The cryptocurrency market has witnessed a remarkable boom in the recent quarter. Major established financial institutions and influential corporations continue increasing their exposure to digital currencies, with many turning attention toward investments in Bitcoin and Ethereum, and a burgeoning interest in altcoins and other similar promising decentralized finance schemes.
Recently, Memecoins have also gained popularity due to their rapid uptick and viral enthusiasm, fueled by internet culture, jokes, and community fervor. This has given birth to the new word “Memecoin frenzy.” The Memecoin mania or frenzy is a result of technological breakthroughs and financial benchmarks. The passing of Kabosu, a viral meme icon, at 18 highlights the cultural and financial aspects of memecoins. Kabosu’s photo was tokenized as an NFT, selling for $4 million in 2021, marking memecoins beyond just another altcoin.
Top Trending Memecoins:
The memecoin economy currently stands at $72 billion from the entire $2.73 trillion crypto market. Here are other top 6 memecoins that are bringing profits to investors this alt season:
- Dogecoin: The first meme coin, launched in December 2013 as a parody token of Bitcoin, continues to lead the industry even in 2024. With Tesla CEO Elon Musk championing for $DOGE, the current price stands at $0.1676, a 29896.72% increase since 2013. The memecoin’s supporters are divided between whales holding 43.54% and retail investors holding around 56.46%. With a rate hike of 18.36% in 30 days, Dogecoin remains the most stable and credible option for investment.
- Dogwifhat (WIF): $WIF has been experiencing a 21.6% uptick in price, standing at $3.94. The token has a good history and relatively better stability in volatile market conditions for investors looking for a long-term investment. In a month, the token has increased 49.04% and has a market cap of $3 billion. The token currently runs on Solana and is one of the top tokens to perform on the Solana memecoin frenzy. Many Reddit users and investors on the Solana chain prefer the memecoins on Solana and have deemed the Ethereum chain ‘chaotic.’ WIF is considered “one of those coins with real potential,” according to many Solana users such as WatchMemeDAO.
- Shiba Inu: Standing at a market cap of $16 billion, it has been at par with DOGE since the beginning of the memecoin frenzy. With a daily transaction volume of $ 1.98 billion, 73.03% of the tokens are held over a long term, showcasing the positive and confident sentiment of the market. With whale holdings dominating $SHIB, the token is mostly bullish within the market, making it a good start to profit in the market. Further, the strong community support, a major factor in the memecoin market, makes it a safe investment choice for new investors looking to break into the memecoin market.
- Trump (MAGA) coin: The TRUMP MAGA Coin, which launched quietly at around $0.015 as an obscure meme coin, has recently surged in popularity. On Wednesday, May 29, 2024, it reached an all-time high of $15.45, pushing its market value to $8.06 million. This dramatic rise reflects the ongoing fervor for presidential meme coins, with TRUMP MAGA Coin likely in high demand as this trend significantly expands this week.
- Notcoin: NOT or Notcoin has recently become one of the top-performing coins on Bitget Exchange, leaving $PEPE and $FLOKI behind, as reported by analysts. Currently, the price of $NOT stands at $0.009687, a whopping 25.73% price increase in just 24 hours. While Notcoin began as a popular Telegram game utilizing a tap-to-earn model to introduce users to web3 concepts, it has since blossomed into a full-fledged community driven by their native $NOT token. Players are rewarded for participating in novel challenges and contests, with earnings accumulating over time through regular engagement.
- PEPE: PEPE coin is one of the popular memecoins in 2024. The frog-shaped token currently stands at $ 0.0000163, a -4.9% decrease since its all-time high two days ago. Though PEPE took a year to reach its ATH, investors are assured of the token’s success as it has shown stable price changes throughout. It has also gained major popularity on the Ethereum chain and has garnered the support of Ethereum loyalists. Recently, the market cap of PEPE increased by 8%, currently standing at $6.83B.
The meme coin space is under the microscope with many eyes, and the highest-rated meme coins out there will allow investors to tap into the profits in the market. While veteran tokens like DOGE will continue to lead, new investors are mostly looking for a memecoin beyond ‘just a trend’, with more features and real-life use cases. This has led to an increase in investment in memecoins like $TRUMP, a new narrative, and the first politi-fi token. While market movements may go up and down for these tokens, these five tokens will always dominate the altcoin industry, weathering the volatile storms.
