A series of meme coins outperformed Bitcoin (BTC) price performance in the first half (H1) of 2024. This asset class recorded profits of two to three digit percentages.
Bitcoin prices have risen 61% since the 2024 low of US$38,555 recorded on January 23. This price spike occurred amidst broader market optimism. Back then, the crypto industry celebrated the monumental approval of a spot Bitcoin ETF.
List of Best Performing Meme Coins in H1:
as many as four meme coins were able to outperform BTC during the first half of 2024.dogwifhat (WIF), Pepe (PEPE), Floki (FLOKI), and Shiba Inu (SHIB) recorded price increases of 1,300%, 800%, 418%, and 67%. As for the Bitcoin meme coin, namely Dogecoin (DOGE), it was only able to climb 35%. Which means, it failed to surpass the performance of BTC which is up 61% on a year-to-date (YTD) basis.
meme coin was among the top gainers in the crypto market during the first half of 2024. The report reveals changes in investor sentiment as well as market interest as meme coins start to become a bona fide asset class. For your information, VanEck and BitMEX Exchange have launched a tracking index for this sector.
meme coin is a “crypto asset inspired by memes and internet jokes. They have little or no fundamental value.” Interestingly, tokens in this sector thrive and plummet proportionally depending on market sentiment. This shows the strong role of the crypto community.
The reputation of meme coins as an investment option for speculative liquidity positions them to achieve significant gains in 2024. Evidently, this comes during a bullish H1 period for crypto, driven by various positive narratives.
