Ethereum
Top Meme Coins by Market Capitalization in 2024
Last updated:
May 10, 2024 08:41 EDT
| 33 min read
To help you make informed investment decisions, we reviewed and ranked the best meme coins to buy in 2024. Before narrowing down our list to the top 15 meme tokens, we evaluated 60+ coins, based on five criteria: market capitalization, community strength, meme quality, market volatility, and development progress.
We’ll go over our meme coin ranking methodology in detail, as well as our experts’ process for identifying new meme coins, what influences their price and market cap, and the pros and cons of investing in these tokens.
Total Meme Coin Market Cap: $50.06 billion (+3.47%)
Last 24-Hour Meme Coin Trading Volume: $5.37 billion (-23.43%)
Top Meme Coins with Market Cap
Here’s our list of the top meme tokens with market cap in May 2024:
- Dogeverse — Overall best meme coin to buy in 2024
- WienerAI — New dog-themed meme token offering an AI crypto trading bot
- Sealana — New Solana-based meme coin with viral potential
- Sponge V2 — Best stake-to-bridge meme coin with a play-to-earn game
- Smog (Market Cap: $54 million) — Popular meme coin promising the greatest Solana airdrop of all time
- Shiba Shootout — Best Wild West-themed meme coin
- Clair Meme — AI-powered meme coin avatars for full metaverse integration
- Oracle Meme — New meme token decentralizes the meme creation process. Presale coming up
- MAOCAT — Cat-themed meme coin with utility in the form of NFTs, a swap and a game.
- Dogecoin (Market Cap: $20.2 billion) — Most iconic meme coin with widespread adoption
- Shiba Inu (Market Cap: $14.2 billion) — Popular meme coin known as the ‘Doge Killer’
- Pepe (Market Cap: $3.4 billion) — Top meme coin with unique cultural appeal
- dogwifhat (Market Cap: $3.0 billion) — The biggest meme coin sensation in 2024
- Bonk (Market Cap: $1.8 billion) — Leading Solana meme coin with high transaction speed
- Floki (Market Cap: $1.7 billion) — Popular meme coin with real utility
Best Meme Coins to Buy 2024
- First truly multi-chain Doge token, promising interoperability across major blockchains
- Easy to buy and claim $DOGEVERSE tokens during presale phase
- Could be the next Doge-inspired coin to explode ahead of Doge Day
Project Launched
April 2024
Purchase Methods
-
ETH
-
usdt
- Brand new South Park-inspired seal-themed SOL meme coin
- Ideal coin to buy in presale ahead of the expected summer meme coin frenzy
- Thought to be by the team that was also behind the viral SLERF coin
Project Launched
May 2024
Purchase Methods
-
Solana
- Infinitely upgradeable AI meme coin, with modular technological capabilities.
- Huge staking rewards available everyday during presale.
- Presale price rises every two days – buy now to benefit from best price before listing.
Project Launched
April 2024
Purchase Methods
-
ETH
-
usdt
- Trending meme coin with P2E utility & staking rewards
- Price up 10x in past month, rumors of Binance listing
- 12k+ holders and growing
Project Launched
December 2023
- Buy and hold $SMOG to generate and earn airdrop points
- 35% of supply reserved for future airdrop rewards
- Viral potential after pumping over 1000%
Project Launched
February 2024
Purchase Methods
-
usdt
-
Solana
- New meme coin offering an immersive experience via high-stakes battles
- Participants can buy and stake $SHIBASHOOT tokens for rewards in excess of 25,000% p/a
- Token holders can cast votes on key project decisions and try their luck in the ‘Lucky Lasso Lotteries’
Project Launched
April 2024
Ranking The Best Meme Coins to Buy in 2024
With hundreds of new meme coins competing in the crypto investment space, it’s no easy feat for investors to select the best meme coins to buy for their portfolio.
Investors have to take extra care to educate themselves and do their own research about crypto meme projects before investing. Below, we have included our analysis of promising and popular meme coins that could perform well in 2024 along with their current market capitalization.
1. Dogeverse — Overall Best Meme Coin to Buy in 2024
Dogeverse (DOGEVERSE) is a unique dog-themed meme coin that’s compatible with six major blockchains: Ethereum, Binance Smart Chain, Polygon, Solana, Avalanche, and Base. This multichain support opens the way to many meme coin traders and communities and allows them to get their hands on this new meme coin.
One of its main features is the staking APY. Keep in mind, the APY will drop, which makes it important to stake as early as possible if you’re planning to participate in the presale and buy Dogeverse tokens. Early investors have already taken advantage of this as over $15 million has been raised since the ICO launch.
