Emerging Memecoins Like dogwifhat, And Pepe Beat Established Players Like Dogecoin, Shiba Inu In H1 2024 Returns, One Has Shot Up Over 4900%

The cryptocurrency market saw frenzied activity in the first half of 2024, with memecoins emerging as the most significant wealth multiplier for investors.

What Happened: Birthed out of popular memes and characters, these coins gave massive windfalls to traders who believed in their prospects.

Ethereum ETH-based Mog Coin was the biggest gainer YTD, netting a staggering 4959.69% return in the first six months of 2024. 

Solana SOL/USD-based dogwifhat, based on a picture of a Shiba Inu dog wearing a pink knitted cap, bagged the second spot with a whopping 1385% profit. 

Frog-theme Pepe exploded 833% since the start of the year, while yet another canine token, Floki FLOKI/USD surged 5x YTD. 

These emerging coins also outstripped gains of senior and more popular tokens like Shiba Inu SHIB/USD, and the king of memecoins, Dogecoin DOGE/USD,

See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Questions Bitcoin ETFs’ Authenticity: ‘ETFs Are Fake Gold, Silver, Or Bitcoin’

While not astronomical, these large-cap memecoins saw respectable increases. Shiba Inu grew 70% YTD, while Dogecoin gained 35%. 

Why It Matters: Broadly, meme tokens outstripped the gains of blue-chip cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, both of which recorded 50% gains in the first half.

Even while this class of non-serious cryptocurrencies continues to be tarnished by worries about extreme price volatility and a lack of underlying utility, they continue to be an appealing, low-cost option for regular investors hoping to enter the market and make quick returns.  

According to analysts, the narrative around investment has shifted from long-term worth to short-term gains on speculative meme coins.

Image via Shutterstock

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