Memecoins
Emerging Memecoins Like Dogwifhat and Pepe Beat Established Players Like Dogecoin and Shiba Inu in H1 2024, One Soars Over 4,900% – Emeren Group (NYSE:SOL)
The cryptocurrency market has seen a flurry of activity in the first half of 2024, with memecoins establishing themselves as the most significant wealth multiplier for investors.
What happened: Born from memes and popular characters, these coins have given huge profits to traders who believed in their prospects.
Ethereal Based on ETH Mog coin recorded its biggest gain since the beginning of the year, posting an astonishing return of 4959.69% in the first six months of 2024.
Solana Based on SOL/USD dogwife hatbased on the image of a Shiba Inu dog wearing a pink knitted hat, took second place with a whopping profit of 1385%.
| Cryptocurrency | Year to date +/- | Price (recorded at 9:50 PM EDT) |
| Mog coin MOG/USD | +4959.69% | $0.000002032 |
| dogwifthat WIF/USD Exchange Rate | +1385.50% | $2.27 |
| Pepper PEPPER/USD | +833.44% | $0.0000121 |
Frog theme Pepper has exploded by 833% since the beginning of the year, while another canine token, Floki FLOKI/USD has increased 5x since the beginning of the year.
These emerging coins have also outpaced the gains of senior and more popular tokens Shiba Inu dog SHIB/USD, and the king of memecoins, Dogecoin DOGE/USD,
See also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Questions Authenticity of Bitcoin ETFs: ‘ETFs Are Fake Gold, Silver or Bitcoin’
While not astronomical, these large-cap memecoins have seen respectable gains. Shiba Inu is up 70% YTD, while Dogecoin is up 35%.
Because matter: Overall, meme tokens have outpaced the gains of blue-chip cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, both of which saw gains of 50% in the first half.
While this class of non-serious cryptocurrencies continues to be clouded by concerns over extreme price volatility and lack of underlying utility, they continue to be an attractive, low-cost option for repeat investors hoping to enter the market and get quick returns.
According to analysts, the investment narrative It has moved from long-term value to short-term gains on speculative meme coins.
Image via Shutterstock