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Meme coins have been a constant and exciting part of the cryptocurrency industry for a long while. It all started with Dogecoin (DOGE), but quickly escalated to an abundant ecosystem centered around memes, jokes, and community-building.
Some meme coin projects have taken it to another level, creating usable blockchain solutions like layer-two networks, wallets, decentralized exchanges, and whatnot.
Others have remained in the realm of jokes and memes and are predominantly centered around building communities.
In the following, we take a look at the most exciting meme coins to watch in 2024, and we also seek an answer to the question of whether or not they can outperform Bitcoin.
Dogecoin (DOGE)
Think of Dogecoin as the godfather of meme coins. It was the first widely-recognized meme coin, created as a joke and nothing else. It’s been around since 2013, developed by Billy Marcus and Jackson Palmer.
Dogecoin has one of the largest communities in the industry and has attracted popular figures like the billionaire owner of Tesla, SpaceX, and X (Twitter) – Elon Musk.
Musk has stated, on multiple occasions, that he is a supporter of the cryptocurrency and that he will actively help with its development.
DOGE has always been a precursor to volatility in the market. Whenever it starts moving, that’s when traders know to expect action. 2024 is believed by many to be the year when a large bull run will begin, as the Bitcoin halving will take place in April.
If that turns out to be true, DOGE is likely to be one of the meme coins that will be worth watching. Will it reach the coveted goal of $1? Only time will tell.
You can find a complete guide on Dogecoin here.
Shiba Inu (SHIB)
Dogecoin’s hegemony spawned the appearance of multiple meme coins that aimed to claim some (or all) of its dominance. The first one to do it successfully was Shiba Inu (SHIB).
SHIB minted a lot of millionaires in the previous bull market, as it reached a total capitalization in the tens of billions. Small investments of a few hundred dollars were turned into hundreds of thousands if not millions, worth of profit.
Unlike the majority of the other meme coins that come to prominence only to descend into quick oblivion, SHIB stuck around. After numerous changes of leadership and a lot of back-and-forth, the team behind it is currently building a complete ecosystem that consists of Shibarium – its layer-two blockchain solution, as well as a number of other applications.
SHIB is just as unpredictable as any other meme coin, but with its built-in burning mechanism, a raging bull market might cause a lot of volatility in its price in 2024. You can find out more about Shibarium here:
Dogwifhat (WIF)
We are putting Dogwifhat (WIF) as the number three most exciting meme coin to watch in 2024 because it’s the newcomer on the block.
WIF started out as most meme coins centered around a funny meme of a dog wearing a hat – hence, the name. The meme coin is built on Solana and is currently one of the largest on the network, fostering a community of tens of thousands of holders.
WIF is known for its volatility, charting new highs and declines upwards of 30-40% every other week. This doesn’t discourage its community, which is constantly on the lookout for new members to put the hat on. Even Arthur Hayes – the former CEO and one of BitMEX’s co-founders – tweeted about it some time ago.
Dogwifhat is a meme coin in the true spirit of the word – the developer has supposedly sold out all of his tokens, and the supply is currently in the hands of its fans. WIF doesn’t have anything else built around it but an abundance of memes and jokes.
With the Solana ecosystem thriving in the past few months, meme coins built on it are certainly worth watching in 2024.
Bonk Inu (BONK)
Bonk Inu (BONK) is the O.G. meme coin on Solana. It took the world by storm in 2023, when it exploded to a market capitalization of close to $2 billion.
The interesting fact about BONK is that it was found within Solana Saga phones released a while ago. Back then, the team included $10 worth of BONK in those phones as a playful gift to SAGA phone users and perhaps as a way in the ecosystem.
Fast forward to 2023, that $10 gift was worth a few hundred dollars – more than the retail price of the phone itself. This caused an uptick in demand, driving the Saga phone’s price to $5000 on eBay.
Whether or not BONK will regain its all-time highs of 2023 is something that remains to be seen, but the cryptocurrency has certainly proven that it’s one to watch in the conditions of a raging bull market.
PEPE Coin (PEPE)
If you’ve paid close attention to the previous four meme coins – you would have noticed that all of them share a common theme – they are dog-themed.
Well, PEPE breaks the trend by introducing the first high-performing frog-themed meme coin.
It was launched toward the middle of April in 2023 and soared to a market cap of more than $420 million less than three weeks after that.
As you may have guessed, there’s a clear reference to Pepe the Frog Meme, although the official website clearly says that PEPE makes no claims about an association with Pepe the Frog.
You can find detailed information about the meme coin in our video:
Will These Outperform Bitcoin?
Meme coins are incredibly volatile and their performance is unlike that of other cryptocurrencies like Bitcoin. We decided to check with ChatGPT on the matter and asked if the above will perform better than BTC in 2024.
ChatGPT said that the meme coin market has a high degree of speculation and uncertainty, pinpointing five factors to watch in the coming year:
Market sentiment and adoption
Bitcoin’s position
Utility and use cases
Regulatory environment
Market dynamics
The chatbot concluded:
While meme coins can experience sudden and dramatic price increases, they also carry significant risks and can be more susceptible to market sentiment swings. Bitcoin’s more established status might offer a different risk-reward profile.
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