Memecoins have become one of the best ways to get rich quickly in crypto, but only if you get in at the right time. Various memecoins have supposedly made millionaires over various bull runs, such as Dogecoin and Shiba Inu in 2021, but they’re not the only memecoins vying for market share in 2024. New contenders like Bonk, PEPE, and dogwifhat, have all entered the battlefield, and we’re going to see which memecoin has performed best in 2024.
Comparing Memecoin Performances
Below we’ll evaluate the performances of the most popular memecoins on the market. We’ll look at how they finished in 2023 and how they’ve done thus far in 2024. It’s worth noting that there are other memecoins that have done well and subsequently lost a lot of value, but we’re going to stick with five of the biggest and most consistent memecoins.
Dogecoin (DOGE)
Dogecoin is having a fairly strong 2024. Dogecoin has its own blockchain network, and is the only memecoin that does. It ended 2023 trading around 9 cents USD, and is up nearly 60% year to date, trading around 14 cents USD. DOGE reached as high as 21 cents USD towards the end of March 2024 before dropping down to its current level.
Dogecoin is up 60% year to date but is up almost 26000% all time.
SHIBA INU (SHIB)
Shiba Inu is having a stronger 2024 than Dogecoin thus far, as it’s up 103% year to date, having ended 2023 trading around $0.00001. SHIB is a token on the Ethereum network. SHIB reached an all time high of $0.00007 during the 2021 bull run before dropping down significantly during crypto winter.
SHIB has done well to make up over 100% year to date, but more notably it’s up over 1 million percent all time (1613295.63% at time of writing).
Bonk (BONK)
Despite the hype that surrounded Bonk for some time, it’s having a pretty bad year so far in 2024, as it’s down 8% year to date. BONK is an asset that was airdropped to users of the Solana blockchain network. BONK had an incredibly strong end to 2023 though, which is the reason why it is down on the year. It also hit an all time high at the beginning of March, but is down over 70% since that time.
BONK has worse all time gains than either SHIB or DOGE, having gained “just” 12800% since launch.
Pepe (PEPE)
Pepe is yet another memecoin that was created on the Solana blockchain network, and it’s the second best performer on this list, up 258% year to date. It ended 2023 trading around $0.000001 a piece but hit its all time high of $0.00001074 on March 14, 2024. It’s down over 50% since then but is still up over 8500% all time.
Dogwifhat (WIF)
Dogwifhat or WIF is another memecoin that’s based on the Solana blockchain. It’s having the best 2024 of all memecoins on this list, as it’s up over 1300% year to date. It ended 2023 around 16 cents a piece but hit an all time high of $4.81 on March 31, 2024. It’s now trading around $2.40, which is still a significant gain from where it began 2024.
On an all time timeline, WIF is actually the weakest of the memecoins on this list, as it’s up “only” 1300%.
Long-Term Outlooks?
It’s extremely hard to determine the long-term outlooks of memecoins. They have strong communities and are often good ways for inexperienced crypto users to dip their toes into the sector albeit as a bit of a gamble. It would be unwise to discount any future potential for these assets to maintain value, as they are often looking for ways to stay relevant.
However, it would also be hard to say that parking your hard earned money into a memecoin is the best long-term move. As a short-term gamble it can certainly pay off, but anyone who bought into Dogecoin at 75 cents US is likely never going to see anywhere close to that value again any time soon, if at all. Whereas anyone who bought it below a cent and sold at the peak turned a very tidy profit, just as anyone who did the same with SHIB.
Closing Thoughts
Memecoins have become a gambler’s dream in the cryptocurrency sector, but it’s important to remember that they are indeed a gamble. Depending on when you buy a memecoin you could make significant gains or quickly see red. It’s somewhat surprising to see a memecoin like dogwifhat be the best memecoin performer in 2024, considering it’s novelty, but the memecoin market is anything but rational.
If you’re thinking of investing in memecoins, be sure to be ready to lose everything in the worst case, and enjoy the ride if the best case.
