Memecoins have taken the crypto world by storm, with some popular ones delivering remarkable returns recently. This trend suggests that 2024 could be the year of the memcoin. A major advantage of memecoins is their large dedicated community support, which drives interest and engagement. However, they are also known for their high volatility and speculative nature. To understand what the future might hold for memecoins, it is crucial to study current trends and historic price patterns. Let’s do a quick analysis!
1. Top Memecoins by Market Cap
Dogecoin, Shiba Inu, Pepe, Dogwifhat, FLOKI, Bonk, and BOOK OF MEME are the top seven memecoins by market capitalisation.
| Memecoins | Market Cap | 24 Hour Volume |
| Dogecoin | $22,381,955,751 | $1,766,495,970 |
| Shiba Inu | $13,929,310,798 | $613,538,036 |
| Pepe | $3,447,697,985 | $987,574,974 |
| Dogwifhat | $3,299,740,378 | $867,821,575 |
| FLOKI | $1,725,588,848 | $208,392,422 |
| Bonk | $1,636,512,521 | $280,697,213 |
| Book OF MEME | $811,859,858 | $369,462,889 |
Let’s analyse these seven top memcoins.
1.1. Top Memecoins 30-Day Change Analysis
| Memecoins | 30-Day Change |
| Dogecoin | -20.9% |
| Shiba Inu | -17.2% |
| Pepe | +15.8% |
| Dogwifhat | -9.5% |
| FLOKI | -12.7% |
| Bonk | +6.5% |
| Book OF MEME | -17.9% |
As per the 30-day change analysis, among the seven top memecoins by market cap, only two memecoins show positive change: Pepe (+15.8%) and Bonk (+6.5%). Others demonstrate negative change: Dogecoin (-20.9%), BOOK OF MEME (-17.9%), Shiba Inu (-17.2%), FLOKI (-12.7%) and Dogwifhat (-9.5%).
1.2. Top Memecoins 7-day Change Analysis
| Memecoins | 7-Day Change |
| Dogecoin | +8.4% |
| Shiba Inu | -1.6% |
| Pepe | +10.7% |
| Dogwifhat | +23.8% |
| FLOKI | +6.1% |
| Bonk | -1.1% |
| Book OF MEME | +19.8% |
As per the 7-day analysis, among the seven top memecoins by market cap, at least five display positive changes: Dogwifhat (+23.8), BOOK OF MEME (+19.8%), Pepe (+10.7%), Dogecoin (+8.4%), and FLOKI (+6.1%). Conversely, Shiba Inu records a negative change of -1.6% and Bonk -1.1%.
2. Three Best Memecoins to Watch for in May
Dogecoin, Dogwifhat, and Pepe are the three important Memecoins to keey an eye on in the month of May. Dogecoin is important, as it is the top most memecoin in terms of market capitalisation. Though its 30-day change index is not impressive (-20.9%), its 7-day change index is +8.4%. Dogecoin becomes the best suitable in this list because it marks a powerful seven-day change of +23.8%, which is the highest in terms of 7-day change among the top seven memecoins by market cap. Pepe is a natural entrant to the list, as it is the only coin which has shown consistent performance. It records a positive 30-day change of +15.8%, as well as a positive 7-day change of +10.7%.
2.1. Three Best Memecoins Historical Price Analysis
Let’s analyse the price history of the three best memecoins.
2.1.1. Dogecoin Historical Price Analysis
The current price of Dogecoin is $0.15561. In the beginning of the year 2024, it was around $0.09166. Between Feb 26, 2024, to March 4, 2024, it witnessed a sharp uptrend, during which its price was lifted sharply from $0.08961 to $0.18290. On March 28, it touched the peak of $0.22030.
2.1.2. Dogwifhat Historical Price Analysis
The current price of Dogwifhat is $3.23. In the beginning of the year 2024, it was around $0.17. Between 24th February to 14th March, it experienced a sharp uptrend, taking its price from $0.34 to $3.15. The price reached its peak of $4.57 on 31st March.
2.1.3. Pepe Historical Price Analysis
The current price of Pepe is $0.00000811. In mid-February 2024, the price of Pepe was as low as $0.00000122. Between 24th February and 8th March, it underwent a period of uptrend. In the period, its price climbed from $0.00000130 to $0.00000900. Its price touched its peak of $0.00001005 on 14th March.
3. Memecoins Overall Price Prediction
While analysing price history, it is clear that these three memecoins experienced a shart uptrend between late February and early March. None of these memecoins have experienced any sharp decline since then. It seems that the bullish trend these coins embraced in late February still remains intact. Though at this juncture, all these three cons show negative 24-hour changes: Dogecoin (-4.8%), Pepe (-5.2%), and Dogwifhat(4.2%), the price analysis reassures that the underlying sentiment is favourable towards the coins.
Endnote
While some analysts are enthusiastic about the recent progress in the memecoin market, others point to the high volatility and absence of solid fundamentals as potential barriers to long-term growth. These critics argue that without a clear purpose or underlying value, memecoins may struggle to sustain their momentum over time, suggesting that their popularity might be more speculative than sustainable.
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