Meme Coin News: In H1, Four Meme Coins Overtook BTC, SOL-Based Memes Outperformed ETH-Based Ones, Political Memes Rose

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

July 8, 2024 10:45 EDT

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Meme Coin News: Market Highlights

The meme coin market capitalization is down 4.7% over the past 24 hours, standing at $44.9 billion.

Quite a few coins are green among the top 100 per market cap.

Chudjak (CHUD), Gigachad (GIGA), and MEOW have seen a double-digit increase each, between 12.6% and 11%.

Major meme coins such as PepeCoin, BONK, and Shiba Inu (SHIB) are also green today.

On the other hand, Shark Cat (SC) recorded the biggest decrease: 21% to $0.03085.

Next up is LandWolf (WOLF). It’s down 16.7% to $0.00003798.

Fifteen other coins in this category have recorded double-digit decreases.

As for the top 10 meme coins per market cap, four have seen their prices drop, and six are up.

Dogwifhat (WIF) decreased the most. It’s down 6.4% to $1.75.

The other three are down around 1% and less.

As for the green coins, Memecoin (MEME) is the best performer, with a nearly 8% increase.

Shiba Inu (SHIB) increased the least. It’s up 2.8% to the price of $0.00002.

Overall, meme coins on their own have performed better over the past 24 hours than the crypto market in general. The latter is largely red today.

Four Meme Coins Outperformed Bitcoin In H1 2024

The total crypto market value increased by $661 billion in the first half of this year. Bitcoin (BTC) accounted for $409 billion of that gain.

In that same period, four meme coins outperformed BTC, according to Forbes.

Dogwifhat (WIF) took the first spot among the roughly 70 coins with market caps over $1 billion. It gained 1,306%. Its market cap stood at $2.1 billion.

Next up is Pepe, also a popular meme coin. It recorded an 815% gain, with the market cap of $5 billion.

As the third-best returner among the meme coins stands Floki. It recorded a 392% increase. Its market capitalization is $1.6 billion.

Bonk, with $1.5 billion in market cap, saw a 90% increase.

Meanwhile, “perhaps the most famous dog-based token, Dogecoin, has gained a comparatively meager 35%,” the report said.

10 Best-Performing Cryptocurrencies in H1 (Market Cap Over $1 Billion)

1. Dogwifhat: up 1,306%, market capitalization $2.1 billion
2. Pepe: up 815%, market cap $5 billion
3. Artificial Superintelligence Alliance: up 545%, market cap $3.6 billion
4. Floki: up 392%, market cap $1.6 billion
5. JasmyCoin: up 343%, market cap $1.4 billion
6. Arweave: up 188%, market cap $1.8 billion
7. Core: up 152%, market cap $1.2 billion
8. Toncoin: up 135%, market cap $18.8 billion
9. Bitget: up 100%, market cap $1.6 billion
10. Bonk: up 90%, market cap $1.5 billion.

Solana-Based Meme Coins Outperform Ethereum-Based Coins

The CoinMarketCap report for the first half of 2024 found that, on average, Solana-based meme coins outperformed those Ethereum-based by almost 8X year-to-date.

“While there are meme coins on practically every L1 or L2 chains,” it stated, “most of the attention, activity, and trading volume have been fixated on Solana and Ethereum.”

As expected, meme coins on Ethereum were more established. Many of these launched in 2023 or earlier.

On the other hand, the majority of the Solana-based memes were launched in late 2023 or in 2024.

Nonetheless, SOL memes outperformed ETH memes “significantly,” the researchers found.

These returned an average of 8,469% compared to 962% for Ethereum.

The reason, they said, is likely the rush of speculative capital from other chains. The explosive rallies of WIF and BONK attracted it, “causing more memes to pump and attracting even more capital and attention.”

“While Solana hasn’t yet dethroned Ethereum, the surge in interest reveals its growing prominence in the crypto space,” the report said.

Political Rivalry: Trump Meme Coin Leads the Race

The above-cited CoinMarketCap report for the first half of 2024 found that political memes quickly emerged as a popular subcategory.

The total market capitalization of this sector rose to $784 million out of a total meme coin market cap of $57.7 billion.

There is a ‘war’ between political meme coins connected to the upcoming presidential elections in the United States.

Specifically, these coins are ‘tied’ to the current US president, Joe Biden, and the previous one, Donald Trump.

Per the report, “Trump’s vocal support for crypto and acceptance of crypto for campaign donations caused the leading MAGA (TRUMP) meme coin to gain over 5,100% so far this year.”

The TRUMP coin reached $373 million, compared to the BODEN token with $107 million.

The researchers noted that crypto has become “a significant topic” for the November US elections, with many “speculating through these political meme coins.”