The Rise of Meme Coins: A Captivating Journey in 2021

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23 Jan 2024

Nostalgia for the 2021 Bull Market and the Rise of Meme Coins

Introduction
Do you remember the heady days of the 2021 bull market? The times when people raked in massive profits but found themselves scratching their heads, pondering what to do with their newfound wealth? Ah, those were the days when digital images of rocks and apes commanded eye-watering prices, leaving the world in awe. As we await the return of such exuberance, the question lingering on everyone's mind is, when will that moment come again?

The 2021 Meme Coin Season

Let's take a trip down memory lane to the wild ride of the 2021 meme coin season, a phenomenon that etched itself into the cryptocurrency market's history. It was a period where coins devoid of any fundamental value or practical utility defied all logic, soaring to unimaginable heights and bestowing insane profits upon investors in the blink of an eye.

What made this season particularly captivating was the rise of meme coins, capturing the hearts of many from the Gen Z demographic. These unique digital assets allowed individuals to invest modest sums and receive millions of tokens adorned with the endearing images of cats and dogs. The allure of wealth intertwined with the whimsical world of internet memes was simply irresistible.

The Appeal of Meme Coins

Picture this: the chance to amass riches by investing in cryptocurrencies backed by the charming faces of cats and dogs. It was more than an investment; it was an experience, a cultural moment that brought joy and excitement to the world of finance. The 2021 meme coin craze showcased the lighter side of crypto, attracting a new wave of enthusiasts who saw the potential for mirth and profit in equal measure.
As we eagerly anticipate the return of such electrifying times, it's essential to acknowledge that not everyone shares the same enthusiasm. Enter the Bitcoin maximalists, exemplified by my own grandma, who might dismiss the meme coin narrative. But before we delve into the complexities of cryptocurrency loyalties, let's explore what made the meme coin season so extraordinary.

What Are Meme Coins

Meme coins are cryptocurrencies based on jokes, memes, or trends. They have no intrinsic value or utility, but they can generate huge profits in a short time.
If you’re familiar with the crypto community, you’d probably know of meme coins like DOGE, SHIBA FLOKI, PEPE, and others. Interestingly, Dogecoin led the 2021 meme coin season — thanks to its loyal fan base and Elon Musk’s endorsement.
During the 2021 bull market, Dogecoin increased in price whenever Elon Musk tweeted or joked about it. Some traders even set trading bots to execute trades based on Musk’s tweets, hoping to catch the next wave of Doge’s rally.
However, this strategy backfired when Elon Musk stopped tweeting about meme coins after the SEC accused him of manipulating the market. But people keep asking…

Do Meme Coins Have a Future?

Well, the question of whether meme coins will have a future is, essentially, a question about the future of human culture. As long as people exist, comics and memes will continue to evolve, and meme coins will likely have a place in the cryptocurrency market.

Despite criticism, meme coins are a significant part of the crypto community, with billions of dollars in trading volume and market capitalization.

Some people believe that investing in meme coins is the easiest way to get rich in the cryptocurrency market, and there are stories of people who became millionaires by investing in meme coins like DOGE and SHIB.
Recently, meme coins based on the Solana blockchain have surged in value and created new millionaires. This has generated excitement in the crypto community, particularly on social media channels like Discord and Telegram. But the next question is:

Which Meme Coins Will Explode in 2024

Unveiling the Potential Meme Coin Stars of 2024

Investors in the crypto world are looking for the next big meme coin that can replicate the success of 2021. To navigate this unpredictable market, they rely on social media platforms like Twitter and AI tools to identify emerging trends.
Navigating the Risky Waters
Investing in meme coins is not for the faint-hearted, and success is far from guaranteed. However, for those brave enough to venture into this dynamic market, a strategic approach can be adopted. One relatively safer tactic is to seize opportunities by purchasing meme coins shortly after their listing on major exchanges such as KuCoin or Binance. This approach allows investors to exit swiftly if market conditions take an unfavorable turn.
The Signs of an Impending Meme Coin Season:
Much like the arrival of Santa heralds the Yuletide season, there are signs that the meme coin season is on the horizon. The significant pumps in Bitcoin and other top altcoins serve as early indicators, setting the stage for potential fireworks in the meme coin space. While established meme coins like SHIB, APE, and DOGE linger in the depths of the bear market, keeping a watchful eye on these stalwarts remains crucial. Without further ado, let's delve into the top seven meme coins poised to make waves in 2024.

Coq Inu (COQ): Positioned as the #1 meme coin on AVAX, the native token of the Avalanche blockchain, Coq Inu (COQ) brings a fresh perspective to the meme coin landscape. Founded by esteemed members of the AVAX community, COQ aims to capture the essence of the ecosystem with a touch of humor and innovation.

(COQ-USD pair: Screenshot by author)
What makes Coq Inu interesting is that it has a total supply of 69.42 trillion COQ and 100% in circulation. That means no new tokens will be minted in the future to dilute the value.

