Top Meme Coins 2024: Trends and Picks | Cryptomode

Meme coins are cryptocurrencies created with references to famous memes, often featuring images of animals (cats, dogs, or frogs) or individuals (politicians, artists, etc). In this article, we will introduce you to six meme coins worth considering.

List of Top Meme Coins For 2024

The top meme coins by market capitalization are as follows:

• Dogecoin (DOGE) $23.9 billion: the famous coin with the image of the Shiba Inu, backed by Elon Musk.
• Shiba Inu (SHIB) $20.8 billion: appeared after Dogecoin and became the second meme coin by market capitalization.
• Pepe (PEPE) $3.5 billion: a modern version of the Pepe the Frog meme launched on Ethereum in 2023.
• Dogwifhat (WIF) $2.2 billion: The second major meme coin on Solan, but it has overtaken BONK.
• Bonk (BONK) $2.1 billion: The first meme coin on Solana, with 10,000% growth in 2023.
• Rebel Satoshi (RBLZ): an up-and-coming meme coin on the cusp of completing its presale

Ranking of meme coins by market capitalization. Source: CoinGecko

Dogecoin (DOGE)

Software engineers Billy Markus and Jackson Palmer launched a famous coin with the image of a Shiba Inu dog on Dec. 6, 2013.

The project originated as a humorous response to the growing popularity of Bitcoin (BTC). However, the meme coin quickly gained traction and widespread attention. Within one month of its launch, the official Dogecoin website attracted over 1 million visitors.

The phenomenon of DOGE’s popularity is also attributed to the resilience and unity of its community. Just two weeks after the cryptocurrency network’s launch, hackers broke into Dogewallet, resulting in a loss of approximately $12,000.

In response, supporters of the meme coin rallied under the banner “SaveDogemas,” pooling resources to help those affected by the breach. Remarkably, within a month, the community successfully raised the funds necessary to mitigate the losses suffered.

SaveDogemas discussion. Source: Reddit

Dogecoin operates on a Proof-of-Work (PoW) consensus mechanism. This means that the coins are generated by mining. Initially, the total supply of coins was capped at 100 billion DOGE. However, the issuance of coins is now unlimited, and this has been implemented to enhance trading volume.

This decision has often been cited as a counterargument to Bitcoin’s capped supply by enthusiasts of the meme coin.

Dogecoin is a fork of the Luckycoin cryptocurrency, and Luckycoin is a fork of Litecoin. As such, this meme coin runs the Scrypt consensus algorithm, which can be supported through DOGE mining.

Shiba Inu (SHIB)

The project appeared much later than Dogecoin in 2020. The names of the creators are unknown, except for the pseudonym Ryoshi. It could be one person or a group of people.

Shiba Inu operates on the Ethereum network and uses the ERC-20 protocol. This means that the coin is “generated” using ETH staking. The creators of the project also launched a decentralized exchange, Shibaswap, in 2021.

Ethereum founder Vitalik Buterin actively supports Shiba Inu. In addition, the creator of the meme coin limits its supply to one quadrillion (1,000,000,000,000,000) SHIB.

During the launch of the meme coin, Ryoshi distributed the allocation in a 50:50 ratio between Vitalik Buterin and Uniswap liquidity. Token burns also take place on the network.

Like Degocoin, Shiba Inu has strong community support with the ShibArmy tag. One of the famous members of this community and the developer of the project, Shytoshi Kusama, hinted in December 2023 that approximately $1.2 million SHIB is planned to be burned.

1/ As Billions of Shib prepare for roasting (yes, it is in progress), and Shibarium transactions are worthy of toasting ... I continue to look forward to next week's announcement. Let's talk about it (continued)

— Shytoshi Kusama™ (@ShytoshiKusama) December 16, 2023

According to Ryoshi’s idea, one of the project’s goals is for the Shiba Inu community to strive for the coin to grow to $0.01. For this reason, token burns, which usually cause growth, occur.

The project actively encourages its community and fans. For example, starting Mar. 6, anyone can register their SHIB name token for an additional fee. Plus, there is the recently launched Sheboshi NFT collection.

