In traditional memecoin markets, June 2024 performance suggests that investors are now showing a preference for low- and mid-cap memes over large-cap assets like DOGE and SHIB.
Indicative of this, PEPE surged to record highs in May 2024, while DOGE and SHIB struggled to attract attention. Notably, since US fund manager VanEck filed for a Solana spot ETF in late June, investor attention appears to be shifting toward Solana-hosted memecoins.
If the SEC approves, billions of dollars in investment from institutional players could flow into the Solana memecoin ecosystem. This puts the likes of Dogwifhat (WIF) and BONK on the cusp of a major rally in July 2024.
As shown in the chart above, BONK has already seen a 47% surge since the launch of the SOL ETF by VanEck last week. If positive developments occur, BONK could become one of the cryptocurrencies to watch in July 2024.
Memecoins Product: Exploring a New Direction
Produced memecoins are the latest craze in the memecoin cryptocurrency market. Unlike their animal-themed predecessors in the traditional meme space, these grocery-themed coins leverage everyday products to foster a sense of community and offer the potential to be used in the real world. Early success stories of beer and water, along with the rapid growth of tea, show the potential of this new wave.
In a sign of the global shift away from animal-based cryptocurrencies, tokens like $BEER have achieved pre-sales of 30,000 SOL and growth of over 330% in a single month, while the $WATER campaign has $41 million raised.
The latest memecoin to hit the market is $TEA, a token that aims to combine the elegance of tea culture with the fast-paced world of cryptocurrencies.
The core story of TEA revolves around the unifying and stress-relieving properties of tea, attracting a rapidly growing segment. Community $TEA has 3 million users. With a regulated token model and a presale starting July 1, $TEA focuses on DeFi features, community engagement, and social responsibility initiatives.
On July 1, TEA raised over $3.4 million within 10 minutes of launch before hitting the $4.5 million mark on July 3. Having closed 4 out of 5 rounds in a relatively short period of time, this indicates investor interest in the newly launched asset.
While the long-term viability of these tokens remains unclear, their focus on relevant products and potential for real-world benefits such as community initiatives and exclusive perks paints a promising picture. This shift points to a move toward memecoins with a more specific purpose beyond pure speculation.
Meme Coins Political Coin: DJT Could Take Off as Donald Trump’s Lead Widens
Political cryptocurrencies are a unique subset of cryptocurrencies that combine the world of digital assets with political commentary and satire. These coins often aim to attract the attention and engagement of politically oriented individuals and communities.
While they share the humorous and meme-centric nature of traditional coins, political coins also serve as a form of social commentary, reflecting the creators’ opinions or criticisms of the political landscape.
Over the past few months, the likes of Elizabeth Horen (WHOREN), Maja, and Geo Boden (BODEN) have made huge strides in terms of media traction. However,
Donald Trump, associated with former US President Donald Trump, has emerged as the leading candidate by the end of June 2024.