In the dynamic world of cryptocurrency, memecoins have carved a niche with their unique balance of humor and financial opportunity. As August 2024 approaches, several memecoins are gaining attention for their potential. This article delves into the 10 promising memecoins in August 2024 providing insights into their origins, market performance, and community engagement. Let's explore the fascinating world of these promising memecoins like Dogecoin, Shiba Inu, and Pepe Coin.
In 2013 there was a creation from the Bitcoin protocol known as Dogecoin which uses the image of the Shiba Inu dog from the meme platforms. It should be noted that Dogecoin is not scarce; new coins are created each day and there is no limit to these coins. At first, it was just a ‘meme coin’ that involved humorous memes on the online platform Reddit and suddenly 2021 became one of the largest digital assets listed in the top ten lists of cryptocurrencies with fifty-five percent of its market value crossing the twenty billion US dollars.
A high number of coins also reduces the value per coin and at the same time constitutes a large presence in the market. As of April 2024, the number of DOGs in circulation had surpassed 140 billion. This coin rose to fame through word of mouth and an active fan base and has associated charity activities such as the support of the Jamaican bobsled team and support from influential personalities such as Elon Musk. They noted that early this year, the tweets and media appearance missions by led to a 7,000% increase in price.
Developed by software engineers Billy Marcus and Jackson Palmer, Dogecoin became popular, in part, because of the fun and cheeky primarily, although it entered the independent cryptocurrency industry as a complete joke and with a historically low price. Hence, is considered one of the promising memecoins in August 2024.
Shiba Inu is an altcoin launched on Ethereum in August 2020 by the pseudonymous developer Ryoshi; resembling a dog and often referred to as a ‘Dogecoin killer’. It is a mule coin akin to dog money. The principles of that project are described in terms of the ‘woof paper’ where it is noted that this is a decentralized project built for the community.
Reddit currently has nearly 500k individuals in the SHIBArmy group, and it aligns with the idea of being protocols that start from zero, have no relation to the existing community, and, of course, have no love for the Shiba Inu dogs. Being an ERC-20 token, Shiba Inu runs on Ethereum due to the security and decentralization offered to it.
January 2023 saw the development of Shibarium, a layer two blockchain by Shiba Inu to help in the unloading of unnecessary traffic and hence low fees. Assets within the ecosystem include SHIB, which is the main crypto; LEASH which is a reward token; BONE, a governance token within the ecosystem; as well as TREAT yet to be launched. Thus, the further growth of the project and the further success of its currency depend on its community, which demonstrates the strength of decentralization in crypto.
Regarding meme coins, Pepe Coin has no real use case but achieved profitability and entered the top 100 cryptocurrencies regarding market capitalization in the first two weeks of the issue. Also considered the meme coin per excellence, Pepe Coin is an Ethereum-based deflationary token with its mascot in the Pepe the Frog meme. It was started in April 2023 and within a very short time having a healthy member subscription and was valued at more than US$1 billion within three weeks.
Since it is an Ethereum-based ERC-20 token, Pepe Coin has the bonus of Ethereum’s high security provided by Proof of Stake (PoS). The further plan of the project includes attaining popularity due to the listings on the platforms, such as CoinMarketCap and different exchanges. It also utilizes a redistribution mechanism that facilitates the conservation of tokens with the hope of promoting its stabilization and in extension; the stability of its future.
Dogwifhat or WIF is a meme coin that emanates from an image of a Shiba Inu dog wearing a pink astrakhan hat. Built on the Solana blockchain, Dogwifhat was developed in December 2023 by unknown creators and is an altcoin that was borrowed from Dogecoin (DOGE).
Since its launch, Dogwifhat has gradually risen in price and is now at a US$2 billion market capitalization after being included in Binance. Among the main features of Dogwifhat tokenomics, one can name the decentralized management approach: all crucial decisions are made by holders of tokens. Indeed, with a current supply of over 998. 9 million tokens, Dogwifhat seems to be an alternative to popular meme coins meaning that it has no specific applications and its popularity is based solely on people’s interest.
Bonk is one of 2024’s more successful projects and it is a meme coin operating on the Solana blockchain focusing on being a dog-themed meme coin that has a market capitalization of US$2. They are estimated at about 7 billion in May, and together with DOGE, SHIB, WIF, and others, BONK has recently appeared, focused on its community and tokenomics: it has a massive burning process.
