What makes memes the most profitable sector in 2024? How do coins like Pepecoin, Dogwifhat, and Brett manage to capture the market’s attention and achieve such extraordinary returns? Read on.
The meme market is on the rise again, making headlines and attracting the trading community. In the past 24 hours alone, the market capitalization of meme coins rose to $48.34 billion, representing a 2.5% increase.
Leading the rise are coins like Pepecoin (PEPE), Dogwifat (WIF), and Brett (BRETT), which have shown impressive gains. Even larger, more established cryptocurrencies, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have seen notable price increases.
As of June 27, DOGE price stood at $0.1234. It has a large market capitalization of $18 billion and a 24-hour trading volume of more than $480 million. SHIB follows closely at $0.00001715. Its market value is $10.3 billion, and the daily trading volume is about $191 million.
Among the newer cryptocurrencies, PEPE has risen by 5.5% in the past week, and is now priced at $0.00001237. WIF and Brett have also made notable strides, with WIF at $2.03 after a 2% increase over the past 24 hours, and BRETT at $0.1583 after a 0.41% rise.
according to Woo BlockchainIn 2024, memes proved to be the most profitable sector, with an average return rate of 1,834%.
Furthermore, the profitability of memes outperforms other sectors, being 8.6 times more profitable than the second most profitable sector, RWA, and 542.5 times more profitable than the DeFi sector.
Let’s delve deeper into the developments within the meme market and explore what we can expect in the coming days.
Key developments driving the coin market
The driving force behind the current meme coin craze is Solana (SOL), the blockchain that has become the center of this market mania.
On June 25, Solana introduced “Actions” and “Blinks”, developed in partnership with Dialect, a Solana development shop. These features enable users to transact directly on the blockchain from the websites and social media platforms they use daily.
“Solana Actions allows users to execute on-chain transactions across various platforms, including websites, social media, and physical QR codes,” the Solana Foundation explained.
This integration simplifies the process for both developers and end users, as popular Solana wallets like Phantom and Backpack support these new features.
For example, a meme reference in an X post can now include an “action” that allows users to initiate a transaction directly from the post.
Additionally, users can share these “flashes” with their followers, integrating blockchain transactions into daily online interactions more seamlessly.
This innovation will attract more social media celebrities who have recently launched digital assets based on internet memes and pop culture figures.
For example, Australian rapper Iggy Azalea’s mother coin (MOTHER) reached a market cap of $70 million within a month of its launch on Solana. Likewise, Dojoyvat, one of the most prominent meme coins of 2024, now boasts a market capitalization of over $2 billion.
Meanwhile, BNB Chain also aims to capitalize on this momentum with its own “Meme Heroes.” initiativewhich is supporting meme coin innovation by allocating $900,000 to support the liquidity pool, bringing its total commitment to $1 million.
The BNB campaign seeks to boost liquidity and promote a stable trading environment, encouraging developers and meme projects to apply for support.
What to expect next?
The hype around meme coins is reaching fever pitch on social media. Platforms like X (formerly Twitter), Reddit, and Discord are abuzz with price predictions and discussions about the next big meme coin.
For example, the Dogwifhat price forecast indicates a 222.11% rise, reaching $6.64 by July 26, according to Coincodex. Likewise, predict the price of Pepe Coin She suggests A rise of 229.42% to $0.00004164 on the same date.
The excitement around these currencies spreads a feeling of fear of missing out (FOMO) among traders. Posts on social media tout the potential of such coins, claiming they are about to flip.
While the excitement is obvious, it is important for you to exercise caution. The current sentiment around meme coins is positive, but it is important to remember that trading meme coins is akin to gambling.
The history of meme coins is littered with instances of sharp price drops and scams. Rug-pulling, where developers abandon a project and run off with investors’ money, is unfortunately common in the meme coin space.
Take for example the infamous Squid Game token, which saw its price skyrocket before the developers pulled the rug out, leaving investors with worthless tokens.
Likewise, many meme cryptocurrencies experienced dramatic crashes after the initial hype, resulting in massive financial losses for those who bought at the peak.
Social media can amplify the hype around these currencies, making it easy for inexperienced traders to fall into the craze. Anonymous influencers and accounts often promote meme coins without disclosing their own investments, artificially inflating prices.
The volatility of coins means that while some traders may make big gains, others can lose everything just as quickly.
For those considering investing in meme currencies, it is essential to conduct thorough research and understand the risks. Diversifying investments and only investing money you can afford to lose are wise strategies.
Always remember that fortunes can change in an instant, and it is important to stay informed and be careful. Never invest more than you can afford to lose.
Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.