The cryptocurrency industry is fast-paced and exciting, with lots of updates and developments to watch out for. There are now more coins than ever, each of which offers something a little different.

In recent times, we’ve seen an explosion in the popularity of meme coins. Let’s take a look at what meme coins are and study things like the Floki Inu price to figure out whether 2024 could be a good year for these unique digital assets.

Meme Coins: An Explainer

The first cryptocurrencies, such as Bitcoin and Litecoin, were brand-new digital assets that ushered in a new era for payment processing. Over time, more and more cryptocurrencies hit the market, offering different technologies and features that helped push the industry forward.

Memes are the internet jokes we all know and love. They’re omnipresent on the internet and can be found in abundance across all of the major social media platforms. Some memes satirise current events, while others are obscure in-jokes that use meta-humour with great success. They are posted in groups, on news feeds and shared amongst friends and families.

As the name might suggest, meme coins are cryptocurrencies that are inspired by some of the internet’s most popular jokes and characters. Generally, these coins repurpose memes to create their logos and branding. The Shiba Inu coin is a perfect example; it uses the popular Shiba Inu Doge meme as inspiration for its visual identity.

On the surface, meme coins can seem like nothing more than a silly joke. However, many of them are highly advanced with powerful technology under the hood. As a result, many meme coins are highly valuable, particularly assets like Dogecoin, which was famously popularised by Elon Musk.

What are the Biggest Meme Coins?

There are thousands of different cryptocurrencies out there, and we’re seeing the number of meme coins on the market increasing all the time.

Currently, the biggest meme coin is Dogecoin. It has a market cap of more than $11.63 billion and is currently trading at a value of $0.082. Dogecoin is the 10th-largest cryptocurrency on the market today, beating out established assets such as Litecoin, Chainlink and Polkadot.  

Other big-name meme coins include assets such as Shiba Inu, Bonk, Pepe, Floki and Dogelon Mars. While these are less valuable than Dogecoin, they are supported by loyal communities, and many have a lot of future potential. They may have started as jokes, but they are quickly becoming some of the most serious and sought-after currencies on the market.

How Did Meme Coins Perform in 2023?

If we want to know how meme coins might perform in 2024, first we need to look back over 2023 and analyse the price movements and value fluctuations of these assets.

First, let’s look at the most popular meme coin, Dogecoin. In January 2023, Dogecoin was trading at $0.086. Over the past 12 months, this value has shrunk by 5.10%. However, the last six months of 2023 were positive for Dogecoin, with growth of 13.37%.

Floki is the fifth-largest meme coin with a market cap of $200 million. It demonstrated incredible growth over 2023, with its value skyrocketing by 221.82%.  

Will 2024 Be a Big Year for Meme Coins?

Despite a few blips, meme coins generally performed very well in 2023. However, in the ever-changing world of crypto, this cannot be relied upon as evidence for future performance. Can we expect meme coins to continue to grow in 2024?

While meme coins are often regarded as separate to other cryptocurrencies, they are in fact closely linked. For example, if Bitcoin performs well, this will have a positive knock-on effect on many other cryptocurrencies, meme coins included.

What this means is that the success of meme coins in 2024 will largely depend on the health of the wider cryptocurrency industry. If we see the values of the biggest coins, like Bitcoin and Ethereum, fall, then meme coins will likely suffer as well. On the other hand, if established assets have a strong 2024, meme coins should as well.

According to a number of industry experts, we could be heading for a 2024 crypto bull run. The Bitcoin halving event is expected to take place in the spring of this year, and this almost always follows a period of extended growth and increased activity as supply decreases while demand rises.

In addition, cryptocurrencies continue to enjoy more mainstream acceptance, and we’re seeing more and more brands and businesses integrate crypto into their services. This will help fuel further growth and meme coins, even if they are not directly involved with these partnerships, will likely benefit as a result.

Conclusion

It’s difficult to predict the future of any market, and this is particularly evident in the world of cryptocurrency. These assets can be volatile and impossible to track, influenced by a range of internal and external factors. However, there are signs that can be read to indicate market movements one way or the other. With the impending Bitcoin halving, a crypto bull run is widely expected to take place. This would mean a strong year for all cryptocurrencies, including meme coins, and 2024 could see price records broken.