In 2024, meme coins on Solana experienced a boom. In particular, thanks to the Pump.fun protocol, which allowed any user to launch tokens for just a few dollars. However, well-known assets dominated trading volumes on centralized exchanges.

As in previous growth cycles, Dogecoin became a favorite among traders, analysts from Kaiko report. Dogecoin began to rise after elected President Donald Trump revealed plans to create the "Department of Government Efficiency" (D.O.G.E.) under the leadership of Elon Musk and Vivek Ramaswamy. Musk, the owner of the social network X and CEO of the automaker Tesla, has periodically mentioned Dogecoin in his posts and speeches since 2019 and even calls the token his "favorite coin."