Memecoins
Which meme coin will work best this year
TL;DR
- Dogecoin and Shiba Inu are the top contenders for meme coins for 2024, with DOGE benefiting from sponsorships and a strong community, while SHIB has shown significant annual gains.
- ChatGPT also outlined the possibilities of Pepe (PEPE), dogwifhat (WIF), and Bonk Inu (BONK) due to their recent price rallies and solid support base.
DOGE and SHIB are among the contenders
The meme coin sector has captured the attention of industry players in recent months, with numerous assets seeing notable price increases. The niche has seen the advancement of some recently launched tokens and the success of others that have been part of the industry for years.
Considering the huge interest in the topic, we decided to ask ChatGPT which meme coin will perform best in 2024. The AI-based chatbot started its estimation with the leaders in terms of market capitalization: Dogecoin and Shiba Inu.
Despite being created as a joke in 2013, DOGE has seen a notable rally in recent years, reaching an all-time high of over $0.70 in 2021. It is currently hovering around the $0.15 mark, which represents a substantial drop from at the peak but also a 100% increase compared to the data observed in May 2023.
The asset has a devoted community, while endorsements from high-profile figures such as Tesla CEO Elon Musk are beneficial to its performance. Not long ago, the electric vehicle giant officially integrated DOGE as a payment option on their website.
Shiba Inu (SHIB), known as the Dogecoin killer, has also made great strides. The price of him has increased by more than 180% every year, according to a recent study valued which has the strongest supporter base in the realm of meme coins.
Its future success depends on multiple factors, such as the further development of its layer 2 blockchain solution – Shibarium, its burning mechanism, adoption levels and overall investor interest.
It is worth noting that the L2 network recently suffered two important updates aimed at improving the user experience and enabling compatibility with the most popular wallets, including MetaMask, Coinbase Wallet and Trust Wallet. Those interested in learning more about Shibarium, do not hesitate to take a look at our dedicated video below:
The possibilities of rivals
ChatGPT continued its prediction with Pepe (PEPE), highlighting its solid community and recent price rally. Like CryptoPotato reportedthe frog-themed meme coin hit a new all-time high on May 15, with its market capitalization nearing the $5 billion mark.
Next, the chatbot said that dogwifhat (WIF) and Bonk Inu (BONK) also have a chance to finish 2024 as the top performers in the niche. Both assets are built on the Solana blockchain and have made waves in recent months.
WIF has gained support from major industry participants such as Arthur Hayes, while recently they are fans of the token lifted up $650,000 to put his logo on the Sphere, a famous entertainment arena in Las Vegas, Nevada.
“WIF has garnered a strong community following and significant attention on social media, which is crucial to the success of meme coins. Its current market capitalization and trading volume indicate solid investor interest,” ChatGPT said.
At one point this year, WIF’s market capitalization rose to nearly $5 billion, making it the third largest of the group. It is currently in fourth place, behind PEPE.
WIF market capitalization, source: CoinGecko
BONK’s success was equally impressive. Launched in December 2022, it started making headlines towards the end of 2023 after an exponential rise in prices. Its rally was fueled by significant investor hype and support from major cryptocurrency exchanges. BinanceBybit and Coinbase are among the leaders that enable trading services with BONK.
According to ChatGPT, the meme coin could advance even further before the end of 2024 as long as it takes advantage of the potential growth of the Solana ecosystem.