The world of cryptocurrency is always evolving. Recently, meme coins have taken the spotlight and some speculate about a meme coin supercycle. These playful and often humorous digital currencies are gaining popularity. In this blog, we’ll explore the rise of meme coins and speculate on a potential supercycle.
The Birth of Meme Coins
Meme coins started with Dogecoin. Created in 2013 by Billy Markus and Jackson Palmer, Dogecoin was initially a joke. They based it on the popular “Doge” meme, featuring a Shiba Inu dog. However, it quickly gained a dedicated following. The community loved its fun nature and low price. Dogecoin’s market cap has seen incredible growth, peaking at around $90 billion during its height in 2021. Last month, the original dog that inspired the meme has passed away.
Dogecoin is originally a “fork” of Bitcoin with some minor adjustments and is on its own blockchain.
Big Meme Coins on the Rise
In 2023, several meme coins have surged in value. $PEPE, $BONK, and $WIF are prime examples. These coins have captured the imagination of retail investors.
The next 3 prime examples are all meme coins that started in the last 8 to 14 months and made their way in the top 50 biggest cryptocurrencies. Is that a sign of a meme coin supercycle?
Pepe Coin
Pepe Coin, inspired by the internet frog meme, saw an incredible rise. Its market cap skyrocketed to over $2 billion at its peak last month. This coin gained traction due to its widespread meme appeal and community-driven marketing efforts.
Currently, it’s the second biggest meme coin on Ethereum, right behind $SHIBA.
Bonk Coin
Bonk, another popular meme coin, followed suit. It started as a playful experiment on the Solana blockchain. Bonk’s market cap reached over $500 million, driven by its engaging community and viral marketing campaigns.
$BONK was airdropped to core Solana community members, and since then we’ve been trading it frequently. It’s currently the biggest meme coin on Sol.
DogwifHat (WIF)
$WIF also joined the ranks, gaining attention for its quirky concept. This coin’s market cap hit around $300 million. WIF’s appeal lies in its humor and the active participation of its community members. It’s also based on the Shibu dog, like many meme coins got inspired by Doge.
This second-largest meme coin on sol definitely captured the attention on crypto Twitter, with many spin-offs of the quirky “wif hat” concept. You can find a short guide on WIF here.
You can trade all of the above meme coins on Bybit, use our referral link when you are ready to degen
The Hype of Solana Meme Coins
Solana has become a hotbed for meme coins. In 2023 and 2024, the number of meme coins on Solana exploded. Data shows that hundreds of new meme coins have launched on Solana. This platform’s fast transactions and low fees make it ideal for meme coin enthusiasts.
Solana’s Growth in Numbers
To give you an idea of the explosion, over 200 meme coins were launched on Solana in 2023. By mid-2024, this number doubled, reflecting the growing interest and ease of launching on this platform. The combined market cap of Solana-based meme coins reached an impressive $1.5 billion.
The Rise of Pump.fun
Pump.fun is revolutionizing meme coin launches. It’s easier than ever to create a meme coin. In 2024 alone, over one million new coins have been launched. Many of these started on Pump.fun This platform simplifies the process, attracting a flood of new creators. Basically, anybody can launch a meme coin within a few minutes.
How Pump.fun Works
Pump.fun provides an easy-to-use interface for launching new meme coins. Users can create a coin in minutes, choosing their own unique names and symbols. This ease of use has contributed to the massive influx of new meme coins.
Market Impact of Pump.fun
The volume of new coins is through the roof, over 1 million new coins have been started in 2024. This explosion has led to increased market activity and speculation, with many investors looking for the next big hit.
Why Meme Coins Appeal
Meme coins appeal to people for several reasons. They offer casino-like gains. If you invest early in the right meme coin, you could become a millionaire. Retail investors, especially those from the “gamestonk” audience, love this high-risk, high-reward game. The community aspect also plays a significant role. People enjoy being part of something fun and engaging.
The Allure of High Returns
The potential for high returns is a significant draw. Many investors are attracted to the stories of early adopters who made substantial gains. This possibility of quick wealth keeps the interest alive.
