Memecoins Are Not Just Surviving — They Are Thriving

If there’s one key takeaway from 2024 within the cryptocurrency industry, it is this: memecoins are not just surviving — but thriving.

Memecoins, a class of cryptocurrencies that draw inspiration from internet memes and often lack the fundamental value proposition of other digital assets, have experienced a surge in popularity during 2024. These memecoins have captured the attention of traders, investors, and the wider cryptocurrency community, sparking discussions and generating significant trading activity.

However, the rise of memecoins also raises questions about their speculative nature and potential risks. With a vast number of memecoins emerging and quickly fading into obscurity, only a select few manage to sustain attention and achieve notable success.

According to data collated by Lookonchain, the top 10 memecoins have witnessed a collective decline of 63.73% from their peak performance. This downturn highlights the volatility and unpredictable trajectory of memecoins.

In an interview with Techopedia, Ryan Lee, Chief Analyst at Bitget Research, noted that the cryptocurrency market is saturated with memecoins, and success largely depends on infrastructural access to a broad audience.

“The DOGS token exemplifies the latter strategy, leveraging its availability within the Telegram + TON ecosystem to gain widespread attention.”

The decentralized nature of memecoins has also facilitated their use as a tool for advocacy. Lee further explained that tokens like NOT, HMSTR, and DOGS have proven effective in fostering large, active communities.

“The mechanics within such projects allow users to complete simple tasks and be rewarded with tokens, a model that is limited by the ability to automatically verify task completion, such as subscribing to a Telegram channel or watching a video.”

“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, for instance, has played a role in the #FreePavelDurov campaign, which aims to highlight the plight of political prisoners and garner support for their cause.

“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. Afterward, memecoins can leverage their virality to bring attention to social or political causes.”

SlumDOGE Millionaire, a spokesperson for NEIRO, an Ethereum (ETH)-based memecoin, elaborated on the role of memecoins in advocacy.

“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.”

Moreover, platforms like Solana (SOL), TON, and ETH provide user-friendly tools that even non-technical creators can utilize to launch tokens with minimal effort. This further highlights how these digital assets can be employed as instruments for advocacy, emerging at a unique intersection of technology, social impact, and financial innovation.

While memecoins have served as a powerful tool for advocacy in recent times, they have also brought to light the risks inherent in speculative investments.

According to a tweet posted by Bubblemaps on X (formerly Twitter), an investigation into Sahil Arora, a Duba-based investor, revealed that he made $30 million in 2024 by launching meme tokens of celebrities and then dumping them, leaving investors with substantial 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 Tech, SlumDOGE Millionaire noted that the Sahil Arora case highlighted the need for better regulation and transparency within the memecoin market.

“The case contributed to both skepticism and curiosity, shaping the overall market outlook by emphasizing the importance of conducting thorough due diligence before making any investment decisions.”

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 the inherent risks, memecoins continue to dominate headlines. Could their risky nature be the exact thing keeping people hooked?

According to NEIRO’