Only 15% of the 200 billion token supply will be made available in the presale, according to the Dogeverse whitepaper. This means only a small amount of tokens will be available early on, giving a massive opportunity to investors who buy the presale to potentially see huge gains during the bull run.
Dogeverse tokenomics
Follow Dogeverse on X and join the Dogeverse Telegram channel for the latest information.
Presale Started | April 2024 |
Purchase Methods | USDT, ETH, BNB, MATIC, AVAX, BASE, SOL, and card |
Chain | Multichain |
Min Investment | None |
Max Investment | None |
2. WienerAI — New Dog-Themed Meme Token Offering an AI Crypto Trading Bot
WienerAI ($WAI) is an amazing new meme token that looks set to become a hit in 2024. Gunning for the ‘top dog’ position among the rest of the market, WienerAI offers impressive staking rewards for anyone who buys the token at an early presale stage.
Despite the AI tag, WienerAI is a meme coin with absolutely zero utility. Instead, the creators of the project are looking to create a massive internet frenzy for the native token $WAI, similar to what we have seen with other dog-inspired tokens such as $Doge, $Dogwifhat and $Bonk. What’s more, $WAI token holders can put their investment to work and immediately begin staking $WAI for passive rewards.
Buying the token is hassle-free. All you have to do is head to the official presale website and connect your favorite wallet. You can buy $WAI using BNB, ETH, MATIC, or USDT.
With the current trend for dog-inspired meme coins ongoing, an early investment in WienerAI might prove to be very lucrative indeed. The total token supply is 69 billion of which 40% (27.6 billion) have been reserved for the presale.
For more information check out the official WienerAi website. For all the latest news on the project be sure to follow WienerAI on X and join the exclusive Telegram group.
Presale Started | April 2024 |
Purchase Methods | USDT, ETH, BNB, MATIC, and card |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
3. Sealana — Solana-Based Meme Coin With Viral Potential
The next top meme coin on our list is $SEAL, the native token of Sealana. Built on the Solana blockchain, Sealana follows the story of an obese and lazy American Redneck seal.
In hopes of moving out of his mom’s basement, Sealana starts to trade cryptocurrency tokens. This character is based on the popular South Park character, World of Warcraft Guy. Many investors may be interested in purchasing $SEAL due to the success of Solana-based meme tokens.
In the past two weeks, Popcat and Solama are up by 260% and 80%, respectively. Therefore, there is a growing demand for new SOL-based projects. Solana also supports low gas fee transactions at high speeds.
To join the presale, interested investors can send SOL tokens directly to the following wallet address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c. Alternatively, purchase tokens directly from the presale website.
Currently, 1 SOL will get you 6,900 $SEAL tokens. Stay tuned for more project developments by joining the Sealana Telegram channel and following Sealana on X (Formerly Twitter).
Presale Started | May 2024 |
Purchase Methods | SOL |
Chain | Solana |
Min Investment | None |
Max Investment | None |
4. Sponge V2 — Best Stake-to-Bridge Meme Coin With a Play-to-Earn Game
$SPONGE was one of the most popular meme coins in 2023, combining its whimsical meme charm with strong marketing strategies. Now, this popular meme coin is using the stake-to-bridge mechanism to introduce the Sponge V2 token, which could very easily be the the next meme coin to explode.
In 2023, investors saw $SPONGE move from just a $1 million market cap to nearly $100 million in a few months. Now, investors have another chance to capitalize off this popular meme coin.
On the newly launched V2 smart contract, V1 token holders can stake their holdings to earn an equal amount of V2 tokens. Those who don’t hold Sponge V1 tokens can buy Sponge V2 on the website, and automatically stake their holdings.
This meme token will offer a minimum of 40% in staking APY through the smart contract — currently standing at 164%.
As part of its expansion process, $SPONGEV2 will be a playable token on a new play-to-earn platform. Sponge V2’s P2E racing game will allow players to access a free and paid ecosystem. The paid version will allow token holders to climb up an online leaderboard and earn $SPONGEV2 as rewards.
Sponge V2 will look to capitalize on the popularity of the original Sponge token, which got listed on some of the best crypto exchanges such as MEXC and Gate.io. As part of its roadmap plan, the project aims to get listed on multiple CEXs in the coming years.
Read the Sponge V2 whitepaper and join the Telegram channel to learn more about this project.