Market Cap: $90M
Down by -68.89% since the all-time high on Dec 20, 2023
Circulating supply: 69.42T COQ
Future catalyst: New listing on established exchanges like Binance or Coinbase. More activities on the Avalanche ecosystem and a new narrative about the meme season.

2. ApeCoin (APE): Riding the Ape Frenzy Wave
In the realm of meme coins, ApeCoin swings into the spotlight, closely tied to the renowned Bored Ape Yacht Club—an NFT project that has taken the digital art world by storm with its unique collection of rare and distinctive digital apes. Designed to reward holders of Bored Ape NFTs, ApeCoin goes beyond the typical cryptocurrency, striving to foster a thriving community of ape enthusiasts.
Key Metrics:

Market Cap: $18.32M
Performance: Down by -96.16% since its all-time high on Mar 17, 2022.
Circulating Supply: 368,593,750 APE

Future Catalysts:
ApeCoin's trajectory is poised for potential upswings, driven by several key developments:

Integration with Bored Ape Yacht Club’s Website and Marketplace: ApeCoin's synergy with the Bored Ape Yacht Club's platform promises enhanced utility and engagement.
Launch of Native NFT Collection and Game: The introduction of ApeCoin's native NFT collection and a gaming component adds layers to its ecosystem, potentially boosting its appeal.
Bored Ape Community Hype: ApeCoin stands to benefit from the fervor within the Bored Ape community, leveraging their enthusiasm to propel its own success.

As ApeCoin charts its course into the future, these catalysts are indicative of its potential to bounce back and capture the imagination of the crypto community once again. Keep a close watch on this ape-themed meme coin as it swings through the volatile vines of the cryptocurrency market.

Dogecoin (DOGE)

Doge is the original and most famous meme coin in the crypto world. It was created as a joke in 2013, based on a viral image of a Shiba Inu dog. Doge has a fun and light-hearted spirit that appeals to a wide audience, especially Gen Z. Doge also has the support of Elon Musk, who considers it his favorite cryptocurrency and often tweets about it.
(DOGE-USD pair: Screenshot by author)

Market Cap: $990.22M
Down by -89.18% since the all-time high on May 08, 2021
Maximum supply: Infinite
Future catalyst: Doge’s adoption by major platforms and companies, such as Twitter, Tesla, and SpaceX. Doge’s development of new features and upgrades, such as the Doge-Ethereum bridge, and Doge’s resurgence in the meme coin season, fueled by Elon Musk’s tweets and the Doge Army’s community.

BONK (BONK)

BONK is the first dog-themed coin on Solana, a fast and scalable blockchain platform. BONK’s motto is “for the people, by the people”, and it distributed 50% of its total supply to the Solana community through an airdrop. BONK aims to create a fun and engaging community of dog lovers and crypto enthusiasts.
(BONK-USD Pair: Screenshot by author)

Market Cap: $99.02M
Down by -53.01% since the all-time high on Dec 15, 2023
Circulating supply: 63.33%
Future catalyst: Meme coin momentum, community and ecosystem growth, and new features and partnerships.

Floki (FLOKI)

Floki is a meme coin inspired by Elon Musk’s dog of the same name. It aims to create a decentralized ecosystem of products and services for the crypto community. Floki has a loyal and active community that supports its development and growth.
(FLOKI-USD Pair: Screenshot by author)

Market Cap: $181.59M
Down by -87.64% since the all-time high on Oct 28, 2021
Circulating supply: 9.55 trillion FLOKI
Future catalyst: A partnership with Travala. Or the launch of its own NFT marketplace and metaverse. FLOKI may also benefit from Elon Musk’s tweets.

Memecoin (MEME)

Memecoin (MEME) is the native ecosystem token of Memeland. Memeland is the web3 venture studio by 9GAG, the globally popular meme platform. So, if you love meme coins, why not just buy a MEME?
(MEME-USD Pair: Screenshot by author)

Market Cap: $218,239,946
Down by -87.64% since the all-time high on Oct 28, 2021
Max. supply: 69,000,000,000 MEME
Circulating supply: 8,867,360,382 MEME (12.85%)
Future catalyst: MEME payments, integration with DeFi, development of MEME ecosystem, community growth and hype, and continued bull Run in the crypto market.

Shiba Inu (SHIB)

Shiba Inu is a meme coin that aims to bring the power of a decentralized, community-led currency to millions across the globe.
In 2021, SHIB gained widespread attention, especially when tweets from personalities like Elon Musk and Vitalik Buterin made headlines. SHIB also launched its decentralized exchange, ShibaSwap, and its own NFT collection, Shiboshi.
(SHIB-USD Pair: Screenshot by author)

Market Cap: $5.95B
Down by -88.15% since the all-time high on Oct 28, 2021, at $0.00008845
Circulating supply: No maximum supply
Future catalysts: Increased utility and adoption, partnerships, community growth and hype, continued bull run in the crypto market, and the launch of its blockchain, Shiba Inu L2.