Markets
These Meme Coins Are Outperforming Bitcoin’s 61% Gain in 2024
Several meme coins outperformed Bitcoin (BTC) in the first half of 2024, posting double- and even triple-digit percentage gains.
Bitcoin’s price has surged 61% since its 2024 low of $38,555 on Jan. 23. The surge comes amid broader market optimism, with the cryptocurrency industry celebrating the historic approval of Bitcoin ETFs.
Forbes’ list of top-performing meme coins in H1
According to Forbes, four meme coins outperformed BTC in the first half of 2024. The American business magazine cites Dogwifhat (WIF), Pepe (PEPE), Floki (FLOKI) and Shiba Inu (SHIB) for 1,300%, 800%, 418% and 67% in gains, respectively. Bitcoin’s meme coin Dogecoin (DOGE) is up 35%, falling short of BTC’s 61% year-to-date surge.
BeInCrypto also reported that meme coins were ranked among the highest performers in the cryptocurrency market in the first half of 2024. These reports signify a shift in investor sentiment and market interest as meme coins become a genuine asset class. Both Van Eck It is BitMEX Exchange implemented tracking indexes for the sector.
Meme coins are “cryptocurrencies inspired by internet memes and jokes. They have little or no fundamental value,” according to Forbes. However, meme coins rise and fall proportionally depending on market sentiment, indicating the power of the crypto community.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” said Tron founder and Huobi Global advisor Justin Sun. he said during the Token2049 event.
Read more: 7 Meme Coins and Altcoins That Are Trending in 2024
The reputation of meme coins as the ideal investment for speculative liquidity positioned them for significant gains in 2024. This is on what has been a bullish H1 for crypto, driven by multiple positive narratives. Avalanche Foundation predicted this already at the end of 2023 and committed to supporting diverse and culturally significant initiatives.
Optimistic 2024 Narratives That Boosted Memecoins
The January approval of Bitcoin spot ETFs marked a watershed moment in crypto, shaped by a strong case for it in 2023. This landmark decision by the U.S. Securities and Exchange Commission (SEC) brought BTC to the doorstep of institutional players. The BTC spot ETF theme set the tone for Expected Ethereum ETFs it is a possible Solana ETF.
The advent of ETFs has increased the legitimacy of Bitcoin, Ethereum and possibly even Solanawhich meant more demand for crypto. CoinGecko data shows that the market capitalization of all cryptocurrencies increased by $715 billion in the first six months of the year. Meme coins contributed significantly to this growth as retail investors adjust to market sentiment.
“Retail investors are attracted to meme coins because they offer the same opportunities as venture capitalists during seed, pre-funded and private sale rounds,” Jonas Dovydaitis, co-founder and CEO of PAiT, told BeInCrypto.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Ahead of Altcoin Season
However, the ETF narrative is only one part of the bullish sentiment inspiring in crypto. The other is Bitcoin. halvingmarking a fundamental integral that inspired market optimismparticularly for altcoins, despite lagging returns. Bringing hope for a possible bull market, 54% of cryptocurrency investors remain bullish after the halving, despite recent corrections.
While industry experts remain bullish on altcoins after the halving, some say meme coins will dominate the next altcoin season.
“If an altcoin season happens, memes will outperform alts. If an altcoin season doesn’t happen, memes will outperform alts,” meme coin analyst Murad Mahmudov foreseen.
Meme coins within the Ethereum or Solana ecosystems are at the top of the analyst’s watch list, with particular interest in those with market caps between $5 million and $200 million. Mahmudov’s strategy involves hunting for coins with “critical mass,” a metric that suggests a strong, cult-like following.
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