As an experienced analyst, I have closely monitored the meme coin sector throughout 2024 and observed its impressive growth during the first half. In this opinion piece, I will highlight the top meme coins with potential to continue their strong performance in the remaining months of the year.
In the initial portion of 2024, the meme coin market experienced significant progress. Numerous tokens attained new record prices, piquing the interest of investors.
In the following lines we will outline the top memes that have a chance to continue the impressive performance in the remaining months of 2024.
Shiba Inu (SHIB)
The coin ranking second by market capitalization among meme cryptocurrencies underwent a remarkable price surge in March. In just a few weeks, its value more than tripled, reaching triple-digit figures. This growth brought significant gains for many investors, with approximately 63% of them enjoying paper profits at one point.
Despite the initial joy, Shib’s journey took a turn for the worse. In the ensuing months, its value plummeted, resulting in a 25% decrease over the last 30 days. Approximately half of its investors are now facing losses.
In the interim, several circumstances could help the self-declared “Dogecoin killer” contenders make progress towards profitability. For instance, the evolution of a potential layer-2 blockchain solution like Shibarium might be a significant contributing factor.
The protocol became active last August with the official launch, designed to boost speed, expand capacity, and reduce transaction fees. Keep informed about our ecosystem by visiting the Shibarium news section for latest updates.
Shiba Inu’s soaring burn rate could be another contributing factor. A significant increase in the rate at which SHIB tokens are being destroyed would reduce the total number of coins in circulation. Consequently, scarcity might drive up the token’s price if demand remains constant or even increases. Notably, the burn rate surged by 800% earlier this month, coinciding with a brief price rally for Shiba Inu.
Dogecoin (DOGE)
The biggest meme coin, DOGE, with a market cap of over $15 billion and one of the top 10 largest cryptocurrencies, also rallied substantially in the first half of 2024. In March, it was worth approximately $0.22 (per Coingecko’s data).
Similar to SHIB, though, its price started declining in the next few months to its current level of around $0.10. The downfall included enhanced volatility and sharp price swings. At the start of May, for example, the asset headed north after Tesla officially integrated it as a payment option on its website.
It’s reasonable to expect that positive news from Tesla, the EV industry leader, and its CEO Elon Musk (known for his backing of Dogecoin), could lead to a resurgence for DOGE in the last half of the year.
Bonk Inu (BONK)
The well-known meme cryptocurrency hit its all-time high at the end of May and is currently one of the top 100 digital currencies showing gains on a weekly basis. Earlier in the week, it experienced a surge of 25%, surpassing dogecoin (WIF) as the leading meme coin on the Solana platform.
At the close of 2022, BONK was introduced to the world. However, it wasn’t until a year later that this cryptocurrency began gaining significant attention. During this time, its price and market capitalization experienced remarkable growth due to surging investor interest and backing from prominent cryptocurrency exchanges like Binance, Coinbase, Bybit, Kraken, and KuCoin, among others.
It’s intriguing to consider if other businesses will adopt the BONK asset in the second half of 2024, and what the potential consequences might be in terms of a price surge.
MAGA (TRUMP)
In June, the meme coin associated with Donald Trump saw tremendous success, reaching a value of over $17 and amassing nearly a billion dollars in market capitalization. However, its price has since receded, now hovering around the $6 mark.
The asset’s past price surges can be linked back to favorable news regarding the previous American president. For instance, its all-time high was reached shortly following Trump’s significant legal triumph and subsequent granting of limited immunity from criminal investigations.
A billionaire is once more campaigning for the presidency, aiming to unseat the current office holder, Joe Biden, in the upcoming elections this November. The most recent surveys indicate that he leads by 42.2% against Biden’s 40.1%, with Robert Kennedy trailing behind at 9.2%.
The prospect of his reelection could have significant implications, not just for the mentioned meme coin but also for the wider cryptocurrency market. It’s important to remember that he has identified himself as a strong advocate for the crypto community, contrasting his stance with Joe Biden and his administration, who are perceived as being unfavorable towards the industry.
Additionally, he committed to ramp up Bitcoin (BTC) mining activities in the United States, emphasizing this as a crucial step to safeguard against a Central Bank Digital Currency (CBDC).
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2024-07-14 16:43