Meme coins have disrupted the 2024 crypto landscape. Despite a slowdown in Q2, the meme token market continues to thrive, with new types of assets emerging alongside traditional animal-themed coins – from PolitiFi to grocery-based tokens. Dog breeds no longer fully represent the meme cryptocurrency market, and new asset classes spring up thanks to the unconstrained developers’ creativity.
Wall Street for Memecoins
2024 started with an early bull run, barely anticipated. It was marked by the astonishing success of meme coins – for the first time in history, they became the most popular asset class. The total market cap of meme coins reached $38 billion – 2.5% of the global crypto market capitalization.
A reason for this surge might have a precise geographic location. As the SEC approved spot Bitcoin ETFs in January, institutional investors began pouring billions of dollars into the crypto market – and the influx wasn't limited to Bitcoin. The stablecoin supply has grown by nearly 20% since the beginning of the year, and a portion of this liquidity fueled the meme coin market. This is how Wall Street might have triggered the explosive growth of Bonk, dogwifhat, and other memecoins that entered the top 100 cryptos by market cap.
Solana Memecoins Outpace Ethereum’s
The capital influx complimented how easily anyone can create a meme coin today. Especially on Solana – with no technical or market expertise, one can launch a token using no-code solutions in just a few minutes.
Low fees, high transaction speeds, and scalability have made Solana the backbone of the 2024 meme coin market. Following the success of WIF and BONK, speculative capital from other blockchains flooded into the network. This influx led to the launch of Solana-based meme tokens in early 2024 and late 2023, while Ethereum continues to host more established meme assets. Developers pioneered a few entirely new token types within this ever-changing environment.
From Presidents to Groceries
As the world holds its breath watching the US presidential race, the crypto market reacts. Over the past months, enthusiasts have created dozens of tokens dedicated to candidates: the most prominent among them feature Donald Trump, with a $250 million market cap, and Jeo Boden, with a $28 million market cap.
Another unexpected source of inspiration for memecoin creators lies in something we encounter even more frequently than US presidential candidates. Those are groceries – specifically, beverages like water, beer, coffee, and tea. Millions of people consume these every day – and since many of them are Web3 enthusiasts, product tokens boast a huge potential user base.
In practice, this potential translates into impressive figures. The BEER token raised 30,000 SOL during its presale and amassed a community of 3 million in a few weeks. WATER gathered $41 million from 26,000 wallets. Both tokens trade on top-tier exchanges and boast a daily trading volume of over $15 million.
Tea Party
The grocery-themed tokens market is only a few weeks old. It has yet to determine its leaders, but among all the projects in the niche, one stands out even before its official token launch. That's TEA – a community-driven token that unites enthusiasts of this drink on Solana. Within just a few days of its promo campaign, the project attracted an audience of over 3.5 million on Telegram and raised 38,888 SOL in its presale. Listings on major crypto platforms were announced.
A simple concept of a token for tea fans wouldn't be enough to gather such figures. TEA offers users a combination of DeFi mechanics and real-world initiatives, promoting sustainability alongside plain profits. The DeFi features include staking (users are rewarded for holding onto the asset), token burning (with plans to reduce supply to stabilize the price), and a tap-to-win game. In the offline world, TEA plans to reward users with rare tea collections, conduct charity campaigns, and launch environmental programs in tea-growing regions.
TEA has already secured a solid list of partnerships. These include MemeFi, WormFare, Gotbit, and global thought leader Gil Petersil, who will serve as a brand ambassador. The TEA token launch is expected to happen this summer.
What’s Next for Memecoin Market?
Meme coin developers promptly react to what’s happening in the crypto market and the broader world. The influx of liquidity and Solana's straightforward UX have fueled explosive growth in the meme token market. The US presidential race spurred the emergence of PolitiFi tokens, while everyday products inspired devs to create grocery tokens like TEA. As the anticipated post-halving bull run unfolds, we may witness the emergence of many new asset classes in just a matter of days.