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If there’s one key takeaway from 2024 within the cryptocurrency industry, it is this: memecoins are not just surviving — but thriving.
In recent weeks, a number of quirky meme-inspired digital currencies have emerged, captivating the attention of many in the industry.
From the DOGS airdrop inspired by Telegram CEO Pavel Durov’s iconic dog drawing advocating for his release to JENNER, a memecoin released by Caitlyn Jenner, these new entries have sparked significant interest and trading activity.
However, this also raises a significant question — knowing the volatile nature of memecoins and their ability to take off based on the popularity of certain internet trends, could the sole reason memecoins are so popular be because they are also a little dangerous?
Key Takeaways
- Memecoins have been thriving in 2024 by tapping into internet culture and trends, and their unpredictable nature attracts speculative traders seeking high returns.
- Certain memecoin projects, like DOGS, show potential beyond speculation, effectively mobilizing large communities for social and political causes through their viral nature.
- But recent scams involving celebrity memecoins highlight the need for greater regulation and transparency in the market.
- Despite their speculative risks, memecoins with strong visions and community support achieve astronomical growth and lasting impact.
Memecoins on Rise Amid Trader and Investor Interest
Experts note that one of the main reasons why memecoins are on the rise is a surge in trader and investor interest. However, as new memecoins continue to emerge, the market becomes oversaturated, with only a few managing to catch the necessary attention for success.
Despite a surge in ongoing conversations surrounding some of the biggest and newest memecoins on the market, data released by Lookonchain showed that the top 10 memecoins have dropped by an average of 63.73% since their peak.
Ryan Lee, the chief analyst at Bitget Research, told Techopedia:
“The cryptocurrency market today is saturated with such coins, and success comes to those that have infrastructural access to a wide audience. The DOGS token leans on the latter, with its easy availability within the Telegram + TON ecosystem.”
The DOGS token is a dog-themed memecoin developed on The Open Network (TON) blockchain and draws its identity from Spotty, a character designed by Telegram CEO Pavel Durov.
The Dogs Mini App has managed to surpass 50 million users since the token’s launch in August, with over 40 million users eligible for the airdrop, making it the largest memecoin token generation event (TGE) in cryptocurrency history.
Such quick newfound popularity had even helped DOGS enter the top 10 memecoins category on CoinMarketCap.
Commenting on the phenomenon of memecoins, Scott Dylan, the founder of NexaTech Ventures, highlighted that their appeal is primarily attributed to their ability to blend internet culture with financial speculation.
“First, the appeal of memecoins lies in the cultural relevance they harness. Many of the top memecoins emerging recently, such as DOGS or JENNER, tie into popular figures or movements, gaining traction through the influence of social media and celebrities.
“This gives them immediate recognition and virality that more traditional cryptocurrencies can’t replicate as quickly.”
Memecoins And Advocacy – What’s the Relevance?
Another prominent phenomenon memecoins found themselves dragged into recently was advocacy.
Bitget Research’s Lee explained:
“New tokens like NOT, DOGS, and HMSTR have proven to be highly effective tools for building large and active communities. The mechanics within such projects allow users to complete simple tasks and be rewarded with tokens.”
Lee further highlighted that such tasks are limited by the ability to automatically verify their completion, like subscribing to a Telegram channel or watching a video. Thus, such simple tasks tend to drag in users with a simple tasks-to-earn model.
“Imagine a project with over 100 million users setting a task to subscribe to a channel that raises awareness about social issues (poverty, hunger, discrimination, bullying, etc.).
“Millions of users would become familiar with this information. This system is already functioning — such tokens can be used to direct the attention of large groups of people toward specific causes or topics.”
DOGS is a prominent example of this phenomenon. It quickly became linked to the #FreePavelDurov campaign, which brought attention to the plight of political prisoners.
