The meme coin sector made great strides in the first half of 2024, with numerous tokens reaching all-time high prices and thus capturing investors’ attention.
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 second-largest meme coin in terms of total market capitalization experienced a huge bull run in March, recording a triple price digit in a matter of weeks. Its resurgence benefited numerous holders, and one point, over 63% of those with exposure to the asset were sitting on paper profits.
However, the jolly was short-lived with SHIB heading south in the following months. Its valuation is down over 25% in the past 30 days as almost 50% of its investors are currently underwater.
Meanwhile, various factors may put the self-proclaimed Dogecoin killer pack on the green path. One example is the potential advancement of the layer-2 blockchain solution – Shibarium.
The protocol officially went live in August last year, aimed at improving speed, enhancing scalability, and lowering transactions costs. For more updates on the ecosystem, make sure to check out our Shibarium news section.
Shiba Inu’s burn rate might also play a role. The possible spike of the metric would leave fewer assets in circulation, which could result in a rising price (assuming demand remains the same or goes up). Earlier this month, the burn rate skyrocketed by 800%, coinciding with the brief price revival of SHIB.
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 is safe to assume that favorable announcements from the EV giant and its CEO – Elon Musk (who is a firm supporter of the meme coin) – can trigger another revival for DOGE in the second part of the year.
Bonk Inu (BONK)
This popular meme coin reached an ATH at the end of May and is among the few top 100 cryptocurrencies that are in the green on a weekly scale. Earlier this week, it soared by 25%, flipping dogwifhat (WIF) as the biggest meme built on the Solana ecosystem.
While BONK saw the light of day at the end of 2022, it started making the headlines a year later. Back then, its price and market cap spiked exponentially following huge interest from investors and support from leading cryptocurrency exchanges, such as Binance, Coinbase, Bybit, Kraken, KuCoin, and many more.
It will be interesting to see whether other companies will decide to embrace the asset in H2, 2024, and whether such a move could cause a price rally for BONK.
MAGA (TRUMP)
This Donald Trump-related meme coin has been a massive success in June, with its value peaking at over $17 and market cap reaching almost $800 million. The price retraced in the following months, currently equaling around $6.
The asset’s previous rallies were attributed to positive developments surrounding America’s former president. For example, its ATH occurred shortly after Trump secured a major court victory and was entitled to some degree of immunity from criminal prosecution.
The billionaire is running for president again, opposing the current political leader, Joe Biden, in the elections this November. The latest data shows that he is ahead in national polls by 42.2%. Biden is second with 40.1%, while Robert Kennedy follows with 9.2%.
His possible reelection may affect not only the aforementioned meme coin but also trigger volatility in the entire cryptocurrency market. Recall that he recently described himself as the right choice for pro-crypto voters, claiming his opponent, Joe Biden, and his administration are against the industry.
He also pledged to increase the Bitcoin (BTC) mining efforts of the United States, arguing this is the “last line of defense against a CBDC.”
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