Several meme coins outperformed Bitcoin (BTC) in the first half of 2024, posting double- and even triple-digit percentage gains.
Bitcoin has surged 61% since its 2024 low of $38,555 on Jan. 23. The rally came amid broader market optimism, with the crypto industry celebrating the historic approval of bitcoin exchange-traded funds.
Forbes Memecoin’s H1 Top Performers List
According to Forbes, four meme coins have outperformed Bitcoin. In the first half of 2024, the American business magazine cites Dogwifhat (WIF), Pepe (PEPE), Floki (FLOKI), and Shiba Inu (SHIB) as having gained 1,300%, 800%, 418%, and 67%, respectively. The meme coin of Bitcoin, Dogecoin (DOGE), is up 35%, which is less than BTC’s 61% rise so far this year.
BeInCrypto also reported that meme coins ranked first among the most profitable coins in the crypto market in the first half of 2024. These reports indicate a shift in investor sentiment and market interest as meme coins become a real asset class. Both VanEck and BitMEX Exchange have published tracking indicators for the sector.
According to Forbes, meme coins are “cryptocurrencies inspired by internet memes and jokes. They have little or no fundamental value.” However, tokens in this sector rise and fall proportionally depending on market sentiment, indicating the strength of the cryptocurrency community.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” said Tron founder and Huobi Global Advisor Justin Sun during the Token2049 event.
Read more: 7 Popular Cryptocurrencies and Altcoins in 2024
Meme coins’ reputation as a preferred investment for speculative liquidity has positioned them for significant gains in 2024. This is in a bullish first half of the year for cryptocurrencies, driven by a number of positive narratives. The Avalanche Foundation has forecast this as early as late 2023 and has committed to supporting diverse and culturally significant initiatives.
2024 Bullish Stories That Pushed Memecoins Forward
The approval of a spot Bitcoin ETF in January was a watershed moment in the crypto world, shaped by the strong advocacy in 2023. This landmark decision by the U.S. Securities and Exchange Commission (SEC) brought Bitcoin to the doorstep of institutional players. The topic of a spot Bitcoin ETF set the tone for the anticipated Ethereum ETF and a potential Solana ETF.
The arrival of ETFs has increased the legitimacy of Bitcoin, Ethereum and perhaps even Solana, meaning demand for cryptocurrencies is increasing. CoinGecko data shows that the market cap of all cryptocurrencies has increased by $715 billion in the first six months of the yearMeme coins have contributed significantly to this growth as the retail sector adjusts to market sentiment.
“Individual investors are attracted to meme coins because they offer the same opportunities as venture investors during seed rounds, pre-seed, and private sales,” Jonas Dovidaitis, co-founder and CEO of PAiT, told BeInCrypto.
Read more: 11 Cryptocurrencies You Should Add to Your Portfolio Ahead of Altcoin Season
However, the ETF story is just one part of the bullish sentiment inspiring cryptocurrencies. The other part is the Bitcoin halving, which is an integral part of the bullish sentiment that has inspired market optimism, especially in altcoins, despite the delayed returns. In a sign of hope for a potential bull market, 54% of crypto investors remain bullish after the Bitcoin halving despite recent corrections.
As industry experts remain bullish on altcoins post-halving, some say meme coins will dominate the upcoming altcoin season.
“If the altcoin season happens, memes will outperform altcoins. If the altcoin season doesn’t happen, memes will outperform altcoins,” predicts meme coin analyst Murad Mahmudov.
Meme coins on the Ethereum or Solana ecosystem are high on analysts’ watchlists, with particular attention paid to coins with market caps between $5 million and $200 million. Mahmudov’s strategy involves looking for coins with “critical mass,” a measure of strong, cult-like followings.
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