Memecoin was popularized by Elon Musk đ during the 2020-2021 bull market. Musk, who calls himself the âDogefather,â đ has been a vocal supporter of the meme cryptocurrency since 2019. His tweets, which often feature the iconic Shiba Inu dog or humorous comments about Dogecoin, have been known to send Dogecoin's value soaring or falling.
Musk's liking for Dogecoin is not just entertainment. He has repeatedly expressed his belief in Dogecoin's potential as a transaction currency, arguing that it encourages use for spending over hoarding đ°. In fact, he once suggested that Dogecoin is better suited for transactions than Bitcoin, which he sees as more of a store of value.
Before we discuss my top picks for memecoins in 2024, let's first understand why memecoins are so popular and the history of memes in cryptocurrency.
Memecoins are cryptocurrencies that are often based on internet memes or jokes. They are made for fun and to make people laugh, but they are also a serious investment for some people. The most famous memecoin is Dogecoin, which was created in 2013 as a joke based on the popular "Doge" meme.đ„
But why are memecoins trending? Part of the reason is because of its fun and light nature. In a world that often feels so serious, memecoins offer a bit of humor and happiness. They also have the potential to make people rich, as their prices can rise drastically in a short time. People are tired of new projects being launched at huge valuations backed by VCs and other big companies. Retail investors are turning to memes as a kind of rebellion against the current system which is dominated by many large companies with funding or capital high enough to invest in several cryptocurrencies.
We have to know what drives crypto prices. It's an attention game, a hype game. The greater the hype, the more attention the token gets. People will experience FOMO (Fear of Missing Out) and try to get into the coin. Often, it is not the project with the best technology or new innovation that will see the biggest profits, but the coin or token that generates the most hype that will come out on top. Memecoin's lightweight nature will be easy for most traders and investors to understand.
Many people say but memecoin has no fundamentals? đ
Having no fundamentals is not a drawback, but a feature of memecoins. This is the reason why they are so popular in a short time. The majority of people in the crypto world do not have the background and ability to understand the technicalities of a particular project.
Memecoins have special characteristics such as fair launch, simple narrative, full transparency, fun and community-focused, and no information asymmetry. Memecoin attracts users into a chain.
For example, we can look at the Solana network or the Base network. The network gained popularity due to memecoins. This creates adoption for the chain. Even Franklin Templeton, one of the leading Trade institutions in the US, has written a paper on memes.
Memecoins like these make crypto more accessible and understandable to the masses, making them a powerful tool to encourage participation and engagement in the cryptocurrency ecosystem.
The following are recommendations for memecoins that have potential in 2024:
$PEPE (Pepe): PEPE is a deflationary memecoin launched on Ethereum. This cryptocurrency was created as a tribute to the internet meme Pepe the Frog, created by Matt Furie, which gained popularity in the early 2000s. The project aims to capitalize on the popularity of meme coins, such as Shiba Inu and Dogecoin, and seeks to establish itself as one of the top meme-based cryptocurrencies. PEPE appealed to the cryptocurrency community by instituting a no-tax policy, a redistributive system that rewards long-term holders, and a burning mechanism to maintain the scarcity of PEPE coins.
$WIF (Dogwifhat): dogwifcoin (also known as dogwifhat) is a Solana-based meme token best known for its image of a Shiba Inu wearing a wool knit hat. This image quickly became an internet sensation and spawned numerous other images of people and objects wearing the same hat. The project's token, WIF, experienced significant growth in early December 2023, rising from a market cap of less than $1.00 million to over $350.00 million in two weeks.
$BOME (Book of Meme): BOOK OF MEME is an experimental project that aims to change web3 culture by combining memes, decentralized storage solutions, and shitcoin trading and gambling. This experiment aims to summarize the ever-evolving meme culture in a digital compendium, BOOK OF MEME, ensuring every meme is immortalized on the blockchain.
BOME is a memecoin on Solana, and Arweave, IPFS as the main storage of the Book Of Meme and future expansion to Bitcoin inscription as immutable immutable storage, these initiatives aim to create a new dimension of decentralized social media, and keep memes growing.
COQ (Coq Inu): Coq Inu is the number one meme coin on AVAX. Founded by respected community members. They did not take any distribution and placed the entire coin supply with 150 AVAX in initial liquidity. Contracts have been completely released and liquidity is burned. Coq Inu is a chicken-themed memecoin that has found its place on the Avalanche network. Launched by members of the Avalanche community, this token, like its feathered counterparts in the memecoin world, has no specific utility or purpose for the network on which it resides. Instead, it's all about entertainment and community spirit. Despite having no intrinsic value or financial returns, Coq Inu has managed to attract attention in the crypto world, with a total supply of 69.42 trillion tokens.
TOSHI (Toshi): Toshi is a memecoin on the Base network, inspired by Coinbase CEO Brian Armstrong's beloved pet. Toshi has emerged as the leading memecoin on Base, leveraging its strong community and robust meme culture to make it the face of the Base blockchain. Toshi also has a governance system through MEOW DAO, which empowers its community with decentralized governance. Based on the latest data, Toshi has over 15,000 holders and is considered one of the best performers in the memecoin space on the Base network.
For completeness, here are some tips for trading or investing in memecoins.
Research Before You Leap: Before diving into the world of memecoins, it is important to understand the origins, uses, and development team behind the token. A solid understanding of these basics can help you make more informed decisions.
Stay Cautious: Memecoin can be very volatile. Be wise to only invest what you can afford to lose and be prepared for significant price fluctuations. Remember, the memecoin market is not for the faint of heart.
Adapt to Market Dynamics: The memecoin market is influenced by trading volume effects. Staying informed about these dynamics can help you take advantage of potential opportunities while mitigating risks.
