Written by: 1912212.eth, Forest News
After the Bitcoin spot ETF was officially approved for trading at the beginning of this year, the crypto market has seen a substantial rise. In addition to Bitcoin, some MEME coins have also performed very well. Although the market has been in a downward trend since April this year, some tokens still have a good market performance overall.
Recently, Forbes announced the top ten best performing cryptocurrencies with a market value of more than $1 billion in the first half of 2024, including WIF, PEPE, ASI, FLOKI, JASMY, AR, CORE, TON, BGB and BONK. It is worth noting that MEME occupies 4 lists, and 3 of them belong to the Solana ecosystem.
WIF
Solana Ecosystem MEME coin, with a total supply of approximately 998 million coins, has a logo of a Shiba Inu wearing a knitted beanie and has the highest return rate among the approximately 70 tokens with a market value of more than $1 billion, with an increase of approximately 1,300%.
WIF first opened at $0.00016 on November 20, 2023. On January 11, 2024, when the price was about $0.17, a whale lost 77,247 SOL (worth about $7.7 million at the time) in a huge WIF transaction, causing its WIF layer to rise to $3.99 at one point. The trapped whale bought 17.22 million WIF at the time, worth more than $30 million.
About a week later, Binance launched the WIF perpetual contract. On March 3, the total market value of WIF (about $1.685 billion) surpassed BONK (about $1.591 billion), and it was temporarily ranked 66th in the cryptocurrency market value ranking. Just two days later, on March 5, Binance officially launched the WIF spot trading pair. On March 18, its total market value surpassed PEPE, and on March 31, it hit its all-time high of $4.86.
PEPE
PEPE was born in April 2023, and PEPE trading was officially launched on April 15. The initial price of PEPE was about $0.000000001, and the total supply was 420.69 trillion. In just one month, PEPE's market value exceeded $400 million, entering the top 100 cryptocurrency market capitalizations. PEPE was originally created to rebel against the complex token economic model of the "Puppy Series" MEME. It avoids complex operations such as pre-sales, destruction, and taxation in its token economics. Not only that, its frog image is also loved by Western pop culture.
On October 24, 2023, 6.9 trillion PEPEs were destroyed. On February 28, 2024, the total market value of PEPE exceeded the $1 billion mark for the first time. On March 13, after Musk released pictures of PEPE, the price rose to above $0.000009, and the first token price depreciated to $0 the next day. On May 22, its total market value exceeded the $5 billion mark, and reached a peak of more than $7 billion a week later.
ASI
In March this year, SingularityNET (AGIX), Fetch.ai (FET) and Ocean Protocol (OCEAN) announced the merger of their tokens and the creation of a decentralized AI alliance. The alliance aims to provide a decentralized alternative to projects currently controlled by large technology companies. The name of the three merged tokens was updated to ASI (standing for "Artificial Super Intelligence"). The merger vote was launched and passed in April this year and was officially completed on July 15.
Before the merger, the tokens of the three AI projects all had considerable returns. With the help of the big market and the AI wave, OCEAN rose from $0.5 at the beginning of the year to a maximum of over $1.4. FET rose from $0.7 to a maximum of over $3.2, and AGIX rose from $0.3 to a maximum of around $1.4.
FLOKI
FLOKI is a token named after the Shiba Inu of the world's richest man, Elon Musk. At the end of October last year, Floki launched its cryptocurrency and asset tokenization platform TokenFi, and 56% of the token TOKEN was allocated to Floki pledgers. Since its launch, the TOKEN has risen from $0.01 to more than $0.2, an increase of more than 20 times.
At the beginning of this year, thanks to the overall upward trend, FLOKI rose from $0.00003 to $0.000313, an increase of nearly 10 times, but it did not set a record high in the last bull market cycle. On May 27, Floki developers launched a Telegram-based trading robot on the BNB Chain network for FLOKI holders. The robot charges a 1% fee for each transaction, and 50% of the fees collected will be used to purchase FLOKI on the open market. The Floki Trading Bot public mainnet open beta version was also launched. This good news once caused FLOKI to rise by more than 23%, and the price of the coin soared from $0.00022 to $0.00029.
On June 4, DWF Labs purchased $12 million worth of FLOKI tokens to support the FLOKI ecosystem. Influenced by the good news, FLOKI hit a record high of $0.000349 the next day amid the MEME rally, before the rally came to an end and began to fall.
JASMY
This project may not be known to most investors. It is a Japanese DePIN project with a few tokens listed on Binance and Coinbase. It provides data security, storage, interaction and other services for the IoT environment based on basic services such as blockchain technology. It matches service providers with data users, allowing service providers to collect user-owned data from various sources, package it and sell it to data users.
In the second half of 2023, Jasmy also developed Ethereum's Layer2 solution, Jasmy Chain, to enhance scalability and provide a more transparent, secure, and personalized data interaction experience. After that, its token price, stimulated by the big market and the good news of the project itself, went out of the bottom range and rose to around $0.006 at the beginning of the year. In the surge in February and March, it soared to above $0.027.
