Top Memecoins to Watch Out for in 2024

Memecoins have seen a surge in popularity ever since their introduction in 2013 with Dogecoin (DOGE). But what are these memecoins exactly? As the name suggests, these are cryptocurrencies that are built on the back of internet memes and viral trends. Memecoins are different from traditional cryptocurrencies in a way that they are not built on solving real-world problems. So what makes them so popular? One of the primary reasons is the strong community backing that these crypto coin development projects possess. More memecoins than any other crypto projects are run majorly by the community’s decisions. 

Another notable characteristic of memecoins is their volatility. Depending on social media hype and celebrity endorsements, their prices can fluctuate wildly. However, despite this, the online community thriving on humor and shared experiences is passionate about memecoins owing to the sense of belonging it offers and the substantially high (though volatile) potential of growth. 

Now that we have gotten you excited about memecoins, let’s explore the top memecoins to look out for in 2024. 

The Most Prominent Memecoins of 2024

The memecoin market is a mix of both – the established projects that have withstood the social media trends and market volatility and the emerging players that seem to be carving their place with established communities.

Dogecoin 

Dogecoin (DOGE) is the original memecoin. Jackson Palmer (an Adobe employee) and Billy Marcus (an IBM employee) created it in 2013 as a lighthearted parody of Bitcoin. It was named after a Shiba Inu dog – featured in a popular and iconic meme prevalent during the time. The text surrounding Dogecoin is made up of broken English as if spoken by a perplexed pet dog. 

Dogecoin gained mainstream popularity in early 2021 when it was publically backed and endorsed by celebrities like Elon Musk. With a market cap of close to $18.48 billion as of May 2024, it is the largest memecoin and the eighth largest crypto asset in the market.

Source: https://coinmarketcap.com/currencies/dogecoin/ 

Unlike most other crypto assets whose supply is finite to control inflation, Dogecoins’ tokenomics is unique. They do not have a limit on how many of them can be generated. They primarily find applications in online tipping and blockchain-based microtransactions. Individuals can even exchange it for other cryptocurrencies or traditional fiat currencies utilizing regulated crypto exchange services.

Even after facing persistent backlash owing to its energy-intensive Proof-of-Work (PoW) consensus mechanism, the popular memecoin has proved its resilience. The community support being substantially strong and having surpassed the crucial $0.2 threshold recently, Dogecoin is showing a notably bullish trajectory and shows promise to sustain this momentum in the near future.

Shiba Inu (SHIB)

Shibu Inu (SHIB), also featuring a Shibu Inu dog as its mascot, is the second-most prominent memecoin after Dogecoin. It was created anonymously by an individual or group known as Ryoshi in August 2020 as a direct rival to Dogecoin. 

Shiba Inu is not a standalone blockchain like Dogecoin. Rather, it’s an Ethereum-based altcoin employing a Proof-of-Stake (PoS) consensus mechanism. The primary aim of this meme coin is to set up a decentralized community of SHIB holders, allowing them to trade tokens and participate in governance decisions.

Even though Shiba Inu was launched relatively recently into the crypto market, it has already become a favorite of many cryptocurrency enthusiasts. With a market cap of $13.04 Billion (as of this writing), it has registered itself as the second-largest memecoin and the 14th-largest crypto asset in the market. 

Source: https://coinmarketcap.com/currencies/shiba-inu/ 

Currently trading at $0.0000214, Shiba Inu has had a tough 2022 and 2023 (It had reached its peak price at $0.000008 in 2021). However, recently, it has found a stronger footing after adopting an advanced FHE (Fully Homomorphic Encryption) technique (to bolster its security) and launching the Shiba Name service. Having said that, it still needs to break out of the bearish descending triangle pattern it’s stuck in and get past the $0.00003 psychological resistance level to resume its bullish trajectory.  

Pepe Coin

Based on the very popular meme “Pepe the Frog”, the Pepe coin (PEPE) is one of the more recent introductions in the market. Introduced in April 2023, PEPE is an Ethereum-based memecoin designed to be the “most memorable memecoin in existence”, as per their official website that is.

