Memecoins
increase above 1800%: what is the next step?
What makes meme coins the most profitable industry in 2024? How do coins like Pepecoin, Dogwifhat and Brett manage to capture the market’s attention and generate such extraordinary returns? Read on.
THE memetic coin the market is growing once again, grabbing headlines and attracting the trading community. In the last 24 hours alone, the Meme coin market capitalization rose to $48.34 billion, marking an increase of 2.5%.
Leading this rally are coins like Pepecoin (PEPPER), Cagnetta (WIFE) and Brett (BRETT), which has posted impressive gains. Even the largest and most established meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen significant price increases.
As of June 27, DOGE is priced at $0.1234. It has a substantial market capitalization of $18 billion and a 24-hour trading volume of more than $480 million. SHIB follows closely with a price of $0.00001715. Its market capitalization stands at $10.3 billion, with a daily trading volume of nearly $191 million.
Among the newer meme coins, PEPE has increased by 5.5% over the past week, and is now priced at $0.00001237. WIF and Brett have also made significant strides, with WIF priced at $2.03 after a 2% increase in the past 24 hours, and BRETT at $0.1583 after a 0.41% increase.
Second Wu Blockchainin 2024, meme coins proved to be the most profitable sector, with an average rate of return of 1,834%.
Furthermore, the profitability of meme coins surpasses other sectors, being 8.6 times more profitable than the second most profitable sector, RWA, and 542.5 times more profitable than the most profitable sector. DeFi sector.
Let’s dive deeper into the developments of the meme coin market and explore what we can expect in the coming days.
Major developments driving the meme coin market
The driving force behind the current meme coin frenzy is Solana (SOL), a blockchain that has become the epicenter of this market craze.
On June 25 Solana introduced “Actions” and “Blinks”, developed in collaboration with Dialect, a Solana development shop. These features allow users to transact directly on blockchain from websites and social media platforms they use every day.
“Solana Actions allows users to execute on-chain transactions across various platforms, including websites, social media, and physical QR codes,” the Solana Foundation explained.
This integration simplifies the process for both developers and end users, with popular Solana wallets like Phantom and Backpack supporting these new features.
For example, a reference to a meme coin in post X could now include an “action” that allows users to initiate a transaction directly from the post.
Additionally, users can share these “flashes” with their followers, integrating blockchain transactions into everyday online interactions more seamlessly.
This innovation will further attract the attention of social media celebrities who have recently launched digital assets based on Internet memes and pop culture characters.
For example, Australian rapper Iggy Azalea’s Mother (MOTHER) token reached a market capitalization of $70 million within a month of its launch on Solana. Likewise, Dogwifhat, one of the key players in the 2024 meme coin craze, now boasts a market capitalization of over $2 billion.
Meanwhile, the BNB Chain also aims to capitalize on this momentum with its “Meme Heroes” initiativewhich supports meme coin innovation by allocating $900,000 for liquidity pool support, increasing its total commitment to $1 million.
BNB’s campaign seeks to increase liquidity and promote a stable trading environment by encouraging developers and meme projects to apply for support.
What to expect next?
The hype around meme coins is reaching a fever pitch on social media. Platforms like X (formerly Twitter), Reddit, and Discord are full of price predictions and discussions about the next big meme coin.
For example, Dogwifhat’s price forecast indicates a rise of 222.11%, reaching $6.64 by July 26, according to Coincode. Similarly, Pepe Coin price prediction suggest an increase of 229.42%, reaching $0.00004164 by the same date.
The excitement around these coins is spreading a sense of fear of missing out (FOMO) among traders. Social media posts are hyping the potential of these coins, claiming that they are on the verge of being launched.
While the excitement is palpable, it’s crucial to pay attention. The current sentiment towards meme coins is positive, but it is important to remember that trading meme coins is similar to gambling.
The history of meme coins is littered with cases of sharp price drops and scams. Rug busts, where developers abandon a project and abscond with investor funds, are unfortunately common in the meme coin space.
Take, for example, the infamous Squid Game token, which saw its price skyrocket before developers pulled the rug out, leaving investors with worthless tokens.
Likewise, many meme coins have suffered dramatic collapses after the initial hype, resulting in colossal financial losses for those who bought at the peak.
Social media can amplify the hype around these coins, making it easy for novice traders to get caught up in the frenzy. Influencers and anonymous accounts often promote meme coins without disclosing their investments, leading to artificially inflated prices.
The volatility of meme coins means that while some traders can make substantial gains, others can lose everything just as quickly.
For those considering investing in meme coins, it is essential to do thorough research and understand the risks. Diversifying your investments and only investing money you can afford to lose are prudent strategies.
Always remember that your luck can change in an instant, and it is crucial to stay informed and cautious. Never invest more than you can afford to lose.
Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.