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As Bitcoin once again set a new high of $99,400, its market share in the cryptocurrency market also reached a new high in the past 3 years. The pro-crypto group under Trump has always regarded Bitcoin as the core of its crypto strategy, and with the clarification of the crypto compliance environment, various compliant investment methods have been sought after by investors.
Crypto stocks rise, altcoins disappoint
With the further aggregation of Bitcoin's on-chain and off-chain liquidity, its market share reached a new high of 61.6% in recent years. However, the performance of altcoins has mostly declined, with only BTC, SOL and XRP rising among the top ten crypto assets. Due to the fact that the existing compliant entry channels have their liquidity mostly concentrated on Bitcoin and its related assets, the liquidity of altcoins has been diverted.
In addition, the exchange rate between the second largest crypto asset Ethereum and Bitcoin has fallen to 0.03217, a new low in nearly 3 years, and its poor price performance has also led to some questioning in the Chinese community about Ethereum and its operating model. As of the editorial deadline, Ethereum is quoted at $3,125, with long-term sideways trading around the $3,000 mark.
The trend of market polarization is also particularly reflected in the MEME-related market. In the top MEME tokens on Solana, the single-day decline is around 5%-10%, reflecting the trend of capital flowing back to mainstream assets to a certain extent.
The latest MEME coin trends
Since the first quarter of 2024, we have seen more and more promising Solana Memecoins, as well as some notable Base chain Memecoin projects emerging.
Among these projects, there are several Memecoin categories that have been particularly popular in this cycle:
1) Coins related to dogs and cats
Coins themed around Doge are still the most popular Memecoin category. The world-famous Dogecoin (DOGE) has shown how meme-related to animals can gain strong community support in the crypto space. The success of DOGE and SHIB, the two OG Tokens, is a powerful proof of this phenomenon. By 2024, this trend will continue, with DOGE and SHIB still being the highest market cap Memecoins.
However, this year has also seen the emergence of some other top dog-themed Memecoins, such as WIF, FLOKI and BONK, whose performance cannot be ignored.
2) PolitiFi Memecoins
Due to the US election being a hot topic, PolitiFi has become one of the most active Memecoin categories in the first half of this year. However, with the dust settling on the election, this trend has cooled down somewhat. Overall, PolitiFi coins have high volatility (more severe than other Memecoins) and few Tokens can maintain persistent community support.
3) Celebrity-themed Memecoins
Although celebrity-themed Memecoins have been widely followed in recent years, they have also attracted a lot of questioning and criticism.
Memecoins backed by celebrities often generate a lot of buzz for a while, but the vast majority of projects have an extremely short lifespan. In addition, these Tokens are often seen as tools for harvesting investors' money, and even potential scams, as project parties usually use investors' funds as exit liquidity.
What were the most popular Meme coins before?
Although most Memecoins are doomed to fail, some have withstood the test of time thanks to strong community support. Especially in the past few months, some emerging Memecoins have gradually established a foothold in the market with a solid community foundation.
1) Dogecoin (DOGE)
DOGE is the earliest and most resilient Memecoin in the market, standing firm after more than a decade of ups and downs. This year, DOGE was the first to rebound, starting to rise from early February, and its price broke through $0.2 in March, reaching the highest level since December 2021.
2) Shiba Inu (SHIB)
SHIB was originally a project on Ethereum, aiming to replicate the success of DOGE, and it has also achieved remarkable results. Since its launch, SHIB has accumulated a cumulative increase of tens of thousands of times, and SHIB reached its historical high point in the Memecoin craze of 2021, but then experienced a decline from 2022 to 2023. In 2024, SHIB will rise again.
3) Pepe (PEPE)
PEPE was launched on Ethereum in April 2023, and its price has increased by several hundred thousand times so far. The sharp rise of PEPE began in March 2024, which was largely due to the Certik audit report released in December 2023, which gave its code security a high score of 91%. It has surged again in the recent Memecoin craze.
4) Bonk (BONK)
BONK is one of the many Doge-themed Memecoins launched last year, and its price has been steadily rising since October 2023. It is also one of the few Memecoin projects with extensive cross-chain interoperability, which can be transferred across five blockchains including Ethereum, BNB, Solana, Polygon and others.
5) Dogwifhat (WIF)
WIF is another emerging Doge-themed Memecoin, launched on Solana in mid-December 2023. It started trading in March 2024 and quickly became the first top Memecoin to break through $1. This news further boosted the popularity of WIF, causing it to reach an all-time high of $4.85 on March 31, 2024. At one point, WIF's market cap even exceeded that of PEPE, but the price has since fluctuated.
6) FLOKI (FLOKI)
FLOKI is one of the earlier Memecoins launched, and has recently seen a resurgence. The coin was inspired by Elon Musk's Shiba Inu dog Floki, and was launched on Ethereum and BNB Chain in mid-2021. Within 4 months of its launch, the price reached an all-time high, but then entered a downward trend. In 2024, as FLOKI may become an asset for the upcoming Valhalla NFT game, market enthusiasm has been reignited. In June 2024, the coin reached a new all-time high of $0.0003462, but the price has since retreated.
7) Brett (BRETT)
BRETT is one of the few top Memecoins on the Base blockchain, and is also the second most popular Pepe-themed Memecoin in 2024. The Meme was launched on the Base blockchain in March 2024, with a poor performance at the beginning of the year, but started to rise from mid-May and reached an all-time high of $0.193 in early June.
8) Popcat (POPCAT)
POPCAT is one of the star performers in this Memecoin super cycle. It was launched on Solana in December 2023, initially experiencing a decline, until it started to rebound in early 2024. Since March, POPCAT has entered an upward channel, and reached its first all-time high of $0.97 in July. Although it experienced large fluctuations in the third quarter of 2024, it strengthened again in early September.
9) Peanut the Squirrel (PNUT)
PNUT is a Memecoin launched on the Solana chain in November 2024, inspired by a viral internet celebrity squirrel named Peanut that was euthanized. The incident sparked heated discussion on social media, driving the Token to quickly become popular. PNUT surged 800% in the first week after its launch, with a market cap once reaching $1.6 billion, and was listed on exchanges like Binance and OKX, becoming a market hotspot.
10) Goatseus Maximus (GOAT)
GOAT officially launched in October 2024, the project was founded by Andy Ayrey, initially as an AI comedy experiment, but with viral spread on social media, GOAT has gradually evolved into a "AI doctrine" phenomenon, with a cult-like following. GOAT was initiated by the Pump.fun platform on Solana, and after launch, it was promoted by an AI account called Truth Terminal, quickly becoming popular and attracting a lot of attention. Its market value once exceeded $500 million, and it triggered a wave of airdrops of memecoin and related projects, becoming another dark horse in the 2024 memecoin craze.
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