Popcat Explodes 16151% YTD, Peanut the Squirrel Enters the $1B Club: Meme Coins Dominate 2024 Crypto Market

The cryptocurrency market embarked on a bullish run in 2024, with several coins netting exponential returns to their holders.

The cryptocurrency market has seen a bullish run in 2024, with several coins netting exponential returns to their holders.

Meme coins, influenced by adorable characters and animals, have been at the forefront of this rally, with many of them soaring over 1000% since the beginning of the year.

Here's a look at the top 5 meme coins that have exploded in 2024:

1. Popcat: The cat-themed cryptocurrency has been the best-performing cryptocurrency in 2024, exploding an eye-popping 16151% year-to-date.

The Solana (SOL)-based token has entered the $1 billion club riding on the rally, the only feline-themed digital asset to hit such a milestone.

2. Peanut the Squirrel: Next on the list is Peanut the Squirrel, a meme coin inspired by the late animal of the same name, which has exploded to a $1 billion capitalization in less than a month from its launch.

PNUT has surged over 2000%, becoming one of the fastest entrants to the $1 billion club. It has benefitted from the strong sentiment following the death of "Peanut,” a viral pet squirrel, who was confiscated and euthanized by authorities.

3. dogwifhat: Another Solana-based cryptocurrency dogwifhat has surged 1960% year-to-date, leapfrogging into the top 5 meme coins by market capitalization list.

4. Pepe: Meanwhile, Pepe swelled 1314% in 2024, becoming the most successful Ethereum (ETH)-based meme coin of 2024.

The coin, named after the popular internet frog meme, has seen a massive surge in demand this year, driven by the broader meme coin mania.

5. Dogecoin: Blue-chip currencies like Dogecoin (DOGE) have also multiplied returns this year, rising 360% and 149%, year-to-date.

The meme coin, created as a joke in 2013, has seen a strong rally this year, fueled by the cryptocurrency bull market and the enthusiasm surrounding meme coins.

The total meme coin market capitalization has expanded from $22.27 billion to $116.89 billion, a fivefold increase.