Memecoins have re-emerged with the bull market, making life-changing money for investors. They are dominating the crypto markets in terms of volume and liquidity, increasing in price at an explosive rate.
The idea behind memecoins has always been the community, coupled with the creative and funny memes put together by the creators or artists.
Memecoins are extremely volatile, which creates an avenue for investors to potentially realize 100x on their investments or see their investments go to zero. If you want to learn about memecoins, this article is for you. You can also easily build your own memecoins using ptpwallet.
What are memecoins?
As their name suggests, memecoins are a unique kind of cryptocurrency that derives its entire essence or foundation from memes. From its name to its logo and objective, memes are integral to the entirety of memecoins. As expected, the volatility of memecoins is swayed by internet trends and thus requires due diligence to own and trade with them.
The history of memecoins
The origin of memecoins can be traced back to December 6, 2013, when Dogecoin (DOGE), the first meme coin, flooded the market. Developed by software developers Billy Markus and Jackson Palmer, Dogecoin was designed to mock the irrational speculation of the cryptocurrency market at the time and drew inspiration from the popular word “dog,” used to describe a popular dog.
The coin is known as the first dog-themed coin and was a source of opportunity despite its satirical nature. Dogecoin gained more popularity on the social media internet platform Reddit and the constant appraisal from billionaire engineer Elon Musk on Twitter. This memecoin is forked from Litecoin (LTC) and uses the same technology as Bitcoin (BTC). Drawing inspiration from the accidental success of Dogecoin, other memecoins followed suit, creating a category of cryptocurrency.
Why is a memecoin different from other cryptocurrencies?
When compared side by side, memecoins are way different from other cryptocurrencies. Memecoins are highly volatile and can charge in value within a short time. They usually have a massive or unlimited supply value, ranking up to billions and trillions. In comparison to Bitcoin’s $15 million capped supply, this is unusually high. In addition, they depended on buzz and internet trends; any positive or negative impact could increase or decrease their value. This is yet another drawback, as people believe memecoins are easily manipulated by people in power. Memecoins have a generally low value, and the majority are lower than a dollar. These coins are more likely to get rugged as there are multiple reports of coin scams.
5 Popular Memecoins in 2024
2024 has been a year of unprecedented growth for Bitcoin, Ethereum, and many memecoins. Many memecoins are gaining significant supporters and investors, and among them are the following:
Bonk (BONK)
While the FTX saga collapsed a significant portion of the market and rendered many near penniless, it also led to the development of a fast-growing memecoin called Bonk. Bonk (BONK) became the brainchild of concerned parties looking to improve the adoption of the Solana ecosystem after the sudden collapse of FTX. This memecoin launched using innovative airdrop strategies that distributed almost 50% of its entire token supply to the NFT creators, crypto investors, and other key members of the Solana community in a bid to encourage the growth and readoption of the Solana ecosystem. Beyond memes and clout, Bonk’s (BONK) vision was to provide utility to the Solana ecosystem by integrating gaming and other decentralized finance solutions.
Coq Inu (COQ)
Operating on the Avalanche C-Chain, Coq Inu (COQ) is a notable memecoin in the market that was launched on a community-driven initiative. As of early 2024, it had a market cap of over $600 million and had experienced a 600% increase. With a total token supply of 67 trillion, Coq Inu (COQ) undoubtedly has the community at heart, and it is a perfect mix of humor and financial opportunities. Another contributing growth factor is the affordability and speed of its Avalanche platform.
Pepe (PEPE)
Since its launch in 2023, Pepe (PEPE) has risen in popularity to become one of the best-performing memecoins of 2024. Like Dogecoin was inspired by an animal, PEPE was also inspired by a frog, which uses the popular “Pepe the Frog.” Being a popular meme choice, it gathered the attention and support of many, despite having no CEO, team, or utility. For a memecoin created solely for entertainment, Pepe (PEPE) has a total market capitalization value of over $400 million in less than one month since its launch. As of writing, Pepe (PEPE) has a market capitalization of over $2.5 billion, having grown by over 12,000% since its launch.
FLOKI (FLOKI)
Floki (FLOKI) is another memecoin that has diversified into a crypto project with more utility. This Viking-themed memecoin plans to extend its utility beyond memes, charity, and trading. Floki comprises a 3D NFT metaverse, DeFi utilities, and a merchandise store. Plus, Floki actively engages in charitable ventures for schools and nonprofit organizations in Nigeria and Guatemala. These memecoins have an impressive circulating supply of 9.57 trillion tokens and have also experienced a 287% gain over the past year.
Dogwifhat (WIF)
A new entry to the competitive memecoin market is Dogwifhat (WIF), which was launched in November 2023 on the Solana blockchain. It earned massive popularity after being compared to the Shiba Inu character with a hat. Like most memecoins, Dogwifhat is whimsical, leverages internet trends, and has no impact on disrupting existing financial systems. It has a market cap value of over $1.5 billion, placing it among the top 5 well-performing memecoins of 2024.
Create your own memecoin with PTPWallet
Memecoins are easy to create and even easier to adopt, as many crypto enthusiasts are in search of the next best coin to invest in. If you have an idea in mind and believe your memecoin can be the next big project to hit the market, PTPWallet token development services can help actualize this dream.
PTPWallet handles the development, promotion, and issuance of memecoins. Consult our team of experts to learn more.
