Memecoins
Which Meme Piece Will Work Best This Year
TL;DR
- Dogecoin and Shiba Inu are the top coin contenders for 2024, with DOGE enjoying support and a strong community, while SHIB has posted significant annual gains.
- ChatGPT also highlighted the chances of Pepe (PEPE), dogwifhat (WIF), and Bonk Inu (BONK) due to their recent price increases and strong support base.
DOGE and SHIB are among the contenders
The meme coin sector has attracted the attention of industry players over the past few months, with many assets seeing substantial price increases. The niche has witnessed the progress of some recently launched tokens and the success of others that have been a part of the industry for years.
Considering the huge interest in the topic, we decided to ask ChatGPT which meme coin will perform best in 2024. The AI-powered chatbot started its estimation with the leaders in terms of market cap – Dogecoin and Shiba Inu.
Although it was created as a joke in 2013, DOGE has seen a remarkable rally over the past few years, reaching an all-time high of over $0.70 in 2021. Currently, it is hovering around the 0 mark, $15, which is a substantial drop from the peak, but also a 100% increase from the numbers seen in May 2023.
The asset has a dedicated community, while endorsements from high-profile figures like Tesla CEO Elon Musk are beneficial to its performance. Not long ago, the electric vehicle giant officially integrated DOGE as a payment option on its website.
Shiba Inu (SHIB) – known as the Dogecoin killer – has also made great strides. Its price increases by more than 180% per year, while a recent study estimated that it has the strongest supporter base in the coin business.
Its future success relies on several factors, such as the further development of its Layer 2 blockchain solution – Shibarium, its burning mechanism, adoption levels and general investor interest.
It should be noted that the L2 network has recently suffered two major upgrades aimed at improving user experience and enabling compatibility with popular wallets including MetaMask, Coinbase Wallet and Trust Wallet. Those interested in learning more about Shibarium, feel free to take a look at our dedicated video below:
Rivals’ chances
ChatGPT continued its prediction with Pepe (PEPE), noting its strong community and recent price rise. Like CryptoPotato reportedThe frog-themed meme coin reached a new all-time high on May 15, with its market capitalization nearing the $5 billion mark.
Subsequently, the chatbot claimed that dogwifhat (WIF) and Bonk Inu (BONK) also had chances of ending 2024 among the top performers in the niche. Both assets are built on the Solana blockchain and have become sensations in recent months.
WIF has gained support from prominent industry players such as Arthur Hayes, while fans of the token have recently raised $650,000 to put its logo on the Sphere – a famous entertainment arena in Las Vegas, Nevada.
“WIF has attracted a strong community and significant attention on social media, which are crucial to the success of meme coins. Its current market capitalization and trading volume indicate solid interest from investors,” ChatGPT said.
At one point this year, WIF’s market capitalization reached almost $5 billion, becoming the third largest in the cohort. Currently, it occupies fourth place, behind PEPE.
WIF market capitalization, source: CoinGecko
BONK’s success has been equally impressive. Launched in December 2022, it started making headlines towards the end of 2023 after an exponential rise in prices. Its rise has been fueled by significant hype from investors and support from major cryptocurrency exchanges. BinanceBybit and Coinbase are among the leaders offering trading services with BONK.
According to ChatGPT, the meme coin could advance even further before the end of 2024 provided it benefits from the potential growth of the Solana ecosystem.