SHIB name token. Source: d3.app

Pepe (PEPE)

The PEPE cryptocurrency was originally called PepeCoin and operated on a Proof-of-Work consensus. In April 2023, the project migrated to the Ethereum network and operates on the ERC-20 algorithm.

This is how the PEPE April 2023 coin came into existence. Known in the crypto community for its association with the meme “Pepe the Frog,” PEPE quickly gained popularity and saw a surge in value after its launch. Initially, the meme coin was exclusively traded on the decentralized exchange Uniswap. However, it was listed on centralized exchanges such as ByBit, Binance, and others in May, further expanding its accessibility to traders.

PEPE price change in the first weeks of trading. Source: CoinGecko

PEPE boasts a “limited” supply of 420.69 trillion coins, with 93.1% allocated to the liquidity pool and the remaining portion reserved in a multi-signature crypto wallet for future use.

The widespread popularity of the Pepe phenomenon has led to the emergence of similar meme coins, including PepeFork, Pepe 2.0, and others. Interestingly, the creators of PEPE remain unidentified despite its significant impact in the crypto space.

List of coins with the name “Pepe”. Source: CoinGecko

Dogwifhat (WIF)

Another meme coin featuring the Shiba Inu dog, but this time on the Solana blockchain.

While not the first on Solana, this token has significantly surpassed its predecessor, Bonk, in terms of market capitalization. Currently, it ranks fourth among the top meme coins by market capitalization.

Launched in November 2023 amidst the frenzy surrounding Bonk, this cryptocurrency gained further momentum when it was listed on the Bybit platform on Jan. 11, 2024, increasing its popularity within the crypto community. Binance recently announced that WIF is available for trading starting Mar. 5.

Bonk (BONK)

Bonk became a real crypto star in December 2023, when the price of the meme token skyrocketed more than 10,000% in two months.

Bonk is a meme coin created on the Solana blockchain in December 2022. However, its popularity came later when it was announced that Solana Saga smartphone owners could claim the coins.

In addition, Bonk even has NFT collections. A few months after the launch, Solana’s Magic Eden marketplace hinted at integrating the coin into its platform.

Like Dogecoin and Shiba Inu, Bonk uses an image of a famous dog as its emblem. The creators of the projects are still unknown. According to the creators, the meme coin will become a currency for transactions in Solana and DeFi. 93.5 trillion coins are the maximum supply. 50% of them will be distributed during the airdrop in December 2023.

Rebel Satoshi

Rebel Satoshi is a new crypto project that has recently concluded its pre-sale phase and commenced trading on select exchanges.

Rebel Satoshi comprises two meme tokens and features an administration token denoted by the RBLZ ticker and a transaction token designated by the RECQ ticker. Both tokens operate on the Ethereum network and are facilitated by the ERC-20 protocol.

The RBLZ token has been available for trading on the Coinstore exchange since Mar. 5. The token has a supply of 250 million.

Feeling #bullish yet? pic.twitter.com/rOjorZ20Gg

— Rebel Satoshi (@rebel_satoshi) March 2, 2024

It is known that 50% will be distributed to the public, 20% will be placed in liquidity pools, 15% will be used to distribute rewards, and 10% and 5% will be used to support the ecosystem.

The project has set a goal to reach a market capitalization of up to $100 million.

Is It Worth Buying Top Meme Coins?

The top meme coins are very volatile cryptocurrencies. The crypto market, in general, is hard to call more predictable, but this category of coins can rise 40% one day and fall the next.

But this is what attracts traders to meme coins. However, you need to keep this in mind:

1. Trend-driven nature: Meme coins often ride on trends and social media hype. A coin’s past performance is not necessarily indicative of its future trajectory.
2. Unpredictability: It can be challenging to predict which meme coins will gain traction and which will fade into obscurity. Traders often adopt a strategy of buying low and holding in anticipation of a surge in popularity.
3. Influence of external factors: Meme coins can experience sharp price movements in response to social media posts or endorsements from influential figures.
4. Lack of intrinsic value: Unlike established cryptocurrencies like Bitcoin or Ethereum, meme coins typically lack fundamental value based on technology or utility. However, they may benefit from strong community support and enthusiasm.