In a cryptocurrency market commonly dominated by the ebbs and flows of Bitcoin and Ethereum, an unlikely group of digital assets has stolen the spotlight – meme coins.

These funny-looking tokens, which are mostly created as internet jokes or parodies, have experienced a remarkable resurgence over the past week despite the overall weakness that the crypto space has been experiencing lately.

Key Takeaways: Meme Coins Surging in 2024

  • BONK’s Remarkable Rally: Solana-based BONK surged by 145% over 13 days, thanks in part to its listing on Revolut and strong mainstream investor interest. Despite recent dips, it remains up by over 100% in the past 16 days with a market cap of $1.6 billion.
  • Pepe Gains Traction: Pepe (PEPE) jumped by 23% in one week, driven by rumors of a Coinbase listing and an increase in whale activity.
  • Meme Coin Resurgence: Despite lacking utility, tokens like Popcat, BabyDoge, and Apu Apustaja have shown resilience, with Popcat gaining 3.3%, BabyDoge 6.1%, and Apu Apustaja soaring by 22.1% in the past 7 days.
  • Speculation-Driven Investment: While many meme coins serve no real-world purpose, they attract a large, active community, showcasing the power of speculation in the crypto world.
  • Volatile Yet Promising: Meme coins are highly speculative, and while they can offer rapid gains, investors should be cautious of extreme volatility and hype-driven value increases.

BONK Leads Last Week’s Meme Coin Rally

Leading the charge in this meme coin renaissance is BONK, a Solana-based token that has surged a staggering 145% in just 13 days from its recent local bottom.

BONK has since dipped about 18% from the peak but it’s still up over 100% in the past 16 days. Ranked #58 on CoinMarketCap at the moment, BONK’s market capitalization now stands at an impressive $1.6 billion, with a robust daily trading volume exceeding $300 million in the past 24 hours.

BONK USDT chart
BONK/USDT Via TradingView

BONK’s meteoric rise can be partially attributed to its recent listing on Revolut, a leading neobank that has expanded its cryptocurrency offerings to include meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Floki Inu (FLOKI). This move reflects the growing interest from mainstream investors in these unconventional digital assets.

Technical analysis suggests that BONK’s bullish momentum could continue, with key indicators like the Relative Strength Index (RSI) and the 50-day Exponential Moving Average (EMA) painting a positive picture for the meme coin’s short-term prospects.

Pepe (PEPE) Resurges as Coinbase Listing Rumors Swirl

Another meme coin that has captured investors’ attention is Pepe (PEPE), which has surged by over 23% in the last week alone.

PEPE’s ascent can be linked to Coinbase’s launch of perpetual contracts for the token, fueling speculation about a potential spot listing on the popular exchange.

Whale activity surrounding PEPE has also been on the rise, with Santiment data revealing an uptrend in transactions exceeding $100,000 since the recent Bitcoin halving event. Coinbase listings are often the subject of insider trading, with insider whales buying massive amounts of the token before the listing is announced but no one is sure whether this is the culprit or not.

Moreover, the declining supply of PEPE on exchanges suggests that investors are increasingly holding on to the meme token and putting the assets in cold storage. This could further contribute to its scarcity and price appreciation.

Meme Coins Lack Utility Still Draw Attention from Thousands of Investors

While meme coins were initially conceived as depictions of how silly the crypto space can get, their recent surge in value has raised questions about their long-term underlying utility.

Critics argue that these tokens lack real-world applications and derive their value primarily from speculation and hype, rendering them highly volatile issues that are too susceptible to market whims. They also emphasize that investors who are unwary of the risks involved in investing in this type of digital assets can end up losing significant amounts by getting caught up in the hype.

Proponents, however, counter that meme coins have evolved beyond their satirical origins, fostering vibrant communities and capturing the imagination of a new generation of investors.

Some meme coin projects, like Dogeverse, are exploring novel use cases like facilitating cross-chain interoperability and fostering a sense of camaraderie among crypto enthusiasts.

Top 3 Meme Coins to Watch for the Next Few Weeks

The past 7 days have not been the strongest for the performance of meme coins as indicated by data compiled by CoinMarketCap.

However, three projects have managed to produce gains for investors despite the overall turmoil. The resilience of these tokens stands out and could potentially signal further upward movement in the following days regardless of what the market as a whole does.

#1 – Popcat (POPCAT)

7-day gains: 3.3%

With a market capitalization standing near $400 million, this meme coin has managed to outpace the performance of more well-established offerings in the past 7 days like $BOME and $FLOKI.

Popcat is a meme coin depicting a cat named ‘Oatmeal’ that became an internet sensation back in 2020.

The cat was filmed opening its mouth like a big ‘O’, similar to the earlier “omegalul” meme. Naturally, netizens thought it was hilarious so they shared the footage and it almost immediately went viral.

This token lives on the Solana blockchain and has a maximum supply of 979.98 million tokens that have all been minted and are 100% community-owned according to the project’s official website.

#2 – Baby Doge Coin (BabyDoge)

7-day gains: 6.1%

Currently standing on the 233 spot in the CoinMarketCap crypto rankings, the outstanding $BabyDoge tokens are worth a staggering $280 million and have managed to amass a 6% gain in the past 7 days despite the significant drops that other tokens in the space have experienced.

Baby Doge has a community of followers spread all across the globe with its Link Tree showing Telegram groups for crypto enthusiasts based in Korea, Malaysia, India, Germany, Belgium, Nigeria, and Italy.

As with most meme coins, Baby Doge has no practical utility. The sole goal of this meme coin is to help build communities of people who have a shared interest in pet adoption and animal welfare.

This ‘social’ focus has helped the project donate approximately $1 million to charities across the world to buy meals, provide shelter, and take care of wounded or diseased dogs.

#3 – Apu Apustaja (APU)

7-day gains: 22.1%

Apu has managed to rise to the 306th spot in the CoinMarketCap crypto rankings with a market capitalization of $162.7 million as of today.

This is a pure meme-themed project that depicts a modified version of the popular ‘Pepe the Frog’ character. The name of the token means ‘Help Helper’ and it is conceived primarily as a joke.

Just hours ago, the token was listed on BitMart and that explains its latest rise.

Users will be able to make deposits on May 5 and the token will be available for trading two days after.

The Future of Meme Coins: Fad or Fixture?

As the cryptocurrency landscape continues to evolve, the fate of meme coins remains uncertain.

While some investors view them as temporary fads others see them as a testament to the boundless creativity and disruptive potential of the blockchain ecosystem.

Regardless of their long-term prospects, the recent meme coin mania has undoubtedly captured the attention of the crypto world, challenging traditional notions of value and utility. As investors grapple with the implications of this phenomenon, one thing is clear: the world of meme coins is far from a mere joke.