Presale Started | Dec 2023 |
Purchase Methods | ETH, MATIC, USDT, Card |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
5. Smog (Market Cap: $54 million) — Trending Meme Coin Promising the Greatest Solana Airdrop of All Time
Smog, one of the latest meme coins on the market, takes our next spot in the best meme coins to buy. Built on the Solana blockchain, $SMOG was listed straight on the Jupiter decentralized exchange in February 2024 and now has a market cap of more than $54 million.
Currently as of May 13, 2024, SMOG is trading at $0.0470, which is down from previous 24 hour price by -7.49%.
In under 24 hours of its launch, $SMOG soared past a market cap of $28 million. In the last year, the token has appreciated more than 130%. The Smog developers state that this token has the potential to become the biggest coin on the Solana blockchain.
You can currently purchase $SMOG with ETH for 10% discount on the Smog token website, and stake it for a 42% APY. Alternatively, you can purchase the token on Jupiter, Raydium, or Birdeye at full price.
Coin Name | Smog |
Smog Price | $0.0470 |
Smog Price Change 24h | ▼ -7.49% |
Smog Price Change 7d | ▼ -21.90% |
Smog Market Cap | $36,660,525 |
Circulating Supply | 778,999,968 SMOG |
To increase its community following, Smog is running one of the biggest airdrop crypto campaigns. From its 1.4 billion token supply, 490 million meme tokens will be offered to token holders via airdrops.
Currently, those who buy and hold $SMOG can start earning airdrop points. Smog will also host quests and challenges, allowing the winners to increase their airdrop points.
This meme coin has the potential to offer similar gains as Pepe, which also launched with a $2 million market cap. Currently, 15% of the token supply has been set aside for future CEX and DEX listings.
Read the Smog whitepaper and join the Telegram channel to learn more about this cryptocurrency.
Presale Started | Feb 2023 |
Purchase Methods | ETH, USDT, Card |
Chain | Ethereum |
Market Capitalization | $54 million |
Token Price | $0.0470 |
6. Shiba Shootout — Best Wild West-Themed Meme Coin
Shiba Shootout is a Wild West-themed meme coin, aimed at both short-term traders and long-term stakers. It offers an immersive narrative where players, depicted as cowboys, engage in battles and quests within a digital frontier town led by characters like Marshal and Shiba Sharpshooters.
This lore translates into unique utilities such as Cactus Staking, Campfire Tales, and Lucky Lasso Lotteries, making it more than just a typical meme coin. Shiba Shootout differentiates itself with a strong community focus and a distinctive, engaging theme.
The presale of Shiba Shootout has kicked off with 35% of its total 2.2 billion token supply available. This initial offering is a critical phase for gauging market interest and community engagement.
Aside from the presale, the token allocation includes portions for community rewards, liquidity provisions, marketing, and project development, ensuring a balanced distribution that supports both growth and functionality.
Presale Started | April 2023 |
Purchase Methods | ETH, USDT, BNB, Card |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
7. Clair Meme — AI-Powered Meme Coin Avatars for Full Metaverse Integration
Clair Meme is the latest meme coin with massive potential to explode this year. After the launch of its first ICO, the Clair Meme token raised thousands of dollars in the first few minutes. The development team behind the project is hoping the coin goes viral.
However, Clair is more than a meme coin. The Clair eco-system allows token holders to devise their own meme coins which can then be used as avatars in the metaverse. Moreover, with the integration of AI programming, you are also able to give your avatar a voice and use it to engage, compete, and earn with others in the metaverse.
Clair makes use of a profitable burn mechanism which seems 5% of the total supply burnt each quarter to help token scarcity and ensure price discovery. Out of the total supply of 100 billion tokens, just 1% is available for presale. Clair has been built on the Ethereum blockchain and so you can purchase the token with ETH, USDT, or USDC.
For all the latest information be sure to follow Clair on Twitter and Telegram.
Presale Started | April 2024 |
Purchase Methods | ETH, USDT, USDC |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
8. Oracle Meme – New Crypto Decentralizing the Meme Creation Process
Oracle Meme ($OMEME) is a new meme cryptocurrency that decentralizes the way we create memes. The platform introduces a suite of tools to support the generation and creation of memes on the blockchain.
According to the Oracle Meme whitepaper, the platform will introduce a Meme AI Generator. Through this tool, you can create memes and access AI-powered suggestions and customization options. Oracle Meme will also implement a meme coin generator through which new meme cryptocurrencies can be created with just a few clicks.
