While their genesis was originally as shareable internet jokes, many meme coins are now transitioning to include utility and enhanced tokenomics to attract investment.
Initially, meme coins were primarily for entertainment and had little to no real-world use cases. However, the landscape is changing as the community around these coins grows and seeks to add utility and value to their investments. Several meme coins are exploring ways to provide utility and justify their market valuation.
This includes participating in decentralized finance (DeFi) ecosystems, where they can be used for staking, lending, and earning interest, similar to more established cryptocurrencies. Some are being integrated into digital marketplaces for goods and services, allowing holders to use them for transactions in the real world.
Moreover, the rise of Non-Fungible Tokens (NFTs) and the increasing integration of blockchain technology into gaming and virtual goods have opened new avenues for meme coins. They can serve as in-game currencies, purchase NFTs, or participate in virtual economies, providing tangible value to their holders.
The following are the top 10 meme coins by market cap with a profile of their utility and use cases.
2024’s Top 10 Meme Coins
1. Dogecoin (DOGE): The pioneer of meme coins, Dogecoin was created in December 2013 as a lighthearted alternative to traditional cryptocurrencies. Despite its origins as a joke, Dogecoin has garnered a significant following and market cap, thanks in part to endorsements from figures like Elon Musk. It operates on a Proof-of-Work mechanism without a maximum supply cap, adding 5 billion new DOGE to the circulation each year.
DOGE Market Cap: $11.8B
DOGE Price: $0.08
12 Month Return: -0.67%
2. Shiba Inu (SHIB): Launched in August 2020, Shiba Inu is an ERC-20 token on the Ethereum blockchain, aiming to be the “Dogecoin killer.” It has a massive supply of one quadrillion tokens, with half initially sent to Ethereum’s creator, Vitalik Buterin, who burned a significant portion. Shiba Inu has developed Shibarium, a layer 2 solution for Ethereum, to offer lower transaction costs and burn SHIB tokens with each transaction.
SHIB Market Cap: $5.6B
SHIB Price: $0.0000009
12 Month Return: -25%
3. Bonk (BONK): A Solana-based meme coin, BONK made its debut with a significant airdrop event on December 25, 2022, serving as a festive surprise for the Solana ecosystem. Half of its entire issuance, amounting to 100 trillion coins, was allocated to various participants within the Solana network, including artists, developers, NFT enthusiasts, and other actively engaged community members. Bonk has been integrated into over 130 products across gaming, DeFi, and NFTs. Initial enthusiasm for BONK has ridden on the strength of the Solana network to an extent, amplifying its market relevance and accelerating its market cap.
BONK Market Cap: $821M
BONK Price: $0.00001296
12 Month Return: +1398%
4. Pepe (PEPE): Sparking a meme coin bull market in April 2023, Pepe’s significant price rally reinvigorated interest in meme coins. It remains a major player in the meme coin space with a market cap of $504 million, despite not focusing on new features or utility.
PEPE Market Cap: $468M
PEPE Price: $0.000001114
12 Month Return: +1861%
5. Dogwifhat (WIF): Launched in November 2023 on Solana, Dogwifhat capitalized on the platform’s rising popularity. Its branding revolves around a dog wearing various hats, embodying internet humor. Despite no clear utility, WIF experienced significant trading activity following its launch.
WIF Market Cap: $392M
WIF Price: $0.39
12 Month Return: +134%
6. Floki Inu (FLOKI): Inspired by Elon Musk’s dog, Floki Inu emerged amidst the meme coin frenzy of 2021. It has shown resilience with a market cap of $309 million and has developed utility-focused products, including a 3D NFT collection, DeFi tool FlokiFi Locker, and the Valhalla Metaverse game.
FLOKI Market Cap: $309M
FLOKI Price: $0.00003219
12 Month Return: +49%
7. Memecoin (MEME): The native ecosystem token of Memeland, a web3 venture studio by meme platform 9GAG. With a max supply of 69,000,000,000 MEME, the token operates on the Ethereum blockchain and aims to integrate the vibrant culture of memes with the innovative potential of web3 technologies, fostering a unique blend of entertainment and Web3 digital asset interaction.
MEME Market Cap: $260M
MEME Price: $0.025
12 Month Return: -7.16%
8. Baby Doge Coin (BABYDOGE): Following Dogecoin’s footsteps, Baby Doge Coin launched in 2021, aiming to add utility to the meme coin space. It introduced Baby Doge Swap, a DEX, and an NFT collection on Ethereum. Its tokenomics include an automatic burn mechanism and a 5% transaction fee redistributed to holders. Despite this it has performed poorly year-on-year.
BABYDOGE Market Cap: $174M
BABYDOGE Price: $0.000000001208
12 Month Return: -71%
9. Bone ShibaSwap (BONE): The governance token for the ShibaSwap decentralized exchange (DEX), BONE enables the Shiba Inu community to participate in voting on proposals, submitting proposals, and accessing future NFTs. Launched on July 7, 2021, ShibaSwap facilitates the trading of SHIB tokens for other cryptocurrencies, with BONE acting as a crucial link within the ecosystem. SHIB holders contribute liquidity to earn BONE rewards, and users can stake tokens to receive rewards based on the amount and duration of staking.
BONE Market Cap: $141M
BONE Price: $0.61
12 Month Return: -56%
10. Coq Inu (COQ): As Avalanche’s answer to the meme coin craze, Coq Inu debuted in December 2023 with a market cap of $111 million. It focuses on humor and internet memes, with a rooster mascot and a supply of 69.420 trillion tokens. The project’s contract has been fully renounced, and the liquidity has been burned, emphasizing its commitment to a decentralized and community-driven ethos.
COQ Market Cap: $139M
COQ Price: $0.000002017
Return Since Launch: +370%
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