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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.CryptocurrencyYTD +/-Price (Recorded at 9:50 p.m. EDT)Mog Coin MOG/USD +4959.69%$0.000002032dogwifhat WIF/USD +1385.50%$2.27Pepe PEPE/USD +833.44%$0.0000121
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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