Interestingly, Pepe Coin is not promoted as a utility coin. What this means is that it has no intrinsic value and the coin is for entertainment purposes only. Having said that, PEPE is gaining a substantial increase in popularity as well as its price, even while rallying alongside more established players like Dogecoin and Shiba Inu.

PEPE has witnessed noteworthy growth, as it’s currently sitting at a $2.96 billion market cap and trading at $0.0000068, as of this writing.

Source: https://coinmarketcap.com/currencies/pepe/ 

What makes the Pepe Coin stand out among other more volatile memecoins is investing in it is relatively less risky, courtesy of its significantly growing popularity.  

Floki Inu

Floki Inu is another addition to the long list of meme cryptos that are linked to either Dogecoin or “the Dogefather” Elon Musk in one way or the other. In this case, Floki Inu is named after Musk’s very own Shiba Inu puppy. It has even established a community by the name “Floki Vikings”.

Although Floki Inu started off as a meme, it has now transitioned into a full-fledged Web3 project whose popularity has skyrocketed over the period of time. It has made attempts to find applications in several Web3 sectors, including DeFi and NFTs, and even has its own immersive metaverse game known as “Valhalla”. In this game, participants earn FLOKI tokens – the native crypto token of the project – by creating avatars. Interestingly, FLOKI is a multi-chain token built to be compliant with both ERC-20 and BEP-20 standards. As a result, it operates both on Ethereum as well as BNB Chain and can be very easily bridged between the two chains. This offers the holders an extra level of interoperability and lets them derive more utility out of their tokens. 

Another noteworthy feature of the Floki coin is its native DEX (Decentralized Exchange) – FlokiFi, through which users can undertake staking, swapping, and yield farming activities.

Floki Inu’s current market cap is $1.49 billion and it is trading at $0.000154.

Source: https://coinmarketcap.com/currencies/floki-inu/ 

Bonk

Bonk was introduced in December 2022 and is the first dog-themed memecoin built on the Solana blockchain. The launch of the meme crypto resulted in the value of the SOL token rising by 34% in 48 hours. The idea was to create a full-grown community coin that users could trade on all Solana-based dApps and bring back liquidity to Solan-based DEXs through its native token BONK.

Bonk stands out as a memecoin owing to its unique meme-inspired branding and active social media presence.  Furthermore, it utilizes playful narratives and social media interactions to drive engagement. 

Bonk’s growing market cap, currently set at $1.49 billion, along with its vibrant community engagement is garnering attention from investors and enthusiasts. Presently trading at $0.000023, Bonk remains one of the more intriguing projects in the meme crypto market. 

 

Source: https://coinmarketcap.com/currencies/bonk1/   

Memecoin (MEME)

Memecoin (MEME) was launched in October 2023 on Binance Launchpool as the native token of the Memeland ecosystem, which is a Web3 venture studio established by a globally renowned meme network, 9GAG.

What sets Memecoin apart from other meme crypto projects is that it offers an innovative combination of meme culture and DeFi, attracting both crypto enthusiasts and meme fanatics. 

Since its launch in late 2023, MEME has shown a remarkable upward trajectory. As of this writing it is trading at $0.0241 with a market capitalization of $295.65 million.

 

Source: https://coinmarketcap.com/currencies/meme/ 

Wrapping It Up

Ultimately, it’s safe to say that memecoins have carved their niche in the crypto space. Currently regarded as purely speculative assets, they might offer more defined use cases in the near future. For instance, popular play-to-earn games can adopt them as in-game currencies or social media platforms can offer them as rewards – the possibilities are virtually endless. This could eventually facilitate broader adoption.

Another factor to consider is the regulations. Like other cryptocurrencies, memecoins might also attract more scrutiny from regulatory bodies. However, clear regulations could add to the stability and legitimacy of the meme crypto market.

So, while the inherent volatility of memecoins cannot be ignored, their ability to attract passionate online communities and generate excitement is undeniable. In essence, when it comes to memecoins, it is crucial to carry out thorough research, without getting too caught up in the FOMO (like the “distracted boyfriend”), and invest responsibly.

To learn more about memecoins and their applications, feel free to reach out to us at Codezeros.