Memecoins Experience Major Gains and Losses in 2024
This is a segment from the Lightspeed newsletter.
This year saw significant fluctuations in the memecoin market, with some coins achieving substantial gains while others experienced sharp declines.
Political Tokens
Jeo Boden, parodying US President Joe Biden, surged 1,548% from $0.06307 to $1.04 before crashing 99.74% to $0.00274. The Donald Trump-inspired MAGA skyrocketed 4,170% from $0.41 to $17.51 but fell 91.7% to $1.45.
The Parent Trap
Iggy Azalea’s MOTHER rose 4,798% from $0.004709 to $0.2306 but then dropped 79% to $0.04837. Azalea plans to revitalize MOTHER with an online casino project called Motherland in 2025.
Andrew Tate introduced the DADDY memecoin to compete with MOTHER, which surged 487% from $0.04917 to $0.2886 before declining 76% to $0.0684.
A Lot of Hot Air
Fartcoin launched in late 2024, climbing 3,052% from $0.04067671 to $1.28 and stabilizing at $1.25.
GOAT (Goatseus Maximus) combined edgy humor with viral marketing, rising 3,002% from $0.04354 to $1.35 before settling at $0.508.
It’s Snowing Cats and Dogs
Popcat exploded 14,400% from $0.01413 to $2.05, now sitting at $0.7912. Cat in a Dog’s World (MEW) grew 1,312% from $0.0009121 to $0.01288 but fell 51% to $0.006353. MEW aimed to rival dog-themed tokens.
Bonk, Solana’s first dog-themed coin, climbed 210% from $0.0000188 to $0.00005825. In contrast, Dogwifhat (WIF) rose 2,292% from $0.201808 to $4.83 before decreasing 56% to $2.12.
Viral Hits and Legal Misses
ChillGuy, based on the “Just a Chill Guy” meme, soared 10,789% from $0.00604 to $0.6575 but fell 71% to $0.1898, facing legal action from artist Phillip Banks.
PNUT, launched after Peanut the Squirrel's euthanization, surged 7,554% from $0.03187 to $2.44 but declined 71% to $0.6981 amidst controversy over its creation.
Moodeng, inspired by a viral Thai baby hippo, rose 4,300% from $0.01545 to $0.6804 but dropped 62% to $0.2576.
The volatility of memecoins highlights that gains can be fleeting, with many experiencing significant losses shortly after their peaks.