$2 billion to $58 billion

Crypto meme coins are becoming almost indispensable in anyone’s crypto. While the total market capitalization of meme coins was $2 billion in 2023, this now exceeds $58 billion according to data from CoinMarketCap.

Certain new meme coins stand out in this impressive run on the crypto market. Meme coins such as Dogwifhat, Joe Boden, and Book of Meme have attracted full attention lately with large increases.

Overview of the meme coin market in 2024

The hype surrounding meme coins in 2024 is something completely different, with many traders and investors ditching altcoins to trade meme coins. According to a report from CoinGecko, meme coins took the leading place in the crypto market in Q1 of 2024. In fact, there is a huge gap between the growth of the meme coin market and other sectors of the crypto industry.

Top 8 Most Profitable Crypto Narratives in 2024

1. Memecoin – 1313%
2. RWA – 286%
3. AI – 222%
4. DeFi – 99%
5. DePIN – 81%
6. Layer 1 – 70%
7. Gaming – 64%
8. Layer 2 – 39%

— CoinGecko (@coingecko) April 3, 2024

Analysis shows that crypto meme coins achieve the highest return on average with 1312.6%. In particular, tokens launched in March, such as Brett (BRETT), BOOK OF MEME (BOME) and Cat in a Dogs World (MEW), performed strongly. BRETT took the cake with a gain of over 7727.6% at the end of the first quarter, followed by Dogwifhat with a quarterly return of 2721.2%. This highlights the potential of meme coins in the crypto market, especially the excellent performance of recently launched tokens.

Apparently there are significant differences when you compare the market gains of the meme coins in Q1 of 2024 with other parts of the crypto industry. According to CoinGecko, meme coins were 33.3 times more profitable than the Layer 2 narrative. Moreover, it was also 4.6 times more profitable than the RWA sector.

Crypto meme coins with highest market value

At the time of writing, the total market value of meme coins reaches over $59 billion, with a trading volume of approximately $8 billion. This illustrates the substantial position that meme coins occupy within the crypto market, underlined by both their market value and trading activity. For investors and stakeholders, this data provides a perspective on the size and dynamics of this niche within the broader cryptocurrency environment.

Furthermore, there are some top tokens in the meme coin market, with Dogecoin, Shiba Inu and Dogwifhat leading in terms of market capitalization. For example, Dogecoin has a market value of $26 billion, Shiba Inu $15 billion and Dogwifhat almost $4 billion.

With these large price increases, investors are wondering which crypto will rise and therefore what are the best meme coins to invest in now. Below are two top contenders.

New crypto meme Slothana is considering both DEX and CEX launch

One of the next new crypto meme coins that could rise is Slothana. This project is considering launching its meme coin on both decentralized (DEX) and centralized exchanges (CEX), as suggested in a recent poll started by Slothana’s X account.

The poll, which began on March 29, 2024, has received more than 5,700 votes to date. With the poll closing on April 5, current results show a majority (77%) in favor of a launch on both DEX and CEX platforms.

🌿🦥 Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin

— Slothana (@SlothanaCoin) March 29, 2024

The team has not announced whether the poll result will impact the decision. However, there is a possibility that both decentralized and centralized exchanges will be considered. In anticipation of this possible launch, Slothana’s price forecast is very positive. This is also why the presale has already raised more than $6 million.

The team also remains active in engaging the community on social media. In their signature playful style, responding to a user’s question about the presale and token release date, Slothana humorously notes that “Sloth is slow and purposeful.”

Currently, 1 SOL allows you to purchase 10,000 $SLOTH tokens in the presale. The purchase process is simple and can be completed directly on the Slothana website.

Is Sponge V2 the crypto meme that will rise?

Another new crypto meme that many investors are looking at is Sponge V2, and it’s easier than ever to jump on board. To get your own Sponge V2 tokens, you can simply purchase Sponge V1 tokens and pin them on the Sponge.vip website.

Or, if you already have Sponge V1, pin them to earn V2. The more you pin and the longer you do this, the more V2 tokens you get. Do not wait to long; Once all the V1 tokens are gone, you can claim your V2 tokens.

Don’t forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥

Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.

Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1

— $SPONGE (@spongeoneth) March 22, 2024

But why are investors so excited about Sponge V2? Well, first of all, it builds on the success of $SPONGE, the crypto meme hit of 2023. With a community of 30,000 fans, new play-to-earn features, and plans for even bigger exchanges, Sponge’s price looks promising looks rosy.