In the last cycle of 2021-2022, the crypto ecosystem witnessed a rally of several memecoins apart from the OG Dogecoin. Many of them have also recovered from their lowest low and are once again set to reach higher alongside other altcoins. Now, in this year, the surge of memecoins in 2024 has captured widespread interest.
It is now historically proven that the cryptocurrency bull run cycle repeats every four years, and Bitcoin breaks its previous all-time high. This move is usually followed by altcoins like ETH, BNB, FIL, and others, which grow exponentially in price afterward.
Top 5 Memecoins For 2024
Let’s explore some of the memecoins closely watched by crypto investors for 2024 with much anticipation of a skyrocketing price surge. This season has more memecoins from different blockchain ecosystems than last year.
Dogwifhat – WIF
The sensational memecoin, Dogewifhat aka WIF, has shaken out the crypto ecosystem, with it rising from nearly $20 million of market cap in November 2023 to touching $2 billion now. This Solana-based memecoin has become so popular within the crypto community. It was expected that WIF would barely touch the $1 price mark, but it spiked, and now it is approaching the $2 target.
In addition, the largest cryptocurrency exchange, Binance, has listed WIF which will enable a wider audience. The community interest shows that WIF is believed to reach a market cap of $10 billion.
Dogecoin – DOGE
Dogecoin was the first memecoin and is considered a godfather among all memecoins. Launched in 2013 as a parody cryptocurrency, Dogecoin has become one of the largest cryptocurrency assets with a market cap of over $25 billion, which once peaked at nearly $85 billion – according to data from Coinmarketcap.
Most importantly, Elon Musk previously admired and endorsed Dogecoin and even considered accepting Dogecoin payment for Tesla vehicles. One thing separating Dogecoin from other memecoins is that it has a blockchain and PoW consensus, which gives it utility. Dogecoin has come a long way and is still among the top 10 cryptocurrencies.
PEPE
PEPE, the frog-themed memecoin, entered the cryptocurrency market in April 2023 and became one of Ethereum’s most popular memecoin. The current market cap of PEPE memecoin is $3.1 billion, which has spiked exponentially during the past few weeks. It has become the third largest memecoin after Dogecoin and Shiba Inu.
The witty-looking PEPE gained massive attention in a short period and it is now growing tremendously in price, outperforming every major memecoin.
Bonk
Bonk is another popular Solana-based memecoin that become popular after the Solana phone airdrop. Users who buy Solana Saga mobile devices were getting free BONK tokens which had higher market value than the actual cost of the mobile. This led BONK to come out as the first major memecoin on Solana that reach more than a $1 billion market cap. BONK rapidly surged to sky-high prices and took place among leading memecoins in a short time.
Shiba Inu – SHIB
Shiba Inu emerged into the crypto market during the bull run of 2020. It became famous after being labeled as a ‘Doge-killer’ and some pictures of Elon Musk’s pet dog, Shiba Inu Bread, went viral. Launched initially on Ethereum, Shiba Inu now has its own blockchain, Shibarium, and even a decentralized exchange (DEX), ShibaSwap, where users can utilize the SHIB memecoin.
The team behind Shiba Inu launched Shibarium in August 2023, which now has a variety of dApps in its ecosystem.
Why Memecoins Are Surging?
Memecoins have become a buzz in the crypto community at the start of 2024, with several memecoins surging in double or even triple digits in 24 hours. The most outperformed memecoins are WIF and PEPE, while DOGE, SHIB, and BONK are also coming into action. But why memecoins are surging suddenly? The answer is simple as well as elaborative at the same time.
Following are the potential reasons why memecoins are surging.
Liquidity Rotation
After every massive breakout in Bitcoin price, the liquidity rotation occurs, and most of the profits are reinvested in alternative crypto assets (Altcoins). Many investors are seasonal in crypto and keep shifting from one crypto asset to another. They follow the strategy of investing in Altcoins after Bitcoin peaks and consolidates at new highs. As Bitcoin broke an all-time high on 6th March, the liquidity rotation is about to happen in the meantime.
Memecoin Frenzy & Exponential Price Gains
The memecoin primitive is getting into a crucial phase with several new and existing memecoins recording skyrocketing gains. Investors are now attracted towards massive price surges in memecoins, which often outperform Bitcoin and other leading crypto assets. Influenced by this, new investors always look for memecoins first while entering the market.
Altcoin Season
While the Bitcoin price has broken an all-time high now and is out for price discovery, the early phase of the Altcoin season has started. Altcoin Season, also called Alt Season, is when the crypto assets besides Bitcoin gain momentum and record new highs. The altcoin season is also fueling the price of memecoins as investors rush to buy before massive breakouts.
Will Memecoins Outperform Bitcoin?
The current market stance reveals that memecoins have already secured fortune gains while Bitcoin is pursuing new price discovery. Although memecoins have already outperformed Bitcoin in terms of daily and monthly price gains. When it comes to market cap, the dominance of Bitcoin will never fade out, and memecoins will barely reach billions. Memecoins have the advantage of unlocking massive price growth in the market, whereas the price gain in Bitcoin has a barrier of being unable to double in a flash.
Conclusion
The crypto market has reached a stage where most people are optimistic about its further price uptrend. Memecoins have given soul to the 2024 bull run while creating hype and attracting new investors to the crypto industry. The gains in memecoin prices also contribute to increased activity on the underlying blockchain and its ecosystem. These fascinating price gains and increased interest of investors will surely put memecoins at the forefront of this bull run.
FAQs
Which memecoins are best to invest in in 2024?
Several memecoins have emerged as leading gainers in 2024, including Dogwifhat (WIF), Pepe (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), and others.
What happens to memecoins after bull run?
Memecoins will usually grow in bull run as other cryptocurrency assets, and some of them will sustain their gains while others fade away.
