Memecoins
Emerging Memecoins Like Dogwifhat and Pepe Beat Established Players Like Dogecoin and Shiba Inu in H1 2024, One Surged Over 4,900% – Emeren Group (NYSE: SOL)
The cryptocurrency market saw frenzied activity in the first half of 2024, with memecoins becoming the most important wealth multiplier for investors.
What happened: Born from memes and popular characters, these coins brought huge profits to traders who believed in their prospects.
Ethereum Based on ETH Mog Coin has been the biggest gainer year-to-date, generating a staggering return of 4,959.69% in the first six months of 2024.
Solana Based on SOL/USD dog hatbased on a photo of a Shiba Inu dog wearing a pink knitted hat, took second place with a whopping 1,385% profit.
| Cryptocurrency | Since the beginning of the year +/- | Price (recorded at 9:50 p.m. EDT) |
| Mog Coin MOG/USD | +4959.69% | $0.000002032 |
| dogwifhat WIF/USD | +1385.50% | $2.27 |
| Grandpa PEPE/USD | +833.44% | $0.0000121 |
Frog theme Pepe has exploded 833% since the beginning of the year, while yet another canine token, Floki FLOKI/USD has surged 5x since the start of the year.
These emerging coins have also surpassed the gains of senior and more popular tokens like Shiba Inu SHIB/USD, and the king of memecoins, Dogecoin DOGE/USD pair price,
See also: ‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Questions Authenticity of Bitcoin ETFs: ‘ETFs Are Fake Gold, Silver or Bitcoin’
While not astronomical, these large-cap memecoins have seen respectable gains. Shiba Inu is up 70% year-to-date, while Dogecoin is up 35%.
Why is this important: Overall, meme tokens have outpaced the gains of blue-chip cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, both of which saw 50% gains in the first half of the year.
Even though this class of non-serious cryptocurrencies continues to be tarnished by concerns about extreme price volatility and lack of underlying utility, they continue to be an attractive, low-cost option for regular investors hoping to get into the market and make quick returns.
According to analysts, the discourse around investment has shifted from long-term value to short-term gains on speculative coins.
Image via Shutterstock