The bull of 2024 is widely regarded as Bitcoin breaking its all-time record and establishing a new peak. However, the question of whether Bitcoin or Memecoins are the star of this period can be answered differently, despite ATH.
In 2013, when the rise of Bitcoin was fueling interest in cryptocurrencies, a group of internet users decided to conduct a fun experiment and created a cryptocurrency called Dogecoin (DOGE). The cryptocurrency, based on a Shiba Inu dog popular on the internet, was initially seen as a joke, but it attracted unexpected interest.
Memecoins are all about blending humor and internet culture with cryptocurrencies. These coins are often inspired by popular internet memes and are known for characteristics such as low supply and high volatility. Although initially not taken seriously by investors, memecoins have grown to a significant audience and are still having a significant impact today.
2021 marked the first turning point for memecoins. In particular, Elon Musk's support for Dogecoin on Twitter caused a huge spike in the prices of similar cryptocurrencies. This led to the popularization of other memecoins such as Shiba Inu (SHIB) and Floki Inu (FLOKI).
Today, memecoins have become an important part of the cryptocurrency market, especially with the recent surge.
The interest in these cryptocurrencies, which basically do not have any promise, technology or benefit behind them, is entirely fueled by the popularity behind them. The transaction volume created by popularity, the approach of continuing to buy for the rise, which is part of the culture, constitutes the basic behaviors that make up this entire memecoin ecosystem.
Memecoins can reach significant transaction volumes and market values from time to time, causing the money in the market to gather in one place. This trend, which we have witnessed in the past, quickly attracts the attention of investors due to the hundreds of times increases experienced and can result in sensible investments suddenly turning into empty investments.
The last peak of this approach and culture was experienced quite intensely in March, when Bitcoin surpassed its peak and created a new peak for itself. The adventure, which started with PEPE, reached market values of billions of dollars by turning to the Solana ecosystem.
Coins with the theme of state elders
The year 2024 memecoin fury started with memecoins referring to state elders and referring to the relevant people. Such coins were produced and released by unknown people, and then they were in serious demand, resulting in a billion-dollar market value. Investors who saw these coins rising hundreds or even thousands of times started to transfer their money like crazy and that's how it all started.
Follow the trend
The memecoin trend has even eclipsed Bitcoin's ATH, causing money to flow into the Solana ecosystem. Dozens of new memecoins were being created every second, hundreds of thousands of dollars were being invested, and there were many cases of fraud. However, investors continued to invest in new and rising memecoins without a care in the world. With all this furor, a serious amount of liquidity has accumulated on this side.
Send SOL to my wallet
This trend has given birth to a brand new pre-sale method: Send SOL to my wallet. With this method, a person on social media requested SOL, claiming that he would issue memecoin. While the cryptocurrency ecosystem was stunned with over 10 thousand SOLs sent to the wallet in a short time, it was revealed that memecoins should not be taken lightly. It also brought harsh criticism. While some people invested in this storm without thinking, others argued that what was done was illogical by issuing warnings.
The memecoins, which were launched by requesting SOL to the wallet, generated significant volume and were even listed on central exchanges in a very short time. This attracted the attention of other users and led to the emergence of interesting SOL campaigns.
Lose money
After a while, this trend turned into a loss of faith that it would take off and everyone would invest. People were investing their money in many new memecoins, willingly sending it to the wallets of those who claimed to issue memecoins and hoping that it would rise. There were those who earned hundreds of thousands of dollars, as well as those who lost millions of dollars.
The Memecoin craze has been going on since 2013. In 2024, it even overshadowed Bitcoin's ATH and became the first trend of the year. Although it brought with it many criticisms, it showed that there is no limit to what can happen in the cryptocurrency markets, just like the technology behind it.
