Crypto enthusiasts who backed specific meme coins in 2024 are likely quite pleased with the results. These playful assets have outperformed bitcoin (BTC) and ether (ETH), the top two cryptocurrencies by market cap. Giga chad (GIGA) stands as the year’s top performer, rocketing up by an unbelievable 123,929.02% over the 293-day stretch. And while that leap might seem too good to be true, a handful of other meme coins have followed suit.
GIGA/USDT on Oct. 20, 2024.
Take NEIRO, for instance, which has spiked 54,702.24%. Then there’s APU, which has jumped 22,800.28%, and BOME, whose valuation has climbed 15,231.75%. BRETT’s value shot up 12,643.76%, while POPCAT achieved a 12,484.98% increase. SPX boasts a gain of 7,294.95% since January, MOG leaped 5,515.12%, and the freshly minted AI-powered GOAT coin surged 4,609.91%. Adding to the meme coin momentum, TURBO posted a year-to-date jump of 2,517.55%. Notably, all ten of this year’s biggest gainers are meme coins.
As of Oct. 20, the meme coin market is valued at $62.2 billion. But 2024 hasn’t been all sunshine and rainbows, with some assets taking a hit. AEVO stands as the biggest loser so far, shedding 87.02% since the start of the year. STRK is close behind, down 86.29%, while W has dropped 78% and SAFE lost 70% of its value. Other notable decliners this year include WEMIX, DYM, EIGEN, HAMSTR, and OSMO, many of which were launched recently.
AEVO/USDT on Oct. 20, 2024.
This year’s wild ride in the meme coin market highlights a shift in investor sentiment toward high-risk, high-reward opportunities. While heavyweights like BTC and ETH showed steady growth, meme coins have captured both the imagination and funds of traders. These gains demonstrate a continued interest in the pursuit of quick returns, despite the inherent risks of newer and less-established coins.
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