Bitcoin (BTC), the largest and most established crypto, has been spearheading the recent surge in digital assets. However, early indications suggest an approaching “altcoin season,” where smaller tokens outshine the market.

BTC is approaching its 2021 all-time high, reaching $68,000 this week, accompanied by robust inflows into spot bitcoin ETFs and a 48% gain since the year’s commencement. Notably, dog-themed tokens like Shiba Inu (SHIB) and Dogecoin (DOGE) have seen significant gains, with a 302% and 96% increase, respectively. Furthermore, newer memecoins like Pepe coin (PEPE), Floki (FLOKI), and Bonk (BONK) have recorded substantial gains of 252%, 190%, and 162%, indicating a shift in market dynamics.

Let’s look at the top-performing memecoins that have outperformed some of the major cryptos in 2024, ahead of the Bitcoin rally.

#1 Shiba Inu (SHIB)

SHIB is a decentralized, community-driven currency embraced by millions globally. Launched in late 2020 on the Ethereum platform, the SHIB token has evolved into a global sensation, gaining acceptance at numerous locations for payments, either directly or through intermediaries.

The Shiba Inu coin, originating in August 2020, was anonymously created under the pseudonym “Ryoshi.” Describing himself as insignificant, Ryoshi dismisses attempts to unveil his identity, suggesting that any such revelation would be anticlimactic.

SHIB’s Performance

Shiba Inu (SHIB) has demonstrated remarkable price momentum, highlighted by a substantial 52% surge within 24 hours and an impressive 289% gain over the past week. Notably, a whale transaction involving the transfer of 1.25 trillion SHIB, valued at over $41 million, from Cumberland to Robinhood has sparked interest. Despite a minor retraction, Shiba Inu remains 56% below its all-time high, reaching $0.00045 before settling at $0.000037. The whale transaction emphasizes the crypto’s appeal and the role of large investors, particularly as Robinhood’s wallet now holds $345 million in SHIB. This underscores Shiba Inu’s growing acceptance beyond mainstream cryptos, with its market dynamics poised to shape the broader crypto landscape.

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#2 Dogecoin (DOGE)

Derived from the renowned “Doge” Internet meme, Dogecoin (DOGE) showcases a Shiba Inu on its logo. Originating as an open-source digital currency, it was crafted in December 2013 by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia, as a fork from Litecoin. Conceived as a whimsical and light-hearted crypto, Dogecoin aimed to extend its appeal beyond the traditional Bitcoin audience, leveraging its connection to a popular dog meme. Notably, Tesla CEO Elon Musk has expressed his affinity for Dogecoin through various social media posts, declaring it as his favorite crypto.

DOGE’s Performance

Dogecoin (DOGE) achieved a notable milestone, reaching the $0.2 level for the first time since November 2021 amid an exceptionally bullish month. With a remarkable 128% increase this month and a substantial 97% surge in the past seven days, DOGE holders are experiencing positive returns.

Crypto analysts anticipate this upward trend to continue, projecting a parabolic movement toward the $1 mark in the current market cycle. The surge propelled DOGE past Cardano, securing the eighth position in market cap rankings. While reaching $1 would signify uncharted territory for DOGE, it represents a potential 465% surge from the current level, surpassing its all-time high of $0.74. Despite expectations that DOGE may not outperform other meme-inspired cryptos, its deep liquidity offers a stable investment, with analysts foreseeing DOGE and SHIB alternating in leading gains among meme coins.

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#3 Pepe (PEPE)

PEPE, a deflationary memecoin introduced on the Ethereum blockchain, pays homage to the Pepe the Frog internet meme originated by Matt Furie in the early 2000s. Embracing the trend of meme coins akin to Shiba Inu and Dogecoin, PEPE aspires to position itself as a prominent meme-based crypto. The project distinguishes itself by adopting a no-tax policy and openly acknowledging its lack of utility, embracing simplicity and purity as a memecoin to resonate with the crypto community.

Setting itself apart in the meme coin market, PEPE leverages the enduring and controversial legacy of Pepe the Frog, a character that holds a significant place in internet culture. The project’s commitment to honoring this character sets it apart from other cryptos and enhances its appeal within the crypto community.

