Introduction
A memecoin, as the name implies, is a cryptocurrency developed around a meme or a running joke. While these projects may have started as jokes, their current significance is anything but. Memecoins often enjoy robust community support, with their operations largely driven by community decisions, more so than many other crypto projects.
This community-driven approach is a key reason why top memecoins in 2024 have surged in popularity, due to the perception of greater decentralization. Although the decentralization of these coins can be debated, their massive community backing is undeniable. This article will examine some of the top memecoins in 2024 by market capitalization.
Dogecoin (DOGE)
Leading the list of top memecoins in 2024 is Dogecoin, the original memecoin in the crypto market. Created by Jackson Palmer, a product manager at Adobe Inc., and Billy Marcus, a software developer at IBM, Dogecoin began as a joke, symbolized by its logo featuring a Japanese Shiba Inu dog. Despite its humorous origins, Dogecoin is now the largest memecoin and the eighth-largest crypto asset by market capitalization, nearing $11.5 billion as of this writing.
Dogecoin is a peer-to-peer, open-source cryptocurrency that launched in December 2013, with its code and technology inspired by Litecoin. Dogecoin saw a significant rise during the 2017 bull run but lost much of its value in the 2018 crash. Despite this, Dogecoin has maintained a strong community, notably supported by Elon Musk, who advocates for its utility as a low-fee, blockchain-based payment mechanism.
**Current Price:** $0.12
**Market Cap:** $18.2 billion
**Circulating Supply:** 144.12 billion DOGE
**Max Supply:** N/A
**Vol (24H):** $2.1 billion
**Change (YTD):** +43.4%
**Founder:** Billy Markus and Jackson Palmer
Dogecoin has recently faced significant declines, losing over 42% in April and falling below the 50-day EMA. It's now relying on support at the 200-day EMA. If the price breaks below this level, it could drop to $0.1. To reverse this trend, Dogecoin must surpass the $0.16 pivot and the $0.2 psychological barrier, potentially reaching $0.3 by the end of May 2024.
Shiba Inu (SHIB)
Next on the list is Shiba Inu, an Ethereum-based altcoin with a Shiba Inu dog as its mascot, often referred to as the "Dogecoin killer." Created by the anonymous "Ryoshi" in August 2020, Shiba Inu is the second-largest memecoin and the 14th-largest crypto asset by market cap, standing at about $6.5 billion.
Shiba Inu had a tough year in 2022 but has moderately recovered since early 2023, supported by its strong community. The ecosystem continues to expand, including its metaverse where users can interact and earn rewards.
**Current Price:** $0.000022
**Market Cap:** $13.1 billion
**Circulating Supply:** 589.28 trillion SHIB
**Max Supply:** N/A
**Vol (24H):** $757 million
**Change (YTD):** +115%
**Founder:** Ryoshi (anonymous)
Shiba Inu surged nearly 300% in March 2024 but is currently trading below $0.00003. To resume its upward trend, it must break the $0.00003 resistance. Support is around $0.00002, while a break above $0.00003 could target $0.000089.
Pepe (PEPE)
A recent addition to top memecoins in 2024, PEPE, based on the internet meme of a green cartoon frog, has grown rapidly since its launch. Designed without intrinsic value, PEPE has risen over 400%, reaching a market cap of $3.025 billion and ranking 111 on CoinGecko.
**Current Price:** $0.0000071
**Market Cap:** $3.025 billion
**Circulating Supply:** 420.69 trillion PEPE
**Max Supply:** 420.69 trillion PEPE
**Vol (24H):** $1 billion
**Change (YTD):** +446%
**Founder:** Unknown
PEPE has surged from under $0.0000014 to $0.000007 and may target $0.00001. In a downturn, it could find support around $0.0000046.
Bonk (BONK)
Bonk, with its distinctive meme-inspired branding and active community, has risen in market cap among memecoins in 2024. Known for its vibrant community and unique approach, Bonk is a significant player in the memecoin market.
**Current Price:** $0.00002374
**Market Cap:** $1.54 billion
**Circulating Supply:** 65.19 trillion BONK
**Max Supply:** 100 trillion BONK
**Vol (24H):** $408 million
**Change (YTD):** +77.9%
**Founder:** Dexlab, Founders anonymous
Bonk's price surged by over 110% in the past 90 days. Targets are $0.000032 and $0.000038, with support around $0.00002.
Floki Inu (FLOKI)
Named after Elon Musk's Shiba Inu puppy, Floki Inu started as a meme but has become a multifaceted Web3 project, including DeFi, NFTs, and its metaverse, Valhalla.
**Current Price:** $0.000158
**Market Cap:** $1.5 billion
**Circulating Supply:** 9.569 trillion FLOKI
**Max Supply:** N/A
**Vol (24H):** $180 million
**Change (YTD):** +349%
**Founder:** B PetaByte Capital, Sabre and Mr Brown Whale (Anonymous)
FLOKI has surged by 530% at its peak in 2024 and is trading below $0.0002. Breaking above $0.00022 could target $0.00031, with support around $0.0001.
Memecoins, despite their origins as jokes, have become serious contenders in the cryptocurrency market due to their strong community support and perceived decentralization. The top memecoins of 2024, including Dogecoin, Shiba Inu, Pepe, Bonk, and Floki Inu, demonstrate significant market presence and potential for growth. These assets are characterized by their unique communities, strategic developments, and varying degrees of technological integration. As the crypto landscape evolves, these memecoins continue to capture the interest of investors and enthusiasts alike.
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