Memecoins Surge in 2024

Memecoins exploded in popularity this year, with dozens surging in value based on various themes like pygmy hippos, politics, and artificial intelligence, driven by accessible launchpads such as Pump.fun.

Solana: The Leading Blockchain

Solana became the leading network for new tokens, registering 455,000 launches in May and controlling 87% of new tokens on decentralized exchanges by October. Base followed, with 32,410 new tokens on Dec. 9.

Though memecoins have existed for over a decade, they defined 2024 similarly to how ICOs dominated 2017 and NFTs took over 2021. Their influence on the crypto landscape is undeniable, sparking discussions on their future roles.

Pump.fun: A Game Changer

Pump.fun is pivotal to the memecoin success of 2024. Initially, it allowed users to launch tokens for a small fee, but it later removed this fee to promote high-quality tokens, incentivizing first buyers and rewarding successful creators with 0.5 SOL.

The platform reached a peak volume of $2.58 billion on Nov. 19, creating significant momentum during the 2024 presidential election period. Memecoins linked to candidates like Kamala Harris and Joe Biden surged, but interest waned on election day.

Additionally, AI-related memecoins, like Goatseus Maximus (GOAT), saw spikes in volume after endorsements from AI chatbots, showcasing an intriguing blend of AI and cryptocurrency.

Controversies and Impact

However, memecoins also faced controversy, with some named after offensive terms and instances of rugpulls. While Solana’s founder praised memecoins for strengthening the network, Ethereum co-founder Vitalik Buterin encouraged more positive coin narratives.

Buterin’s own experience with MOODENG tokens led him to donate their worth to charity, illustrating a potentially positive use of memecoins.

Established Memecoins Thrive

Popular memecoins like Dogecoin and Shiba Inu also performed well. Dogecoin grew 405.5% year-to-date, while Shiba Inu saw a 210% increase in its market cap. The GMCI MEME index recorded a stunning 398.63% growth.

Future Competition Between Blockchains

As for 2025, experts predict Base will compete with Solana for memecoins and market cap, with Base achieving 8.8 million daily transactions as of Dec. 5, marking a strong position in the evolving landscape.