The memecoin market grew significantly in 2024, with the cryptocurrency sector’s market capitalisation rising to over $134bn (£105.88bn) by the end of the year, according CoinGecko data.
These coins, known for their humour, community-driven ethos and roots in internet culture, have attracted both seasoned investors and newcomers alike. Their significant volatility offers the potential for impressive returns, yet memecoins also carry the risk of sharp downturns that frequently wipe out speculative traders.
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While dogecoin (DOGE-USD) and shiba inu (SHIB-USD) laid the foundation for this trend, 2024 has seen the rise of new contenders. Yahoo Finance UK explores the top-performing memecoins of the year, assessing their unique features.
Memecoins are cryptocurrencies whose value is primarily driven by internet culture, humour and community support rather than utility or cutting-edge technology.
While often considered speculative, these coins’ massive online communities and viral appeal can lead to significant price swings. Examples include the Shiba Inu community, which rallies around the SHIB (SHIB-USD) token, the Phriendz community supporting the phriendz token (PIZZA T-SOL), and the HarryPotterObamaSonic10Inu (HPOS10I-ETH) memecoin.
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To identify promising memecoins, several key factors should be considered. Strong community support is essential, as an engaged and loyal user base can sustain interest and drive growth. Celebrity endorsements can further amplify visibility and market reach.
Additionally, a clear roadmap outlining plans for future development or utility beyond memes can signal potential longevity in the competitive cryptocurrency market.
Below are some of the standout memecoins that captured the spotlight this year.
Dogecoin remains a dominant force in the meme coin market, with a price of $0.4197 and a market cap of $61.6bn (£48.67bn). Built on its blockchain, dogecoin was created in 2013 as a joke by Billy Markus and Jackson Palmer. It gained fame thanks to its shiba inu dog mascot and an active, loyal community.
Over the years, dogecoin has evolved beyond its humorous origins, becoming a widely recognised cryptocurrency endorsed by high-profile figures such as Elon Musk. Dogecoin has rallied by over 340% in the past year.
Shiba inu, often referred to as the “dogecoin killer”, has a price of $0.00003048 and a market cap of $18bn. Built on the ethereum blockchain, it was launched in 2020 by the pseudonymous creator ‘Ryoshi’. Unlike many memecoins, shiba inu has established an entire ecosystem, which includes ShibaSwap (a decentralised exchange) and two additional tokens – leash and bone.
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The memecoin integrates with ethereum’s decentralised finance (DeFi) and non-fungible tokenn (NFT) projects, providing a versatile platform for various applications. The ‘Shib Army’, its passionate community, actively drives the coin’s adoption and development.
Upcoming initiatives like the Layer 2 solution Shibarium indicate a continued focus on innovation and expansion. Shiba inu has rallied by over 197% in the past year.
Pepe, inspired by the “Pepe the Frog” internet meme, debuted in 2023 and quickly gained traction. With a price of $0.00002098 and a market cap of $8.8bn, Pepe operates on the ethereum blockchain. Its unique features, such as a no-tax policy and deflationary mechanism, distinguish it from other memecoins. The gradual burning of tokens helps control supply, potentially increasing value over time.
Pepe appeals to meme enthusiasts with its fun and familiar concept. Its deflationary design aims to create scarcity, which could attract long-term investors looking for potential gains in value. Pepe has rallied by over 1691% in the past year.
Dogwifhat, launched in late 2023, has captured attention with its playful mascot, a shiba inu dog wearing a pink hat. Priced at $3.38 (£2.68) with a market cap of $3.37bn, dogwifhat operates on the solana blockchain. Its fast transaction speeds, supported by solana’s infrastructure, make it a practical option for various applications.
Dogwifhat has gained a dedicated following due to its speculative potential for high short-term returns. However, it is important to note the associated risks, including price volatility and limited long-term utility, which investors should carefully consider before investing. Dogwifhat has rallied by over 70281% in the past year.
Bonk made headlines following its launch on Christmas Day 2022. With a price of $0.00004276 and a market cap of $3.23bn, it stands out by actively integrating into solana’s ecosystem. Bonk supports NFT marketplaces and DeFi applications, providing utility beyond speculation.
The coin’s strong community engagement has been bolstered by a massive airdrop to solana users, fostering widespread adoption. Its integration with decentralised platforms adds another layer of appeal for investors seeking meme coins with practical applications. Bonk has rallied by over 291% in the past year.
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While memecoins offer exciting opportunities, they are inherently volatile and speculative. Prices can surge and plummet rapidly, making them highly unpredictable. Some memecoins are vulnerable to pump-and-dump schemes, where prices are artificially inflated for short-term gains.
Additionally, many memecoins lack real-world applications, relying instead on hype and community sentiment for value.
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