PEPE’s Performance

Pepe crypto has been breaking records, marking a tenacious 10% surge to establish a new all-time high on Tuesday. This follows a five-day winning streak, propelling the crypto to further gains for the second consecutive week, building on last week’s substantial 330% increase. With a current week-over-week gain of over 35%, the bullish momentum continues, thwarting bearish attempts to enter the market. Positive sentiments persist, leaving sellers on the defensive, and meme coin season contributes to substantial gains across the board. The Pepe crypto is currently driven by buyers, controlling the trend and facing potential resistance at $0.0000085 and $0.0000102. Volume analysis reveals a robust $3.83 billion traded in the last 24 hours, contributing to its $3.26 billion market capitalization, ranking 39th in the overall crypto market. The high volume-to-market-capitalization ratio of 121.10% signifies significant volatility.

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#4 Floki (FLOKI)

Floki (FLOKI), the people’s crypto and utility token within the Floki Ecosystem, emerged from the Shiba Inu community, inspired by Elon Musk’s Shiba Inu.

Floki Inu, driven by community enthusiasts, pursues four pivotal utility projects. These include:

• Valhalla, an NFT gaming metaverse,
• a suite of decentralized finance products under “FlokiFi,”
• an NFT and merchandise marketplace called FlokiPlaces, and
• an educational platform titled the University of Floki.

With a vision for long-term autonomy and decentralization, Floki engages in strategic partnerships, builds utility into the token, and develops use cases for the Floki brand through NFTs, games, and decentralized finance features. Partnerships with notable projects like Chainlink, Trader Joe, and ApeSwap for the FlokiFi Locker underscore Floki’s commitment to a multifaceted and robust ecosystem.

FLOKI’s Performance

Meme coin Floki Inu (FLOKI) has recently emerged as a standout performer in the crypto market, witnessing an impressive 500% surge in the last two weeks. Currently positioned as the sixth-largest meme coin, FLOKI boasts a remarkable market value of approximately $1.5 billion. The surge is notably linked to the Floki DAO’s decision to burn over 28 billion tokens, worth around $190 million, within the next seven days. This strategic move, aimed at reducing FLOKI’s circulating supply, can enhance its scarcity and increase its value, provided demand remains stable or rises. The DAO emphasizes that this token-burning initiative is geared towards ensuring the long-term security and stability of the FLOKI ecosystem, instilling confidence among investors and stakeholders. Beyond token burning, factors contributing to FLOKI’s recent rally include the broader crypto market resurgence and the increasing popularity of meme coins.

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#5 Bonk (BONK)

BONK, Solana’s pioneering dog-themed coin, prioritizes community inclusivity by airdropping 50% of its supply to Solana users. Launched on December 25, 2022, it spurred a 34% rise in SOL token prices within 48 hours, with trading commencing on December 30, 2022, garnering attention from the crypto community. The team’s core mission is to restore liquidity to Solana DEXs, foster a universal community coin for all Solana dApps, and aim for equal participation in the ecosystem. The project currently has a modest online presence and conducted random airdrops to Solana NFT collectors, developers, and artists.

BONK’s Performance

In a dynamic turn of events, Bonk (BONK) has made an extraordinary ascent into the top 100 cryptos by market capitalization, signifying a remarkable milestone in its trajectory. This significant achievement has captured the interest of investors and enthusiasts and underscores the evolving landscape within the crypto ecosystem. The surge attests to the community’s trust and perceived value in Bonk (BONK), marking the beginning of an unfolding narrative in the crypto realm. As Bonk (BONK) enters the top 100 with an impressive growth of 150%, these developments showcase the fluid nature of market dominance and the crucial role of innovation and strategic positioning in achieving success.

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Bottom Line

With Bitcoin stabilizing, attention again turns to meme coins, providing investors and speculators the opportunity to capitalize on the bullish market. Although these cryptos are renowned for their fluctuation, the existing market conditions create a profitable environment for potentially high returns.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.