happens to memecoins after the bull run?
Like other cryptocurrency assets, memecoins tend to grow during a bull run. While some sustain their gains, others may lose momentum.
I hope this rewrite captures the essence and excitement of the memecoin market for 2024! Let me know if you need any more adjustments.