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Cryptocurrency News Articles

Meme Coin Mania: A Retrospective View of the “Meme Coin Supercycle” Year 2024

Dec 31, 2024 at 02:39 am

The global meme coin market capitalization currently stands at over $100 billion, making meme coins one of the biggest sectors in the market.

The global meme coin market capitalization currently stands at over $100 billion, making meme coins one of the biggest sectors in the market. Benzinga takes a retrospective view of the “meme coin supercycle” year 2024.

What Happened: 2024 has seen meme coins diversify beyond dog-themed favorites, such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), but also other favorite popular animals, such as Pepe (CRYPTO: PEPE).

Tesla (NASDAQ:TSLA) began accepting Dogecoin payments, expanding the meme coin’s utility.

Shiba Inu saw significant gains, shedding a zero from its price.

Still, Pepe outperformed them all, emerging as the top gainer among the leading meme coins.

New launches did not disappoint though — cat-themed coin Popcat shone by rocketing to over $2 billion in valuation at its peak.

Trader Notes: Crypto trader Murad believes 2025 could bring even larger meme coin moves than those seen in DOGE and SHIB's historic runs.

He emphasizes that success lies in holding the right coins for the next “meme coin mania,” saying "When you're investing in Meme coins, you aren't investing in Memes — you are investing in people."

Smiley Capital predicts a delayed altcoin season, believing Bitcoin has yet to top and meme coins remain relevant. He notes:

"I think memecoins will continue to be a thing in 2025, but they will be shifting away from dog coins and into other animals."

He concluded, "apart from that, I think you guys have it nailed." Uncle Mungy echoed these sentiments in a tweet,

"all the memecoins that survived this flush have a vibe that will be impossible to extinguish in 2025"

Statistics: Shiba Inu’s large transaction volumes increased by 68%, with high-value transactions ($100,000+) doubling from 52 to 112 in a single day, according to IntoTheBlock.

Dogecoin’s short liquidations totaled $990,700, the lowest since Oct. 26. Open interest climbed by 1.3%, reaching $2.01 billion, according to Coinglass.