To ensure low-cost and efficient transactions of $OMEME, Oracle Meme will build a Layer-2 network. This innovative meme coin will also add a ‘Meme Wallet’ – where you can save all of your memes on the blockchain. Other exciting features include a Meme Launchpad, which allows users to find newly launched meme coins and projects.
$OMEME is a governance token, and can be held to access voting rights on the ecosystem. This allows token holders to dictate the future of the project and vote on technical upgrades. The token will soon be used to purchase NFTs on the Oracle Meme ecosystem.
From a total supply of 50 billion tokens, Oracle Meme will allocate 20 billion for the upcoming presale. The presale will be the earliest stage for the public to participate in this meme project. To ensure long-term participation, Oracle Meme will also offer annual yield through its staking mechanism.
For more information on this cryptocurrency, join the Oracle Meme Telegram channel and follow Oracle Meme on X (Formerly Twitter).
Presale Started | May 2024 |
Purchase Methods | ETH, BNB, MATIC, USDT |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
9. MAOCAT – New Cat-Themed Meme Coin With Utility and Staking Rewards
MAOCAT ($MAO) is an ERC20 meme coin built on Ethereum with the goal of breaking the dog meme coin dominance of Shiba Inu and Dogecoin. Unlike most meme coins, MAOCAT has several aces up its sleeve that offer utility aside from simple price speculation.
First, you can stake your tokens to earn a dynamic APY, which can help you increase your token holdings. Next, the team plans several projects, including a 10,000 NFT collection, a play-to-win game, a DeFi-based swap, and an NFT marketplace similar to OpenSea.
$MAO will also serve as a governance token, per the MAOCAT whitepaper, where token holders will be able to vote on the project and its developments.
There are three stages in the project’s roadmap where stage one is based around the $MAO presale launch and setting up the infrastructure and social media accounts. Stage two starts when the presale ends and the token is listed on exchanges. During this stage the game development will start and the swap feature will launch. Finally, the third stage will see the game launch, the launch of the 10,000 NFTs and the NFT marketplace launch.
Buy the $MAO token now in a presale with ETH where one ETH gets you 1,558,846 during the first presale phase, and 1,320,132 $MAO tokens in the second presale phase.
Follow MAOCAT on X and join the MAOCAT Telegram channel for the latest updates.
Presale Started | May 2024 |
Purchase Methods | ETH |
Chain | Ethereum |
Min Investment | None |
Max Investment | None |
10. Dogecoin (Market Cap: $20.2 Billion) — Most Iconic Meme Coin With Widespread Adoption
Dogecoin is the original meme coin. Created in 2013, it features the image of Kabosu, a female Shiba Inu dog. According to its founders, the coin was created as a joke, making fun of the frenzy surrounding cryptocurrencies at the time.
Ironically, Dogecoin went on to become one of the most successful cryptocurrencies ever created. The token didn’t see any notable price action in its first few years, but by the end of 2020, Dogecoin quickly rose in popularity, fueled by the Reddit army.
In 2021, along with the rest of the crypto market, the price of Dogecoin rocketed. The digital token hit an all-time high of $0.73 on May 08, 2021.
Since then the token has endured losses, but is currently undergoing a recovery, , reaching a market cap of $20.2 billion by May 2024, and giving hope to traders wondering if Dogecoin still a good investment in 2024.
Coin Name | Dogecoin |
Dogecoin Symbol | DOGE |
Dogecoin Price | $0.144 |
Dogecoin Price Change 24h | ▲ 2.31% |
Dogecoin Price Change 7d | ▼ -11.55% |
Dogecoin Market Cap | $20,839,287,406 |
Circulating Supply | 144,269,266,384 DOGE |
Dogecoin remains the most famous meme coin, inspiring thousands of other meme tokens, including several on this list. It is widely accepted by various online merchants across the world. The token can be purchased from all the top crypto exchanges — check out our full guide on how to buy DOGE.
11. Shiba Inu (Market Cap: $14.2 Billion) — Popular Meme Coin Known as the ‘Doge Killer’
Following the success of Dogecoin, many other meme coins have performed well in the crypto market. At the forefront of this is Shiba Inu — a digital token created in 2020 that managed to succeed in mimicking the popularity of Dogecoin. The digital token is built on top of the Ethereum network, and as such, it can operate alongside smart contracts.
But is Shiba Inu a good investment? For many investors who view Shiba Inu as a more attractive investment when compared to Dogecoin, its biggest competitor, the answer is a resounding “yes.”