Community and Culture
Meme coins often foster strong communities. Investors feel part of an exclusive club, sharing jokes, memes, and investment tips. This sense of belonging and collective excitement fuels the meme coin phenomenon.
The Role of Meme Coin Airdrops
Meme coin airdrops have become a popular strategy to attract new users and investors. These airdrops involve distributing free tokens to a wide audience, often as a marketing stunt. This tactic creates buzz and engages potential investors. For example, Bonk conducted a massive airdrop to Solana users, which significantly boosted its popularity and market cap. Airdrops can introduce people to new projects, incentivize community participation, and help build a loyal user base quickly.
Pacmoon on Blast is another great example of a meme coin Airdrop, and after that keep the attention going with several seasons of airdrops for social media engagement.
You can find more meme coin airdrops on AirdropAlert.com, we frequently post one that you can either claim or join. Follow us on X if you want to stay up to date.
Celebrity Influence in Meme Coins
It can’t be a meme coin supercycle without some famous getting involved. Celebrities are jumping on the meme coin bandwagon. Notable figures like Caitlyn Jenner and Hulk Hogan have launched their own meme coins. Caitlyn Jenner’s coin gained immediate attention due to her massive following. Similarly, Hulk Hogan’s involvement added a fun twist to the market but immediately rugged his investors. Additionally, Iggy Azalea launched $MOTHER, capitalizing on her social media presence to drive interest. These celebrity coin launches bring new audiences to meme coins, amplifying their reach and popularity. $Mother hit a market cap as high as 200 Million dollars.
I wonder why people love this $Mother coin…
You can argue that pump.fun made it too easy right about now. Proceed with extreme caution if you’re gambling on these celeb coins.
Speculating on a Meme Coin Supercycle
Could we be on the verge of a meme coin supercycle? Several factors suggest this possibility. The growing number of meme coins, the ease of launching them, the celebs, and the enthusiastic community all point towards a supercycle. However, it’s essential to remain cautious. The meme coin market is volatile. While there are opportunities for significant gains, there are also risks of substantial losses.
Indicators of a Supercycle
The constant creation of new coins and the increasing market caps of established ones are strong indicators. Additionally, the involvement of high-profile influencers and celebrities continues to push these coins into the mainstream. It seems like every different blockchain has its own set of meme coins.
Risks and Considerations
Despite the excitement, it’s important to approach meme coins with caution. The market is highly speculative, and prices can be extremely volatile. Due diligence and a clear understanding of the risks are crucial for anyone looking to invest. There is a reason it’s called the meme coin casino.
Relevant Links
Here are a few links and sources to start your meme coin journey
- Bonkbot – A tool to Solana Snipe meme coins early, a full guide here.
- Dexscreener & Raydium – DEXs to trade meme coins, mostly used for low market caps.
- Unisat – Trade meme coins like $DOG and $SATOSHI on Bitcoin on the Runes protocol.
- Wallets – Check Phantom, Rainbow, or Xverse to trade meme coins on different blockchains.
- Bybit & Binance – Popular CEXs that are early with listing mid to Large market caps meme coins, you can trade meme coins on leverage on these exchanges. Which is highly risky of course.
Conclusion
Meme coins have carved out a unique niche in the cryptocurrency world. From their humble beginnings with Dogecoin to the explosion of new coins in 2024, they continue to captivate investors. Whether we are entering a supercycle remains to be seen. However, the excitement and potential for high rewards make meme coins an intriguing part of the crypto landscape. Stay informed, invest wisely, and enjoy the ride!
Final Thoughts
As we watch the meme coin market evolve, it’s essential to stay updated. New trends and coins can emerge overnight. By keeping a finger on the pulse of the market, investors can make informed decisions. Remember, while the allure of quick gains is tempting, a balanced and well-researched approach is always best. Happy investing or better yet, happy gambling!
If you enjoy our content, you can support us by signing up for a Binance Account using our referral link. The majority of the meme coins mentioned in this blog can be traded there. Don’t forget to claim your bonuses if you buy/sell or trade crypto.
You might also like our other blogs about Crypto Sportsbooks or Tap-to-Earn Games.
