How frustrating it must be for the market leader to lose its position! This is the challenge faced by the first cryptocurrency. Memecoins have outperformed Bitcoin. According to Forbes, they have significantly increased in value. In the first six months of 2024, four meme coins outperformed Bitcoin in terms of growth value. Who are these record-breakers? They are such tokens as Dogwifhat (WIF), Pepe (PEPE), Floki (FLOKI), and Shiba Inu (SHIB). They have risen in price by 1,300%, 800%, 418%, and 67%, respectively. Only DOGE showed a less impressive result, gaining just 35%.
Forbes analysts find this phenomenon hard to explain, as these meme coins lack any practical value. This is a common trait among similar digital assets. However, analysts admit that the memecoin sector is growing steadily and becoming attractive to major market players (crypto whales).
In response to this situation, the BitMEX exchange has launched its own index to track the prices of the largest meme coins. Previously, in 2023, experts at the Avalanche Foundation predicted a surge of interest in these tokens and committed to supporting such initiatives.
Many specialists are unsure how long the bullish trend in the memecoin industry will last. Currently, this sector shows remarkable resilience, unlike the first cryptocurrency, whose price occasionally shows high volatility.
