Emerging Memecoins Like dogwifhat, And Pepe Beat Established Players Like Dogecoin, Shiba Inu In H1 2024

　　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.

　　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 InuSHIB/USD, and the king of memecoins, Dogecoin DOGE/USD,

　　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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