Shocking Gains: Meme Coins Outpace Crypto Giants in 2024 Frenzy

Meme coin assets have been a top sector to invest in this year as several new tokens have appeared and even older coins like dogecoin (DOGE)

Meme coin assets have been a top sector to invest in this year, as several new tokens have appeared and even older coins like dogecoin (DOGE) have recorded massive gains in 2024. On Friday, the meme coin economy is down by 6.3% since yesterday with several of the top coins posting declines.

Today, on Nov. 15, DOGE is down 7% against the U.S. dollar, shiba inu (SHIB) is down 4.8%, and pepe (PEPE) has lost 2.1%. Despite the latest 24-hour slide, meme coins have been a big deal and a majority of the top meme tokens have seen double to triple-digit gains over the seven days.

As far as market value is concerned, the meme coin economy has grown massive, swelling from $23.55 billion to the current $117.28 billion. This means the sector has grown by 397.88% or an additional $93.73 billion in value.

In the last day alone, meme coins accounted for $47.66 billion or 17.75% of the day’s total $268.503 billion in trade volume. Interestingly, if we compare the meme coin market cap gains to the top crypto assets, the meme coin sector outperformed bitcoin (BTC) and ethereum (ETH) in terms of gains this year.

The biggest gainer year-to-date is gigachad (GIGA) with its 117,429% rise. The digital currency known as DEGEN has jumped 116,360% since January. Neiro (NEIRO) is up 60,628%, andy (ANDY) jumped 42,700%, apu apustaja (APU) is up 24,762%, and brett (BRETT) has gained 19,078%.

Other notable meme token assets that have climbed massively in 2024 include BOME, POPCAT, GOAT, SPX, MOG, MOODENG, WIF, and PNUT. It’s worth noting that some of the gainers mentioned have not been around since the start of 2024 and were minted in recent times.

Dogecoin (DOGE) the godfather of them all has seen its market cap swell by 298.79% since January. The meme coin market’s second largest market cap held by shiba inu (SHIB) has grown by 124.95%. The third largest meme coin market valuation is pepe (PEPE) and it grew by 1,447% year-to-date.

The rapid ascent of the meme coin economy highlights its ability to captivate a broad range of investors, despite inherent risks in the market. The sheer magnitude of growth seen across both established tokens like DOGE and emerging assets showcases the sector’s adaptability and the cultural phenomena driving its appeal. Meme coins have solidified their place in the crypto ecosystem for 2024.

As the sector continues to evolve, its staggering growth could prompt increased scrutiny and innovation, shaping the trajectory of digital assets. While volatility remains a hallmark, the undeniable impact of meme coins on market activity and investor sentiment suggests that these assets are more than a passing trend—they’re a transformative force in the cryptocurrency space.