Is Meme Coin Development Set to Explode in 2024’s Crypto Bull Run?

Key Takeaways:

• Look at the prospects of meme coin projects in the current conditions and predict their performance during the bull run.
• Explore the factors fuelling high-octane support for meme coin development among investors and businesses.
• Check out the common trends in the market to learn how you can thrive as a meme-based crypto project in the competitive landscape.

Cryptocurrencies have been garnering steady traction and widespread popularity in recent times owing to their integration into real-world applications and markets. Such propositions have given rise to various token classes that ride on heavy speculations that drive their volatility. Meme coin development is one such concept that has thrived on the premises of internet memes to captivate the attention of high-risk-taking investors. However, projects with tangible utility have come up in the space recently. Our blog will explore whether the meme coin market will see a breakthrough in the upcoming bull run in 2024 and the factors that might come into play.

Meme Coin Market: The Current Premises

Cryptocurrencies based on memes had seen a resurgence in popularity since late 2023, when several projects on Solana witnessed skyrocketing returns. Fast-forward a few months, and here we are with numerous tokens gaining handsomely, including some with three-digit rises within a week.

• According to CoinMarketCap, the total market capitalization of meme coins is $56.67 billion, with trading volumes in the region of $30 billion. 
• The top meme coins in terms of market cap include Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe ($PEPE), Bonk ($BONK), and dogwifhat ($WIF). 
• When combined, Dogecoin and Shiba Inu have a market cap of over $43.6 billion, which tends to exceed the value of cryptos like Cardano, USDC, and XRP.

Delving Deeper into the Top Meme Coin Development Projects

While we have seen the coins topping the meme coin market, looking at their origins and reasons for popularity can help us gain valuable insights. Each of them comes with unique backstories that have captivated the attention of enthusiastic and risk-savvy crypto investors.

• Dogecoin: As the first-ever meme coin initially launching as troll material, $DOGE has gained a formidable reputation due to endorsements from influential figures like Elon Musk. 
• Shiba Inu: $SHIBA launched to compete directly with Dogecoin, and its fame has been largely fuelled by internet FOMO (Fear of Missing Out), mostly from investors missing out on $DOGE.
• Pepe: The meme coin based on Pepe the Frog has attained prominence in both Ethereum and Bitcoin, with values skyrocketing by three-digit percentages in the last year.
• Bonk: The Bonk meme coin project has risen to stardom due to its premise of making cryptocurrencies accessible, which is visible in its usage of the economic Solana blockchain.
• dogwifhat: As one of the latest entrants in the space, $WIF largely rides on speculation, although the community expects the project to include some utilities in the future.

Factors Driving the Current Meme Coin Revolution

With the current market for cryptocurrencies setting itself for a prolonged bullish season, the role of meme coin projects in propelling the movement has been massive. But, you would not be surprised when we explore the factors playing a phenomenal role in executing such a buzz around meme coins.

• The main element behind meme coins’ current performance is the rising interest in social media phenomena that include memes based on animals and comic characters.
• This was justified when Solana-based meme coins like Bonk witnessed a massive roar in value, becoming part of the crypto world’s headlines.
• The prominence of Bitcoin-based tokens based on the BRC-20 standard is also a fuelling factor behind the current state of the market.
• Apart from these, the wider crypto market’s optimism surrounding the Bitcoin halving event and the creation of spot Bitcoin ETFs are also prime factors dictating the meme coin fest.

Common Trends Observed Across Meme Coin Projects

When we check out the top projects in the meme coin market, we can notice some recurring instances that enable them to garner massive success in the crypto landscape. While following the trends might not guarantee extensive success, they could amplify the impact of a meme crypto project in the market.

• Most meme coin ventures use animal-based themes (especially dogs and cats), as they have long ruled the social media landscape.
• Many meme coin projects ride heavily on speculation and social media buzz in their starting days, although holding to it can cause them to fade away from popularity.
• Some of them also go a step further and establish solid business ecosystems based on their cryptocurrencies, which provide more utility apart from fun.
• Meme coin projects have also gained immense traction due to the deep involvement of community members who share similar interests, resulting in enhanced popularity.

What is the Future Like for Meme Coin Development?

As meme coin development gains immense prominence in the global crypto ecosystem, it becomes significant for us to predict what its future will look like. With cryptocurrencies expected to rise in value and popularity in the coming months, most people expect meme coins to perform similarly.

• Experts say that meme coin projects expanding themselves to address tangible use cases could strengthen their online presence by several notches.
• Technologically speaking, more meme coins are expected to be deployed on networks like Solana, Avalanche, Polygon, and even Arbitrum, as they provide superior speeds.
• Also, we might soon see actual memes becoming crypto coins apart from those themed on animals, as demonstrated by the success of the Pepe Coin project.

Conclusion

Therefore, we have seen the market premises of meme coin development alongside the top performers and insights into the future. With meme coins becoming an inseparable part of the wider crypto setup, it is essential to understand any project will only thrive in the long run when backed by a real or virtual utility. If you are planning to enter the crypto space either as an investor or a business owner, tapping into the bright meme coin market can be an ideal decision to make this year. With the bullish season impending, involving yourself through meme coins can bolster your prospects, irrespective of which side of the coin you are on. Our experts at Blockchain App Factory can provide you with the best services to create and launch impressive meme crypto projects. Speak with one of us today to begin working on your phenomenal dream!