The rising sensation of the crypto community, meme coins are digital tokens that have been around for over a decade. They originated as cryptocurrencies that leverage the popularity of internet memes and humor to attract and engage users across the globe.
The humor-themed digital tokens began to experience a magnanimous rise in late 2023 when major cryptocurrencies, like Bitcoin and Ethereum, seemed to be bottoming out. They have now started to outshine Bitcoin and other cryptos among young and seasoned investors.
As per CryptoQuant, the popularity of Bitcoin hit a yearly low on Google search on October 12, 2024. The crypto analysis company gave Bitcoin’s popularity a score of 33 out of 100. At the same time, the popularity of Google search for meme coins received a score of 78.
An all-time high popularity for meme coins was recorded in October 2023, with a score of 94.
Meme coins are cryptocurrencies built around internet memes and humor
Meme coins first came into existence in December 2013 when software engineers Billy Markus and Jackson Palmer created Dogecoin (DOGE). It was intended to be a parody crypto, but it soon gained widespread popularity and became one of the most popular meme cryptos.
Since then, the meme coin market has welcomed several contenders, including Shiba Inu (SHIB), Kishu Inu, PEPE, and more. While some strongly impacted the market and remained relevant to investors, others had a short lifespan and crashed in no time.
The year 2024 has been great for the crypto community, which has seen the birth of multiple meme coins such as MGMES, DOGE2014, MOODENG, and more. As per Step Finance, the community is currently driven by Solana-hosted meme coin options, which surpassed 490,000 in September 2024.
Step Finance reported similar trends in meme coin popularity this October. The company also hinted at a peak in investment activity on Thursday, October 10, 2024, as users minted over 19,076 meme coins.
As of the writing, the value of the Solana-hosted options has surpassed the total market cap of over $10.2 billion, along with a daily trading value of over $2.4 billion. Dogwifhat (WIF) is currently the most valued Solana-based meme coin, going for over $2.82 per unit. It has a total market cap of over $2.85 billion.
Meme coins are highly volatile and can be a risky asset. A meme coin’s value is greatly influenced by everyday internet trends and the community backing it. Assets like DOGE and PEPE continue to be the biggest profit makers because of the engaging community that has been gradually helping maintain their hype.
A misjudged engagement with the wrong asset can cause investors great losses. Readers are advised to do proper research and consult a financial advisor before investing.
Edited by Sarah Nazamuddin Harniswala