Memecoins
Meme Coin Trends to Watch in 2024
Established cryptocurrency giants like Bitcoin and Ethereum typically grab the headlines, but meme coins are making waves in 2024. Digital currencies, typically inspired by internet jokes, meme coins have seen significant returns for early adopters and continue to show surprising staying power in the market.
Meme coins burst onto the market in 2014 with the launch of Dogecoin (DOGE), featuring a Shiba Inu dog mascot. DOGE was followed by a steady stream of new entrants, including Shiba Inu, Pepe, Dogwifhat, BONK, and others whose market capitalization now exceeds $1 billion.
Top Meme Coin Trends — 2024
Tracking the six largest meme coins by the Van Eck Index shows a 280% increase in value over the past year. Additionally, a study by Binance shows that meme coins have increased by a total of 586% since the beginning of 2024. Social media discussions about meme coins have increased by 53% since January, and mentions of meme coins on social media have even outpaced AI coins by over 20% during the same period. Fueled by social media and internet posts, meme coins continue to stay relevant and grow.
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While meme coins started as a joke, they have become a viable option for investors, albeit a highly speculative one. In 2024, we are seeing a shift towards utility as meme coins move from humor to real-world applications, integrating with DeFi platforms, marketplaces, and blockchain games.
Decentralized finance (DeFi) allows users to borrow, lend, or trade cryptocurrencies without having to go through a bank or traditional financial institution. Blockchain gaming is booming with more and more play-to-earn games that reward players with meme coins, expanding the user base and increasing the buzz.
Meme currencies also seem to be investing more in community building. Loyal communities continue to promote meme currencies, making them relevant to future investors.
Meme coins are known for their rapid rise and fall, quickly creating and dissolving fortunes. A loyal audience helps mitigate some of the price spikes and drops.
What’s next for meme coins? Traders will have to wait and see. But the growth has been astonishing to watch. There are over 2,200 meme coins on the market today, with a total market cap exceeding $50 billion. That puts it in the neighborhood of established companies like Capital One, Moderna, or AutoZXone.
Not all cryptocurrencies will stand the test of time. Some fade away like memes on the internet. Others have the potential to become the next big thing.
Before investing in meme coins or any other financial instrument, you should understand the risks.
The publisher does not represent or warrant that the information contained in this content is accurate or complete, as this article was provided by an external contributor. This content is intended for informational purposes and should not be construed as investment advice. As with all investments, there is risk and past performance of any particular asset class is no guarantee of future performance. Your situation is unique and the products and services described herein may or may not be suitable for your particular circumstances. This is not an offer of financial advice or financial services. The views, thoughts and opinions contained in this contributor content are solely those of the content provider.
Lee Enterprises newsroom and editorial staff were not involved in the creation of this content.
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