After months of consolidation, Jasmy rose to $0.04469 on June 7, setting a new high since April 2022. However, it is still a long way from its all-time high of $4.29.
AR
Arweave is a decentralized permanent storage project, and in the last cycle it was ranked as a star in the storage track alongside Filecoin.
On February 27 this year, it was officially announced that it was developing the AO supercomputer test network to design computing layers for social media and AI. The news stimulated a 17.35% increase on the same day, and it soared again by 50.67% the next day. In just two days, the price of the coin soared from US$15.6 to US$29.6. It then resonated with the broader market and rose to a high of US$47.5 in March, achieving five consecutive weekly increases. Finally, it rose to US$49.55 at the end of May, setting a new high since March 2022.
On June 6, Arweave acquired Odysee, a decentralized video sharing platform built on the LBRY protocol, to create a social media platform that is not controlled by government censors and content auditors. The news did not significantly boost the price of the currency, but instead continued to fall under the negative impact of the overall market.
CORE
Core DAO is responsible for developing the Satoshi+ ecosystem. Core is a Layer-1 blockchain that combines the decentralization and security of Bitcoin with the scalability and utility of Ethereum.
At the end of March this year, the six-month Core Ignition airdrop incentive plan was launched to reward users and developers for their contributions to network growth. After the plan was announced, the CORE token steadily moved out of the bottom range, rising from $0.6 to $4.45 on April 2.
Just one month later, on April 18, Core DAO launched a $200 million ecosystem fund to accelerate the development of decentralized applications and protocols based on the Core Layer 1 blockchain. This positive news did not benefit the price of the coin. Interestingly, on April 15, the price of the coin rose by 83% in a single day, from $1.43 to $2.8866.
Core DAO released a long vision article earlier this year, stating that it will launch non-custodial Bitcoin staking and Core's native packaged Bitcoin coreBTC.
TON
TON has a technical logic centered on high-speed applications: transactions are directly on-chain based on messages, supporting peer-to-peer, and TON's dynamic multi-sharding architecture also facilitates the scalability of its applications. Dan Morehead, founder of Pantera Capital, said that TON is the largest investment in the history of the fund. In June this year, Bitget and Foresight Ventures jointly established a $20 million TON Ecosystem Fund to support ecological development.
Recently, The Open Network (TON) team said that it will soon launch its own Layer2 network based on Polygon technology. The new protocol, called TON Applications Chain (TAC), will use Polygon's Chain Development Kit (CDK) to allow developers to create their own second-layer blockchain based on Polygon's zero-knowledge technology.
At the beginning of this year, when the market was rising, TON did not have any outstanding performance. Instead, when the entire market began to fall, it started to rise from March. In April, it ushered in a magnificent increase.
On April 9, the total market value surpassed ADA, and on April 15, the total market value reached 18.9 billion US dollars, surpassing Dogecoin. At this time, the price of TON fluctuated around $6. On April 19, Tether expanded USDT to the TON network. On April 23, TON announced that users can now purchase USDt-TON through Wallet in Telegram, but the price of the currency did not improve significantly. Until May 3, the issuance of USDT on the TON chain exceeded 100 million. On that day, TON rose by more than 10% and began to rise all the way. On June 15, the authorized issuance of USDT on the TON chain increased to approximately US$580 million, making it the sixth largest blockchain in terms of USDT issuance, second only to Tron, Ethereum, Solana, Avalanche and Omni. On that day, TON set its all-time high of US$8.288.
BGB
BGB is the platform currency of the exchange Bitget. In the first half of 2024, centralized exchanges achieved substantial growth, with total spot trading volume reaching $10.6 trillion, up 145% from the second half of 2023, of which Bitget had the largest increase in market share, reaching 38.4%. In addition, Bitget's market share in the first half of 2024 increased by 38.4% from the second half of 2023. In terms of the derivatives market, the increase in open interest ranked first, up 39.2%.
Bitget has continuously empowered BGB in terms of user participation in transaction fee discounts and new coin issuance. In the first half of the year alone, it has launched high-quality new projects such as ENA, ZKJ and ZETA, etc. In addition, Bitget is also relatively aggressive in launching new tokens, gaining a lot of new users.
Against the backdrop of growing user numbers and market share, BGB has climbed from around $0.6 at the beginning of the year to a record high of $1.486 on May 27, with a single-day increase of more than 20%.
BONK
BONK is the dog-like MEME coin of the Solana ecosystem. It was launched in 2022 and was originally distributed as an airdrop to compensate FTX victims. Bonk has issued a total of 100 trillion BONKs, of which 50% of the tokens were airdropped to the Solana community.
In 2023, BONK ranked first in the top 100 in market value with a return of 73 times. On December 15 of that year, Binance officially launched BONK. Affected by this news, BONK once rose to US$0.00004, but the good times did not last long. It then fell all the way and even fell below US$0.00001 in mid-January. Until the beginning of March, due to the hot market, it set a new historical high of US$0.000048. Since then, BONK has always fluctuated around US$0.00002 to US$0.00003.