Shiba Inu is also compatible with a robust network of DeFi services, and is available on numerous exchanges and social trading platforms, allowing it to be easily integrated into other crypto ecosystems.
Coin Name | Shiba Inu |
Shiba Inu Symbol | SHIB |
Shiba Inu Price | $0.0000232 |
Shiba Inu Price Change 24h | ▲ 3.29% |
Shiba Inu Price Change 7d | ▼ -6.89% |
Shiba Inu Market Cap | $13,682,330,805 |
Circulating Supply | 589,289,410,812,691 SHIB |
When Shiba Inu was released, the digital token was priced at $0.00000000051. The token’s value spiked in October 2021, reaching an all-time high of $0.00008 — translating to an increase of over 15,000,000%.
So, is it too late to buy Shiba Inu? Well, it’s still trading for a tiny fraction of a cent. With a market cap of $14.2 billion, a single Shiba Inu token is priced at $0.0000232.
12. Pepe (Market Cap: $3.4 Billion) — Top Meme Coin With Unique Cultural Appeal
Pepe Coin ($PEPE), a meme coin leveraging the infamous Pepe the Frog, has made significant waves in the cryptocurrency market since its launch in April 2023.
Built on the Ethereum blockchain, Pepe Coin quickly surpassed a $1 billion market cap within just three weeks, outpacing the growth trajectories of well-established meme coins like Dogecoin. Its market cap currently stands at $3.4 billion.
The coin’s volatility remains high, yet the strong holder base underpins its market resilience. Originally introduced with a deflationary mechanism where tokens are burned with each transaction, Pepe Coin aimed to reduce supply and increase value over time. However, the future of this feature is uncertain with recent project changes.
Investing in Pepe Coin carries typical risks associated with volatile meme coins, intensified by recent turbulence such as the unexpected transfer of 16 trillion tokens, which caused significant price drops and community concern.
Despite these challenges, the token saw a recovery after burning 6.9 trillion tokens and appointing new advisors, signaling ongoing project development and management’s efforts to stabilize and steer the coin towards growth.
Pepe Coin’s relationship with its community and the broader social media landscape has been pivotal. High-profile endorsements and social media discussions have spurred both positive spikes and negative dips in its valuation.
For those interested in purchasing Pepe Coin, it’s available through decentralized exchanges like Uniswap, where investors can swap ETH for $PEPE.
Token Launch | April 2023 |
Chain | Ethereum |
Market Capitalization | $3.4 billion |
Token Price | $0.00000796 |
13. Dogwifhat (Market Cap: $3.0 Billion) — The Biggest Meme Coin Sensation in 2024
Dogwifhat, launched in late 2023, has quickly become a standout meme coin in the early 2024 crypto bull market. Ranking as the third largest meme coin by market cap, Dogwifhat’s dramatic rise is a testament to the renewed vigor in the meme coin sector.
Initially trading on the Raydium DEX for Solana, it captured the crypto community’s attention with a low entry price, and then surged to a high of $0.3252 in December 2023 as it gained mainstream traction. Despite experiencing a dip to $0.067 in early 2024, Dogwifhat rebounded robustly, finding a steady trading range between $0.21 and $0.45.
Its market momentum accelerated with listings on major exchanges like Binance and Crypto.com, propelling it to a new all-time high. Dogwifhat’s market cap soared to $3.0 billion, joining the elite ranks of meme coins with billion-dollar valuations.
Unlike many meme coins that pivot towards utility, Dogwifhat remains true to its roots — it is simply a dog in a hat. This simplicity, paired with a strong community and forthcoming features like the “WIF Hat Generator,” continues to attract investors looking for pure meme enjoyment rather than utility.
Token Launch | November 2023 |
Chain | Solana |
Market Capitalization | $3.0 billion |
Token Price | $2.98 |
14. Bonk (Market Cap: $1.8 Billion) — Leading Solana Meme Coin With High Transaction Speed
Bonk is yet another Shiba Inu-themed Solana meme coin that launched with a massive airdrop on the Solana blockchain in December 25, 2022 as a Christmas gift to the community. The token’s launch coincided — perhaps not accidentally — with the resurgence of the Solana blockchain over the course of 2023.
In the past year, Bonk rose by a whopping 3,200% and Solana is up 630%, an enormous gain for a large-cap crypto.
With a market cap of $1.8 billion, Bonk is more than just a meme coin at this point. It’s listed on some of the world’s biggest exchanges, including Binance and Coinbase, so traders have been using it to bet on the future of the Solana ecosystem with leverage.