SlumDOGE Millionaire, a spokesperson for NEIRO, an Ethereum (ETH) based memecoin, said:
“[Memecoins] can leverage their virality to bring attention to social or political causes. They can mobilize communities and attract donations or support for issues, using their entertaining nature to engage a wide audience while simultaneously promoting real-world campaigns and initiatives.”
Furthermore, platforms such as Solana (SOL), TON, and ETH offer user-friendly tools that allow even non-technical creators to launch tokens with minimal effort.
This further highlights how these digital assets can be used as tools for advocacy, emerging as a unique intersection of technology, social impact, and financial innovation.
Memecoins Could Be More Prone to Scams
While memecoins have proven to be a great tool for advocacy these past few weeks, they also helped remind users of their speculative nature.
According to a tweet posted by Bubblemaps on X (formerly Twitter), an investigation into Sahil Arora, a Duba-based investor, found that he made $30 million in 2024 by launching meme tokens of celebrities and then dumping them, leaving investors with significant losses.
It is alleged that Sahil was behind promoting several top celebrity memecoins including Caitlyn Jenner’s JENNER token and Rich the Kid’s RICH token.
Rich the Kid later revealed on X that his account was hacked by Sahil and he never intended to release RICH himself.
Speaking with Techopedia, SlumDOGE Millionaire noted that the Sahil Arora case drew attention to the need for better regulation and transparency in the memecoin market.
“The case contributed to both skepticism and curiosity, shaping the overall market outlook by emphasizing the importance of due diligence.”
NexaTech Ventures’ Dylan agreed, highlighting that because memecoins are a “largely unregulated space, where celebrity-backed tokens can lure in unsuspecting investors”.
In fact, memecoins have been long known for being heavily endorsed by celebrities in the likes of Elon Musk, Ronaldinho, and Messi; however, the current Sahil Arora case could also steer investors away from celebrity-endorsed memecoins once and for all.
“Sahil Arora’s actions have had a significant impact on the outlook of memecoins. His use of celebrity endorsements, followed by classic pump-and-dump schemes, has cast a shadow over the market, making it more difficult for legitimate projects to gain trust.”
Despite that, memecoins continue to dominate headlines. Could their risky nature be the exact thing keeping people hooked?
Memecoins Are Unpredictable – It’s Keeping People Interested
According to NEIRO’s SlumDOGE Millionaire, the volatility and unpredictability of memecoins create excitement and appeal to traders willing to gamble, despite the risks associated with such cryptocurrencies.
SlumDOGE Millionaire added that meme coins’ whimsical nature makes them a fun and engaging asset, adding to their widespread attraction, even though they could be considered a dangerous investment for unprepared investors.
Bitget Research’s Lee added that speculation is one among many motivators that could have investors hooked on investing in certain memecoins.
“Look at the price range of the leading meme coins over the past year — they are not more volatile than the stocks of major global companies. Memecoin holders are not speculators; they’re investors who believe in the possibility of getting wealthy if they hold onto the token long enough without selling.”
However, claiming that all memecoins are ‘dangerous’ and ‘speculative’ would be wrong.
SlumDOGE Millionaire highlighted that when backed by powerful, long-term visions, memecoins can chart a sustainable growth trajectory and become a movement, as seen with DOGS and some other much older memecoin projects such as DOGE and PEPE.
He added that SlumDOGE Millioanire’s NEIRO coin has also become a movement, noting that the team behind the token directly supports initiatives that can improve the welfare of Shiba Inus, such as rescue operations, shelter funding, and medical care.
“We have seen an overwhelming response from individuals who want to make a difference in Shiba Inu charities around the world, and we are just getting started individuals who want to make a difference in Shiba Inu charities around the world, and we are just getting started.”
The Bottom Line
The recent rise of memecoins has been a fascinating phenomenon as a number of projects have managed to garner mass attention, be it for advocacy reasons or due to scams.
While memecoins have proven their ability to engage and mobilize communities through innovative uses and celebrity endorsements, they also expose the risks of speculative investments.
But, for better or worse, they are a compelling and dynamic aspect of the cryptocurrency landscape.
