Many of you have heard about memecoins — tokens featuring funny images of dogs and cats. However, these are not just humorous coins; they are real assets that gained immense popularity among traders in 2024.
Memecoins riding the wave of success:
In 2024, there was a lot of buzz about Bitcoin, which, for the first time in history, surpassed the $100,000 mark. Yet, despite being the focus of global media and institutional investors, Bitcoin failed to capture the attention of everyday traders as much as memecoins did.
According to the renowned analytics platform CoinGecko, memecoins turned out to be the most popular narrative among crypto investors in 2024. Combining all their types, these coins attracted more than 30% of all traders.
In second place was artificial intelligence, while tokenized assets came third. But what exactly are these memecoins that have captured the world's attention?
What are memecoins?
Memecoins are cryptocurrencies created based on memes or jokes. Initially, these projects lacked any serious purpose, but their quirky concept appealed to the crypto community, and the coins gained popularity.
The first and most famous memecoin was Dogecoin ($DOGE), created in 2013 as a joke inspired by a popular image of a Shiba Inu dog. Its rise to fame can be attributed to entrepreneur Elon Musk. The Tesla and SpaceX CEO has frequently mentioned Dogecoin in his tweets, calling it the "people's cryptocurrency" and jokingly suggesting it could be used to colonize Mars.
Musk’s statements consistently triggered sharp price increases, drawing more and more investors to the asset. This support turned Dogecoin from a crypto joke into a popular digital asset with a massive community.
The hype around Dogecoin became a catalyst for the emergence of numerous other memecoins that also found their audience. Notable examples include Dogecoin's "killer" Shiba Inu (SHIB), Pepe Coin (PEPE) based on the popular Pepe the Frog meme, and Floki Inu (FLOKI), dedicated to Elon Musk’s dog.
What blockchain networks do memecoins use?
The earliest memecoins, apart from Dogecoin with its own blockchain, were primarily built on Ethereum. At the time, Ethereum was immensely popular, and it seemed like no real alternative existed. However, high transaction fees forced developers to explore other options, leading some projects to migrate to the more affordable Binance Smart Chain.
In recent years, though, Solana has become the most popular network for memecoins. Its blockchain has captured the attention of memecoin projects thanks to its high throughput (up to 65,000 transactions per second) and exceptionally low fees.
One cannot overlook the role of Pump.fun, a launchpad for memecoins built on Solana. The platform allows users to launch memecoins in just a few hours with minimal costs. The buzz surrounding Pump.fun significantly boosted Solana's growth, making the platform the fastest-growing application in terms of revenue in 2024.
Why are memecoins popular?
The popularity of memecoins can be attributed to their affordability and simplicity. Developing them requires minimal time and costs, and the result is a fun and inexpensive asset.
Many investors are intimidated by Bitcoin’s high price. A significant number of people are unaware that 1 BTC can be divided into 100 million satoshis. In contrast, many memecoins are priced at less than a cent, making them seem more accessible and promising.
Another reason for memecoins' popularity is their appeal to younger audiences. This demographic values not only the opportunity to make money but also humor. Memecoins often incorporate jokes and social trends, making them attractive to those who want to be part of internet culture.
Conclusion :
In summary, memecoins became a true phenomenon in 2024, drawing attention from both novice and experienced traders. Their popularity stems from their ease of creation, affordability, and emphasis on humor, which makes them particularly appealing to younger generations. Thanks to projects like Pump.fun and the support of vibrant communities, memecoins have not only ridden the wave of popularity but also laid the groundwork for the further development of the crypto industry.
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