Out With The Old, In With The New: What Meme Coins Investors Are Buying In 2024

Benzinga – Meme coins have made a huge comeback in 2024 has seen a huge comeback.

New tokens are constantly releasing, prices are shooting up and down and many are looking for tokens with the potential to perform well. With this new dynamic, a handful of new tokens have created quite the buzz this year. Take a look at some of the top ones in 2024.

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The token with the most success in 2024 has been dogwifhat (WIF). The token, which was launched on the Solana blockchain in late 2023, has taken off this year. The price has gone up nearly 2,000% since launch, and the market cap of over $3 billion has placed WIF in the top 40 tokens. However, at all-time highs (ATHs) toward the end of March, the market cap went as high as $4.75 billion. The project is based on a meme of a dog wearing a pink knitted cap, hence the name. While the project offers little value to investors, a strong community has propped the token up and allowed the price to soar.

Another top meme coin this year is Bonk (BONK). Another dog-based meme coin on the Solana chain, BONK has gained a huge following. The token is up more than 23,000% since its launch in early 2023, most of which occurred in 2024.

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Other major tokens include Pepe (PEPE), Floki Inu (FLOKI), Book of Meme (BOME) and Jeo Boden (BODEN).

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BODEN has been one of the more interesting tokens to watch since launching in March. The token is based on President Joe Biden, poking fun at him through crudely drawn images and other memes. The token also offers no value to investors but has created a strong community on social media.

The two original meme coins — Dogecoin (DOGE) and Shiba Inu (SHIB) — have also performed well in 2024, up 70% and 150% year to date, respectively. However, these gains are small compared to some of the other meme coins mentioned.

On a high level, the entire crypto market has performed well in 2024, largely because of the approval of spot Bitcoin exchange-traded funds (ETFs), Ethereum upgrades and overall positive sentiment. Many see this as paving the way for a meme coin resurgence.

New avenues for meme coin creation also have helped spark interest. Solana is the largest, attracting billions of dollars of investment into new meme coins, which helped revive the Solana chain after it was involved with the collapse of FTX Trading Ltd.

Another platform is Coinbase’s Base layer-2, which allows anyone to create a new token on the platform.

The meme coin rally in 2024 has been one of the most interesting and almost unbelievable stories of 2024. The projects have generated incomprehensible amounts of value for investors. As new tokens continue to roll out, new opportunities for profitable investments follow. However, the space is extremely volatile and risky, so be cautious when investing.

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© 2024 Benzinga does not provide investment advice. All rights reserved.

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