The memecoin space has made great progress in the first half of 2024, with many tokens hitting all-time highs, thereby attracting the attention of investors. Below I will recommend the top memes that have a chance to continue their outstanding performance in the remaining months of 2024.
Shiba Inu
The second-largest meme coin in terms of total market capitalization experienced a bull run in March, with its price rising by triple digits in just a few weeks. Its recovery benefited many holders, with more than 63% of holders making paper profits at one point.
However, the joy did not last long, and SHIB went downhill in the following months. Its valuation has fallen by more than 25% in the past 30 days, and almost 50% of investors are currently in a loss.
Meanwhile, various factors could put the self-proclaimed Dogecoin killer on the green path. One example is the potential advancement of Shibarium, a second-layer blockchain solution.
The protocol officially launched last August and is designed to increase speed, enhance scalability, and reduce transaction costs. For more updates on the ecosystem, be sure to check out our Shibarium News section.
Shiba Inu’s burn rate may also play a role. The metric could spike, resulting in fewer assets in circulation, which could lead to higher prices (assuming demand remains constant or rises). Earlier this month, the burn rate spiked 800%, coinciding with a brief recovery in SHIB prices.
Dogecoin (DOGE)
The largest meme coin, DOGE, with a market cap of over $15 billion and one of the top ten cryptocurrencies, also rose sharply in the first half of 2024. In March, it was worth about $0.22 (according to Coingecko).
However, similar to SHIB, its price began to decline in the following months to its current price of around $0.10. The decline included increased volatility and wild price swings. For example, in early May, the asset price rose after Tesla officially integrated it as a payment option on its website.
It’s safe to say that positive news from the electric car giant and its CEO Elon Musk, who is a staunch supporter of the memecoin, could spark another revival for DOGE in the second half of the year.
BONK
The popular meme coin hit an all-time high in late May and is one of the few top 100 cryptocurrencies to see weekly gains. Earlier this week, it surged 25% to surpass dogwifhat (WIF) as the biggest meme in the Solana ecosystem.
Although BONK came out in late 2022, it started making headlines a year later when its price and market cap soared exponentially, fueled by huge investor interest and support from leading cryptocurrency exchanges like Binance, Coinbase, Bybit, Kraken, KuCoin, and more.
It will be interesting to see if other companies decide to adopt the asset in the second half of 2024 and if such a move would lead to an increase in the price of BONK.
Make America Great Again (Trump)
The Donald Trump-related meme coin was a huge success in June, peaking at over $17 and with a market cap of nearly $800 million before falling back in the following months and currently sits around $6.
The asset’s previous gains have been attributed to positive developments with the former U.S. president. For example, its highest gains came shortly after Trump scored a major court victory and enjoyed a degree of immunity from criminal prosecution.
The billionaire is running for president again, taking on current political leader Joe Biden in this November’s election. The latest data shows that he leads in national polls by 42.2%. Biden is in second place with 40.1%, followed by Robert Kennedy with 9.2%.
His possible reelection would not only affect the aforementioned meme coins, but also cause turmoil in the entire cryptocurrency market. Recall that he recently portrayed himself as the right choice for pro-cryptocurrency voters and claimed that his opponent Joe Biden and his administration are against the industry. He also promised to increase Bitcoin (BTC) mining in the United States, considering it the "last line of defense against CBDCs."
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