NOIDA (CoinChapter.com)— 2024 has already seen the cryptocurrency market’s memecoin mania, prompting many to ask – what are the top 3 memecoins I should know about? The frenzy resulted in the creation of a ridiculous number of meme-based tokens. These digital assets are often inspired by viral internet memes and sustained by vibrant online communities. Memecoins have experienced varying levels of success. However, the sector still continues to demonstrate its notorious volatility, captivating investors with its dramatic fluctuations. Here are the worst performing and top 3 performing meme coins of the year.

Top 3 Memecoins

1. Smog (SMOG)

First on the list of top 3 memecoins is SMOG. Smog captured the attention of the crypto community with its substantial market growth and unique token distribution strategies. The token boasts a total supply of 1.4 billion, with 50% dedicated to marketing efforts to drive community engagement and enhance project visibility.

The strategy allocates another 35% of the supply for airdrop rewards, a crucial tactic in building a robust holder base. The team reserves the remaining tokens for providing liquidity on exchanges and covering operational costs.

Despite the recent downtrend, SMOG price remains 97% above its 2024 low of $0.032.

Notably, Smog’s marketing strategy actively involves the community in promotional activities to promote a sense of ownership and loyalty among holders.

2. Dogwifhat (WIF)

The Dogwifhat token takes second place on the list of the top 3 memecoins so far in 2024. Dogwifhat is a novel crypto project with no aims, no goals, no use cases, and likely nothing else. The project’s developers took a Shiba Inu (the dog, not the token), clicked or downloaded its photo, and dropped a hat on the dog’s head.

Dogwifhat has been a surprise entry to the world of memecoins. The token has risen by more than 5,377% from its 2024 low to reach a daily high near $3.7 on May 6. However, WIF price has remained range-bound since April as the frenzy surrounding memecoins calmed down.

Due to recent gains, the memecoin, another in a long line of dog-themed digital assets, has become the fourth largest memecoin by market cap.

3. Bonk Memecoin (BONK)

Bonk is another memecoin of the Solana stables. Solana-based memecoins were the apple of the traders’ eyes during the March memecoin frenzy earlier this year.

The token launched in March earlier this year, and has since gained more than 1,520% to reach a daily high near $0.013 on May 6.

Bonk (BONK) is a community-focused meme coin from the Solana blockchain, launched via an airdrop to counteract centralized tokenomics.

Dubbed the “people’s dog coin,” it distributed 50% of its 100 trillion supply to Solana community members, emphasizing fairness and inclusivity. Due to its decentralized ethos, the memecoin’s market entry caused ripples across the sector.

However, the token’s price action has remained flat since April 2024.

Worst Performing Memecoins

1. Baby Doge Coin (BABYDOGE)

Baby Doge Coin came into existence as a copy of the original meme crypto token, Dogecoin. Operating on the Binance Smart Chain, Baby Doge Coin claimed to offer quicker transactions and lower fees than Ethereum-based tokens.

The project aimed to ride the wave of popularity enjoyed by Dogecoin and other animal-themed cryptos. Baby Doge Coin has a total supply of 420 quadrillion tokens and uses a deflationary model, routinely burning tokens to decrease supply and potentially increase value.

BABYDOGE price rode the wider crypto market bullishness to rally spectacularly in Feb. 2024, but the token has since dropped more than 46% to reach $0.0000000019 on May 6.

The token features a redistribution mechanism where a portion of every transaction fee gets automatically distributed to existing holders, rewarding them for holding the coin.

Moreover, the memecoin also supports charitable causes, primarily focusing on dog and pet rescue initiatives, integrating a philanthropic angle into its operations.

2. Maneki (MANEKI)

The Maneki Token, a decentralized cryptocurrency on the Ethereum blockchain, draws inspiration from the “Maneki-Neko,” a Japanese symbol of good luck.

It claims to build a community-centric ecosystem centered around decentralized finance (DeFi) and governance through a decentralized autonomous organization (DAO). Token holders engage in transactions, staking, and governance participation, directly influencing the project’s development.

MANEKI price has been in a downtrend since its launch, down more than 60% from its launch price of $0.023.

2. Rekt ($REKT)

The REKT token, operating on the Arbitrum network, aims to capitalize on the network’s technological advantages but faces significant hurdles in the competitive crypto landscape.

As a meme coin, REKT is primarily oriented toward entertainment, which may not align with the financial goals of serious investors. Despite a minor gain of 0.40% in the past week, this increase does little to distinguish it from the broader market, which has seen a downturn of 1.80%.

Such marginal performance raises questions about its stability and investment potential.

Listed on various exchanges like MEXC, where it trades against USDT, REKT is accessible but remains speculative, driven more by trading excitement than by strong fundamentals. The coin’s reliance on meme culture and its limited practical utility expose investors to substantial risks.

Since its launch, the $REKT price has dropped more than 55% to reach a low near $0.024 on May 3 before recovering slightly.

The post The Top 3 Memecoins – Best and Worst- Of 2024 appeared first on CoinChapter.

---

Filed under: Bitcoin - @ May 6, 2024 8:59 pm