Memecoins
3 Memecoins to Watch in July 2024 | BONK, TEA and Trump Coin in the Spotlight
BONK Price Trend, July 2024 | BONK/USD TradingView
In traditional meme markets, June 2024 performance suggests that investors are now showing a preference for small- and mid-cap memes over mega-cap assets like DOGE and SHIB.
In reference to this, PEPE reached two new all-time highs in May 2024, while DOGE and SHIB have struggled to grow. Notably, since American fund manager VanEck filed for a Solana spot ETF in late June, investors’ attention seems to be turning to Solana-hosted memecoins.
If the US SEC approves this proposal, billions of dollars of investment from institutional players could be injected into Solana’s memecoin ecosystem. This puts Dogwifhat (WIF) and BONK on the verge of a major surge in July 2024.
As the chart above shows, BONK has already seen a 47% increase since VanEck filed the SOL ETF spot last week. If positive developments follow, BONK could be one of the memecoins to watch in July 2024.
Memecoins produced: discovering a new trend
Commodity memecoins are the latest craze shaking up the crypto memecoin market. Unlike their animal-themed predecessors in the traditional meme space, these grocery-themed tokens leverage everyday products to foster a sense of community and offer real-world utility potential. The early successes of BEER and WATER, coupled with the rapid growth of TEA, demonstrate the potential of this new wave.
Marking a global shift away from animal-based memecoins, coins like $BEER saw a 30,000 SOL pre-sale and increased by over 330% in a month, while $WATER’s campaign raised $41 million.
The latest memecoin product to hit the market is $TEA, a token that aims to combine the elegance of tea culture with the fast-paced world of cryptocurrency.
TEA’s core narrative revolves around the unifying and stress-relieving properties of tea, attracting a rapidly growing audience community of 3 million users. With a structured tokenomics model and a presale starting July 1, $TEA focuses on DeFi features, community engagement, and social responsibility initiatives.
On July 1st, TEA raised over $3.4 million within 10 minutes of its launch before hitting the $4.5 million mark on July 3rd. Having closed 4 of 5 rounds in a relatively short time, this is a testament to investor interest in the newly launched asset.
While the long-term viability of these tokens remains to be seen, their focus on relevant products and potential for tangible benefits, such as community initiatives and exclusive perks, paint a promising picture. This shift suggests a move toward memecoins with a more defined purpose beyond pure speculation.
Political memecoins: DJT could breakout as Donald Trump’s lead widens
Political memecoins are a unique subset of cryptocurrencies that merge the world of digital assets with political commentary and satire. These coins often aim to attract the attention and engagement of politically motivated individuals and communities.
While they share the humorous, meme-centric nature of traditional memecoins, political memecoins also serve as a form of social commentary, reflecting creators’ views or critiques of the political landscape.
In recent months, artists like Elizabeth Whoren (WHOREN) and MAGA and Jeo Boden (BODEN) have all made significant strides in terms of media traction. However,
DJT, linked to former US President Donald Trump, emerged as the most prominent player towards the end of June 2024.