Launched with a massive airdrop to the Solana community in December of 2022, BONK became popular almost immediately. BONK initially has a maximum supply of 93 trillion tokens, and more than 66 trillion tokens are already in circulation, meaning BONK’s fundamental value greatly is based on the binary hype of the online community.
Although BONK is widely known as a meme coin, the project has started creating utility through the multiple side projects it currently has, which contribute to the promising memecoin experience in 2024.
The token is a utility token in the Floki system, and like most similar tokens, it originated in the Shiba Inu community but is a token devoted to Elon Musk’s Shiba Inu. Running on both the Ethereum blockchain and Binance Smart Chain, Floki aims to differentiate itself from other meme coins like DOGE and SHIB by providing tangible utility through four flagship projects: Their projects are Valhalla, FlokiFi, FlokiPlaces, and University of Floki.
Floki’s community called Floki Vikings is active and the project has steady social media outlines and often enters the Top 10 of LunarCrush rating. This was made possible by alliances with some of the most popular cryptos in the market such as Chainlink and ApeSwap.
BRETT (Blockchain Real Estate Tokenization Technology) is an actual cryptocurrency capable of reforming the real estate market. Implemented on the Base blockchain, BRETT uses blockchain for improving such processes as transparency, security,and fasten the real estate transactions.
Explaining the concept of smart contracts in BRETT’s operation, the authors stated that it eliminates the need for a third party in the transfer of ownership once certain conditions as payment completed are achieved. It eliminates the middleman, cuts down on the cost of transactions, and also accelerates the process of closing, making the venture of Real estate investment easy.
Notcoin is one of the most famous games accessible on the joined instant intercessor (telegram) and it was first viewed as a “tap-to-earn” mining accomplishment where players clicked a picture portraying a gold chip to gain assets in the game. In addition to the basic bonuses and rewards for leveling, quests and tasks that could be completed to get even more bonuses and rewards were introduced. Thus, leveling up was very fast and the service got millions of users very soon. After this phase, players got the airdrop of the Notcoin token (NOT), which signaled the end of play-to-earn and transformation into the explore-to-earn model to engage players with other activities.
The mastermind behind Notcoin, an online-distributed cryptocurrency, is Open Builders and it was launched in November 2023 as a closed beta via Telegram. The mining phase was concluded on the 1st of April and it produced results exceeding 8. 888 trillion taps made and 17 trillion Notcoins spent by the players. This phase was concluded by an airdrop of NOT tokens, which are set on TON.
BOME commonly known as the Book of Meme is an experimental cryptocurrency with the intent of changing the way meme is done in the blockchain ecosystem. stemming from an aim of turning financial technology, creativity, and the social world in one entity. BOME provides a fun and active environment that allows users to interact through meme creation and commonality, while also enabling the interaction of users with an ideal Web3 technology.
That is why BOME was created on the Solana blockchain basis, using its high-speed processing and high scalability parameters that will help maximize the user convenience and security for seamless swapping of cryptocurrencies.
DOG•GO•TO•THE•MOON (DOG) Appears to be a superior meme coin and is released on Bitcoin’s new Runes protocol at its last halving on April 19, 2024. In just a week Dogetti or DOG obtained a market capitalization in excess of US$368 million and became the number one Runes token by market cap and trading volume. Still, it is small compared to other traditional meme coins such as Dogecoin (US$21 billion) and Shiba Inu (US$14 billion) although DOG has skyrocketed in a very short space of time to indicate that meme coins still hold much promise.
The token skyrocketed thanks to an airdrop on April 24, 2024, of 100 billion DOG tokens to more than 75K holders of Runestone Ordinal NFTs. The mentioned airdrop is a quite strategic one, initiated by the Runestone project, which leveraged the success of the Ordinals inscriptions collection and helped DOG to make its way to the market in no time. Runestone is produced by the mysterious Bitcoin collector Leonidas has a loyal audience and was previously rated high among Bitcoin NFT projects.
Various memecoins remain popular in the sphere of cryptocurrencies and their popularity proves that humor and investments can go hand in hand. Some of the highlighted promising memecoins include massive engagement in August 2024. Newcomers to the Crypto market and even well-experienced investors can take the help of these pieces of information about these emerging cryptocurrencies.