Don’t call it a comeback. Or, maybe you can!
Just two days ago, Messari CEO Ryan Selkis shared that the memecoin market has surpassed more than $40 billion in aggregate market cap through a post on X. That figure vaults multiple other sectors including DeFi and DePIN, while doubling the total market cap of NFTs. Quite an impressive recovery for a sector of crypto that many had written off as a joke lost to the chaos and confusion of the last bear market.
But the memecoin resurgence mirrors a newfound fervor surrounding crypto and the entire blockchain industry. As prices approach all-time highs for flagship crypto tokens and institutional adoption continues thanks to the SEC’s bitcoin ETF approvals earlier this year, the goodwill has extended to the memecoin space as well.
Leaders in the blockchain space are taking note of this push as well, indicating that memecoins are no longer a sideshow meant to be pushed under the rug.
“The popularity of memecoins is quite an interesting phenomenon, both within the crypto space and from an anthropological perspective. In any case, it isn’t possible to ignore them as white noise in the background of the space. They’re positioned at the intersection between digital culture, technology, and finance.” says Goldi Horta, Head of tomiChain, a Layer-2 scaling solution for accessible and reliable Ethereum scaling built through a DAO-governed infrastructure.
So with signs pointing toward a bullish market across the entire crypto industry, it would seem like memecoins are poised to dominate the space. However, not all memecoins are created equal. By their very nature, memecoins are subject to impressive price surges but also high volatility—meaning it can be difficult for newcomers to discern which memecoins are worth backing.
“They [memecoins] also represent the cultural currency of the internet: It’s entertainment intertwined with speculation, they represent a more general abstraction of the creation of value through consensus, regardless of any utility or commodity. Maybe, in a way, they come to show us the value of fun and play,” Horta added on the appeal of memecoins in a seemingly straightforward and institution-focused crypto resurgence.
These five memecoins are the cream of the crop in terms of what the sector has to offer, and anyone interested in crypto’s reanimation should keep a watchful eye on their developments.
#1: PepeCoin ($PEPE)
Gaining more than 400 percent in the past 7 days alone, according to CoinMarketCap, the $PEPE coin has garnered a significant following thanks to its repurposing of an evergreen internet meme.
Although Pepe the Frog has lived a million lives on the internet, from being a niche cartoon to an alt-right figurehead and back, PEPE’s triple-digit gains showcase how the meme’s consistency can translate into a real community. In fact, its community carried PEPE’s success throughout the linger bear market of 2023, solidifying it as a key player in the memecoin space even in the face of adverse conditions.
#2: Dogelon Mars ($ELON)
The Dogelon Mars token ($ELON) takes the memecoin offshoot one step further to encompass an entire lore and narrative—even going beyond the limits of crypto.
By taking creative inspiration from multiple icons in the crypto and memecoin space including Elon Musk and Shiba Inu dogs, Dogelon Mars incorporates a story element to build its community using the power of narrative. Its dedication to a captivating narrative has translated into a robust social community on X, with more than 463 thousand followers, and a dedicated Telegram channel with over 41 thousand members.
Using its comic-based story as a launchpad, the memecoin continues its maturation. Active since 2021, Dogelon Mars continues to develop new financial products and offerings to bring its wide-spanning community new means of utility.
#3: Dogecoin ($DOGE)
You can’t go wrong with an OG. $DOGE’s consistency has kept it as a leader in the memecoin sector for over a decade—which is practically an eternity in the crypto sphere. As the memecoin that essentially sparked the entire movement, Dogecoin’s success has transcended the niche to become one of the world’s largest cryptos, period.
Where the memecoin might lack in retaining value, its tokenomics and structure make it notably useful for currency transfers and low transaction costs. That, coupled with notable endorsements and a resoundingly strong community make Dogecoin a steadfastly reliable memecoin.
#4: Shiba Inu ($SHIB)
We’ve seen Dogecoin, now we meet its nemesis. Quite literally dubbed the “Dogecoin killer”, $SHIB represents how offshoots in the memecoin space can still be successful on their own terms.
One of the hallmarks of the memecoin sector has been the boom of “copycats” or token offshoots that capitalize, or at least try to, off of a tried-and-true motif in the industry. It is reflected in the term itself, as memes intrinsically ape on a recurring joke or image that is recontextualized into different scenarios and audiences.
$SHIB emerged as one of those offshoots but has managed to stake its claim as a reliable memecoin player. Since an explosive launch in 2021, the memecoin has since grown to encompass its own Shibarium network—a custom network built to accommodate fast transactions with low costs. Its expansion demonstrates how memecoins can continuously evolve to reach new audiences and build up utility.
#5: ($BONK)
Rounding out the theme of dog-themed memecoins is Bonk ($BONK), the first token of its kind on the Solana blockchain.
As another triple-digit gainer, Bonk exemplifies the power of humor and sharability in the memecoin space. Thanks to its presence on Solana, Bonk aspires to become the network’s “community coin” due to its heightened scalability and usage across decentralized applications.
The memecoin has solidified itself as a coin to watch, vaulting into the top 5 memecoins on CoinMarketCap thanks to its spike in popularity and listing on Coinbase at the end of 2023.
Overall, every memecoin listed here demonstrates the effectiveness of satire and fun in community-building that is very unique to the crypto space. While large-scale, institutional growth continues to define the year in crypto’s recovery from a debilitating bear market, the influence of memecoins cannot be ignored. By keeping novelty and a jovial spirit at the forefront, these memecoins are sure to take an often overlooked segment to new heights.