In addition, Bonk has its own blockchain-based tools including BonkSwap and BonkBot. The project even has its own NFT collections.
Bonk doesn’t have a roadmap for the year ahead, so it’s difficult to say with any certainty what this meme coin will do next. However, time has shown that hot meme coins — especially ones with Shiba Inu themes — have surprising staying power.
We wouldn’t be surprised if Bonk is one of the biggest winners of the next crypto bull run, especially if the Solana ecosystem can keep up its momentum and attract more users.
Token Launch | December 2022 |
Chain | Solana |
Market Capitalization | $1.8 billion |
Token Price | $0.00002713 |
15. Floki (Market Cap: $1.7 Billion) — Popular Meme Coin with Real Utility
Floki, initially inspired by Elon Musk’s Shiba Inu dog, launched in July 2021. The project saw significant traction following Musk’s tweets, particularly when he announced the arrival of his dog Floki, leading to an immediate price surge.
Despite an anonymous founder who left early on, Floki’s price skyrocketed by over 1.7 million percent from its all-time low to a high in November 2021. At the time of writing, it has accumulated a market cap of $1.7 billion.
Floki has a max supply of 20 trillion tokens, with nearly half currently in circulation. This distribution suggests potential price suppression in the future as more tokens enter the market. This is contrasted starkly with Shiba Inu, where all tokens are already circulating, presenting a different investment dynamic.
Community engagement is on the rise, and the coin’s integration into various utilities within its ecosystem hints at increased demand. Floki has transitioned from a simple meme coin to a utility-focused asset within its expanding ecosystem, which includes plans for a metaverse named Valhalla and a prepaid bank card.
This shift towards real-world applications and community-focused events like NFT rewards positions Floki as a promising yet risky investment.
Token Launch | July 2021 |
Chain | Ethereum and Binance Smart Chain |
Market Capitalization | $1.7 billion |
Token Price | $0.0001707 |
What Is a Meme Coin?
Meme coins are digital tokens that become popular due to their association with online trends. Initially, meme coins were produced as lighthearted jokes, heavily influenced by internet ideas and culture.
Meme coins generally don’t have any specific utility. Instead, the price of these meme coins is often influenced by social media, discussions on online forums, and even celebrity endorsements.
As we noted above, Dogecoin was the first digital token to call itself a ‘meme coin.’ Following its success, an explosion of meme coins began to appear in the crypto market. Some of these, such as Shiba Inu and Bonk, are well-known among crypto investors and can be easily accessed on the best P2P crypto exchanges.
On the other hand, many meme coins have resulted in investors losing their money. For this reason, investing in meme coins comes with outsized risks as there is no way to predict how the market will move — even in the short term.
8 Ways to Identify New Meme Coins
After trying out dozens of methods for identifying new meme coins, our crypto experts have narrowed them down to the eight most effective ways:
- It’s community-driven. Meme coins often gain popularity through social media platforms, forums, and online communities.
- There’s a lot of social media hype around it. If you see a cryptocurrency being heavily promoted through memes and online discussions without clear fundamentals, it’s probably a meme coin.
- It doesn’t have a real purpose. Most meme coins don’t have a well-defined purpose or technology behind them and seem to be focused more on marketing or entertaining users.
- It has funny or quirky branding. Memes, Elon Musk, Japanese dogs — if it’s been in the public eye, someone’s come up with a meme coin for it.
- You don’t know who is behind it. Meme coins may lack transparency about their development team or have an anonymous team, rather than one that has been doxxed. An undoxxed team can be a red flag for investors.
- It’s very volatile — and you can’t tell what’s causing it. Meme coin prices are driven more by speculation and hype than by their actual value or utility, so they’re usually volatile without a clear reason why.
- Its tokenomics are as weird as its branding. Unusual tokenomics, such as a large total supply, a high inflation rate, or other features that deviate from more traditional cryptos are common features of meme coins.
- It has a short-term focus. Since they’re often based on a short-term phenomenon, such as a meme, their emphasis is often on quick gains instead of long-term sustainability.
About the Author
Alan is the Chief Editor of guides and reviews on Cryptonews.com. He’s responsible for ensuring all the content on our site is accurate, up-to-date, and 100% reliable.
Ethereum
Crypto Token Ether (ETH) Rebounds Following Complaint About SEC Investigation Into Ethereum
The Ether token posted its best gain this week amid speculation that U.S. regulatory oversight of the blockchain ecosystem underlying the second-largest digital asset could ease.
