Memecoins
Best Coins to Put on Your Watchlist in H2 2024
The meme coin sector has made great strides in the first half of 2024, with many tokens reaching record prices and capturing the attention of investors.
In the following lines, we will outline the best memes that have a chance to continue their impressive performance in the remaining months of 2024.
Shiba Inu (SHIB)
The second-largest cryptocurrency by total market cap saw a huge surge in March, registering triple-digit price gains in a matter of weeks. Its resurgence has benefited many holders, and one point, over 63% of those exposed to the asset were session on paper profits.
However, the joy was short-lived as SHIB saw a decline in value over the next few months. Its valuation has dropped by over 25% in the last 30 days as nearly 50% of its investors have currently underwater.
In the meantime, various factors could put the self-proclaimed Dogecoin killer group on the green track. One example is the potential advancement of the layer 2 blockchain solution – Shibarium.
The protocol officially went live in August last year, aimed at improving speed, enhancing scalability, and reducing transaction costs. For more ecosystem updates, be sure to check out our Shibarium News Section.
Shiba Inu’s burn rate could also play a role. The possible spike in the metric would leave fewer assets in circulation, which could lead to a price increase (assuming demand stays the same or increases). Earlier this month, the burn rate has skyrocketed by 800%, coinciding with the brief rally in SHIB prices.
Dogecoin (DOGE)
The largest meme coin, DOGE, with a market cap of over $15 billion and one of the top 10 cryptocurrencies, too has rallied substantially in the first half of 2024. In March, its value was around $0.22 (according to Coingecko data).
However, like SHIB, its price began to decline in the following months to its current level of around $0.10. This fall was accompanied by increased volatility and sharp price swings. In early May, for example, the asset headed north after Tesla officially announced integrated This is a payment option on their website.
It is safe to assume that favorable announcements from the electric vehicle giant and its CEO – Elon Musk (who is a strong supporter of the meme currency) – could trigger a new revival for DOGE in the second half of the year.
Bonk Inu (BONK)
This popular cryptocurrency peaked at the end of May and is among the top 100 cryptocurrencies that are in the green on a weekly scale. Earlier this week, it flew by 25%, toppling dogwifhat (WIF) as the largest meme built on the Solana ecosystem.
While BONK was launched in late 2022, it started making headlines a year later. At the time, its price and market cap shot up exponentially following huge investor interest and support from major cryptocurrency exchanges, such as BinanceCoinbase, Bybit, KrakenKuCoin and many others.
It will be interesting to see if other companies decide to adopt the asset in the second half of 2024 and whether such a move could cause BONK prices to rise.
MAGA (TRUMP)
This Donald Trump-related meme cryptocurrency had a huge success in June, with its value peaking at over $17 and its market cap reaching nearly $800 million. The price has retreated in the following months, currently sitting at around $6.
The asset’s previous surges have been attributed to positive developments surrounding the former US president. For example, its ATH occurred shortly after Trump secure a major legal victory and was entitled to a degree of immunity from criminal prosecution.
The billionaire is running for president again, opposing current political leader Joe Biden in the November election. The latest data watch He leads national polls with a 42.2% lead. Biden is second with 40.1%, followed by Robert Kennedy with 9.2%.
His possible re-election could not only affect the aforementioned meme currency, but also trigger volatility in the entire cryptocurrency market. Recall that he recently describe presents himself as the right choice for pro-crypto voters, claiming that his opponent, Joe Biden, and his administration are against the industry.
He also has promised to increase U.S. Bitcoin (BTC) mining efforts, arguing that it is the “last line of defense against a CBDC.”