The excitement around the upcoming Bitcoin (BTC-USD) halving has the meme coin market extremely excited and bullish. The exact date of the next having is difficult to accurately predict. That is true because it is based on the date when the 840,000th block is mined. Forecasts currently expect it will happen in April.
The result is that those successful block miners will soon be rewarded with 3.125 BTC instead of the 6.25 they presently receive. Scarcity creates value, which has Bitcoin again running to historical highs.
As I write this, the value of a single Bitcoin is approaching $68,000. There is a lot of bullishness surrounding the upcoming halving, and Bitcoin dictates the direction of the cryptocurrency market. Thus, meme coins are being pulled higher as well. In fact, much higher. Meme coins have extraordinarily extraordinary volatility. The result is that they often produce outsized returns, which is why we are about to discuss them in the run-up to the Bitcoin halving.
JasmyCoin (JASMY-USD)
JasmyCoin (JASMY-USD) has already more than tripled in 2024. The coin, launched by former Sony (OTCMKTS:SNEJF) executives, certainly has momentum on its side in the approach to the Bitcoin halving. While JasmyCoin certainly has moon-worthy potential, there is also something to be aware of, which I will get to later. First, I’d like to discuss its utility and the primary reasons investors have flocked to JasmyCoin of late.
JasmyCoin helps users monetize their personal data. Users upload their data into the company’s database and receive tokens in exchange for doing so. In turn, enterprises of all sizes pay fees to access that data, thus monetizing individual user data.
It’s easy to see why the coin has gained a following. Most people know their data is valuable, and if given the choice, would choose to monetize it rather than giving it to companies freely. That’s essentially why the coin has garnered so much attention of late.
It will continue to have a lot of potential in the run-up to the Bitcoin halving. However, investors should be aware that whales have recently accumulated large sums of the coin. They could pump and dump at any time.
Shiba Inu (SHIB-USD)
Shiba Inu (SHIB-USD) is surging as I write this. In the past 24 hours, it has increased in value by nearly 50%. It’s up more than 280% over the last month. That is an excellent representation of its volatility. When that volatility works in investors’ favor, the results are very positive.
The Dogecoin (DOGE-USD) killer is relevant again. It is likely to only become more so as we approach the mining of Bitcoin’s 840,000th block.
Some speculators believe Shiba Inu can dethrone Dogecoin. Part of the reason is the number of new Shiba Inu accounts increased by 20 times in February compared to January. March is still relatively young, but the upward price trajectory during the month suggests that the trend is continuing.
An influx of new users should logically increase the amount of liquidity in Shiba Inu. That is a very strong sign for the Dogecoin killer and arguably a stronger one than high trading volume alone.
Dogecoin (DOGE-USD)
Dogecoin is becoming bullish again in the approach to the Bitcoin halving. Expect to hear a lot more noise around the question of whether Dogecoin can hit $1 this time around.
That has long been one of the goals of the original meme coin. It reached a peak of 73 cents in May of 2021. Ultimately, however, Dogecoin proved incapable of reaching that threshold even with the support of Elon Musk and his social media influence.
Dogecoin is up by triple digits over the last month, and that has many again wondering whether $1 is possible. If that occurs, Dogecoin will have to multiply in price by a factor of 6, creating moonshot returns in the process. Prominent meme coin analysts, including Altcoin Sherpa, have been hesitant to give exact predictions. At the same time, he and others have stated they would not be surprised to see Dogecoin rise to that level.
Pepe (PEPE-USD)
Pepe (PEPE-USD) is a relatively new meme coin having been around for less than a year. In that short time, it has produced two distinctive upward spikes that have resulted in lifetime gains of more than 13,500%.
I railed and railed against Pepe after its first spike and immediate decline in early May of 2023. I incorrectly believed it was going to die a slow death in which it would never again test those former highs. I was wrong. It has since risen nearly 300% above that initial high. It will likely continue to rise again as the Bitcoin halving approaches.
It’s hard to define Pepe’s utility, yet it does have some interesting aspects nonetheless. For example, Pepe is what is known as a deflationary meme coin. That simply means a portion of its supply is burned every time a transaction occurs. That means it is becoming scarcer by the minute. That, too, is the reason Bitcoin is becoming more attractive: The halving makes mining rewards half as valuable as they were previously.
Solama (SOLAMA-USD)
Solama (SOLAMA-USD) is a meme coin that leverages Solana’s (SOL-USD) blockchain. The project, like many others, uses humor and unique marketing to attract investors.
In Solama’s case, it marketed itself as the Unofficial Solana mascot. It may just be me, but the combination of the Llama mascot and the leverage of the Solana name somehow made me laugh. Frankly, that may be enough. The world of meme coins is all about whimsy and comedy. Projects that successfully leverage those factors have the potential to build large audiences quickly.
I have to assume that Solana supports the project to some degree: Solama’s homepage prompts users to create a wallet and get some SOL. It can really only help Solana by increasing its user base and, in turn, driving demand higher.
The company simultaneously operates within the tangible world by selling merchandise. It’s a very interesting project, and I wouldn’t be surprised to see it multiply in value soon.
Dogwifhat (WIF-USD)
Dogwifhat (WIF-USD) began trading just before Christmas. It is the youngest meme coin on this list. In its short life, it has gone from 17 cents to $2.
Like Solama immediately above, dogwifhat is another Solana meme coin. It is another coin with a bit of a strange origin story. The reason it has so much attention is its connection to a picture of a dog wearing a hat. The “wifhat” term has caught on.
The meme coin benefits, of course, from the underlying strength of Solana. That, in combination with the clever meme usage, has scented higher. It’s also important to note that the project has been capable of doing something so many other meme coins have not: Not only has it surged past the psychologically important $1 threshold, it is now trading near $2 and briefly passed that mark. Dogwifhat will continue to be an interesting meme coin to watch.
Cardano (ADA-USD)
Cardano (ADA-USD) continues to tease its former potential to investors in the run-up to the Bitcoin halving. Its price has increased by more than 19% in 2024. Yet, it remains far away from all-time highs, which approached $3 for a brief period back in 2021.
I may be very wrong in this assertion, but I believe Cardano is the meme coin on this list that possesses the most long-term viability. I’ve said it a dozen times, but it bears repeating: Cardano’s strict adherence to empirical evidence and computer science-based development is a long-term winning strategy.
The upcoming Bitcoin halving may be the catalyst that Cardano investors have so patiently awaited over the last few years. It will certainly reinforce the notion that scarcity can rapidly increase prices. Perhaps that could cause investors to, again, scrutinize Cardano for its principled development. The $1 price level is probably the next important hurdle for Cardano to meet, and I wouldn’t be surprised if it happens in early April or sooner.
On the date of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