The token climbed as much as 3.6% on Wednesday before paring some of its advance to trade at $3,562 as of 12:53 p.m. in Singapore. The rally was a modest tailwind for market leader Bitcoin and a string of smaller rivals.
Ethereum
Will they capture the same buzz in the market?
The launch of Ethereum spot exchange traded funds Exchange traded funds (ETFs) attracted significant market interest on July 23, with initial inflows surpassing $100 million. This is a notable change from the previous four days of outflows for U.S. spot Ether ETFs, which saw a total of $33.67 million in new investments.
This figure was, however, partly offset by an outflow of $120.28 million from Grayscale’s Ethereum Trust (ETHE). However, many crypto analysts believe that the Ethereum ETF will soon follow bitcoin’s path.
Ethereum ETF to Track Bitcoin
Katalin Tischhauser, head of investment research at Sygnum Bank and a former Goldman Sachs executive, predicted that Spot Ether exchange-traded funds could attract as much as $10 billion in assets under management in their first year.
She also predicted that Bitcoin ETFs could see inflows of $30 billion to $50 billion in their first 12 months, with Ethereum products likely following the same path.
Tischhauser noted that investing in Ethereum offers distinct advantages over Bitcoin. While Bitcoin is primarily viewed as a store of value, Ethereum’s value comes from revenue and cash flow. This makes Ether more relevant to traditional institutional investors compared to the perception of Bitcoin as “digital gold.”
Fee waivers to attract institutional investors
To attract institutional investors, several ETF issuers are waiving fees for their Ethereum spot funds. Franklin Templeton announced a 0.19% sponsorship fee, but will waive it for the first $10 billion in assets for six months. Meanwhile, Bitwise and VanEck will charge a 0.20% fee through 2025.
BlackRock revised its registration statement for its spot Ethereum ETF, ETHA, to include a 0.25% management fee. Grayscale launched its Grayscale Ethereum Mini Trust with the same 0.25% fee.
Ethereum ETFs Exclude Staking
The enthusiasm is, however, tempered by the lack of staking rewards of these ETFs. In May, BlackRock, Grayscale and Bitwise removed staking provisions from their SEC filings after discussions with the SEC.
As traditional investment institutions are limited by regulations and legal constraints, they can only invest through ETFs, without resorting to staking.
Also see: Crypto News Today: Bitcoin, Ethereum Brace for Volatility as Fed Holds Rates
Ethereum
SEC Hints It May Approve Ethereum ETFs at Last Minute, But ‘No Issuers Are Ready’
It sounded like an almost certain rejection from the Securities and Exchange Commissionbut just hours before the May 23 deadline to rule on VanEck’s application to launch an Ethereum spot exchange traded fundIt appears that the SEC may reconsider its decision.
CoinDesk First reported On Monday, the nine potential issuers that had filed to list and trade the ETFs were “abruptly” asked by regulators to update their 19b-4 filings on an expedited basis. A 19b-4 is what an exchange like the NYSE requires for new product introductions — in other words, the applicants and the exchange ask the SEC for permission to add the ETFs to their platforms.
Since rumors began circulating Monday afternoon, the price of Ether has climbed nearly 20%, trading near $3,750 as of 1:30 p.m. ET Tuesday.
It’s hard to believe that the SEC would do us a favor by approving the ETH spot ETF.
But politics is politics, and crypto has been winning the political battle for months.
Perhaps the Biden camp saw how many voters Trump could win over with a single pro-crypto comment and decided to change course.
— Jake Chervinsky (@jchervinsky) May 21, 2024
Since VanEck is the first exchange to file, its approval could hypothetically be a green light for others waiting to hear about their own 19b-4s. While rumors began circulating Monday that applications were being worked on, Bloomberg analysts updated their ratings from 25% to 75% approval.
But the news left issuers scratching their heads. Every issuer Bloomberg ETF analyst James Seyffart spoke to was “caught off guard by the SEC’s 180-degree turn,” he told Fortune. The agency reached out to filers for comment and updates just three days before the deadline, he said.
“This is not standard operating procedure, and everyone from issuers to exchanges to lawyers to market makers and more are scrambling to be ready for eventual approval and to meet SEC requirements,” Seyffart adds. The hasty nature of the pivot suggests it was likely a “political move,” the result of a “top-down decision” by the Biden administration, he speculates. “No issuer is ready,” he wrote on X.
It’s hard to believe that the SEC would do us a favor by approving the ETH spot ETF.
But politics is politics, and crypto has been winning the political battle for months.
Perhaps the Biden camp saw how many voters Trump could win over with a single pro-crypto comment and decided to change course.
— Jake Chervinsky (@jchervinsky) May 21, 2024
So far, Grayscale is the only potential issuer to post an update 19b-4 to the New York Stock Exchange website, for its application to transfer its Ethereum Mini Trust ETF. Meanwhile, Fidelity has abandoned its plan to put Ether in its ETF, according to a S-1 Update The filing was made with the SEC early Tuesday. In previous filings, the company had said it intended to “stake a portion of the trust assets” to “one or more” infrastructure providers, but now it “will not stake Ether” stored with the custodian.
Staking involves committing Ether to secure the network in exchange for a yield, which is currently around 3%, according to data from staking service Lido. Ark and Franklin Templeton have also considered staking in their applications. In today’s 19b-4 update from Grayscale, the company confirmed that it would not participate in staking. The fact that Grayscale highlighted this and Fidelity omitted it suggests that the SEC may have asked that staking be banned. Vance Spencer, co-founder of Business executivestold Fortune he believed the SEC’s last-minute requests included advice on staking.
Staking the underlying Ether in the ETF has been seen as a reason the SEC could reject the applications, with Chairman Gary Gensler expressing concern in March that digital assets using staking protocols could be considered securities under federal law. Staking could be “a significant complication,” Bitwise CIO Matt Hougan said. previously said Fortune.
However, even if the SEC approves VanEck’s 19b-4 on Thursday, it doesn’t guarantee clearance, as exchanges will need S-1 filings from issuers before the products can begin trading. When filing to launch a new security, an S-1 is the form that describes to potential investors and the SEC the structure of the asset, how it will be managed and, in this case, how it plans to mirror the performance of the underlying asset, namely Ether tokens.
But S-1 projects could take “weeks, if not months” to be approved, Seyffart said. written on X“That said, if we are correct and see these theoretical approvals later this week, that should mean that S-1 approvals are a matter of ‘when’ and not ‘if.’”
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Ethereum
FOMC Holds Interest Rates Steady, Bitcoin and Ethereum Prices Fall
After Federal Reserve Chairman Jerome Powell said a September rate cut “could be on the cards,” stocks soared to session highs. The tech-heavy Nasdaq 100 climbed 3.3% and the S&P 500 climbed 2%. However, the king cryptocurrency Bitcoin (BTC) fell 1.3% to $66,088, and Ethereum (ETH) fell about 1.11% to $3,313. Over the past 24 hours, the global cryptocurrency market cap also fell 0.71% to $2.39 trillion.
However, market analysts believe that this is a short-term decline, as Bitcoin and other cryptocurrencies, despite being in a bearish situation, are showing bullish signals. Although BTC is still struggling to break the $70,000 mark, it will be interesting to see how BTC will react in August before the rate cuts.
Federal Reserve Decision
On July 31, the U.S. Federal Reserve concluded a two-day meeting of the Federal Open Market Committee (FOMC) by choosing to keep benchmark interest rates unchanged at 5.25%-5.50%, in line with Wall Street expectations. The decision marked the eighth consecutive meeting without a rate change.
Towards a market rebound?
According to SantimentThe FOMC’s decision to maintain current interest rates led to an initial decline in cryptocurrency prices. Traders were hoping for a rate cut, which hasn’t happened since March 2020. A future rate cut could signal bullish trends for stocks and cryptocurrencies, potentially boosting markets for the remainder of 2024. Despite the initial sell-off, markets are likely to stabilize unless another major event impacts the cryptocurrency sector.
In the meantime, aggressive accumulation by bulls and increasing negative sentiment among the crowd could set the stage for a substantial market rebound.
Understanding the broader impact
Despite the anticipation surrounding the FOMC meeting, the impact on cryptocurrencies was limited as the pause on rates had already been factored into prices. Previous Fed decisions have shown minimal major impact on Bitcoin prices.
Historically, FOMC actions affect all asset classes. In 2020 and 2021, Bitcoin and other altcoins soared when the Fed cut rates to zero, only to reverse course in 2022 when rates began to rise. Investors moved trillions of dollars into lower-risk assets, with money market funds amassing over $6.1 trillion, earning an average return of 5%.
Furthermore, Bitcoin’s immediate resistance is noted at $66,852, with support at $65,000. The RSI is signaling oversold conditions, suggesting further declines are possible if the price falls below $65,900.
Investors are now closely watching the FOMC meeting for clues about inflation and economic growth, which could influence Bitcoin’s next move.
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