The Rise and Fall of Memecoins in 2024: The Best, the Worst, and the Unexpected

2024 was a year that saw the rise and fall of some memecoins, the best and worst in others, and the beauty in some of the most unexpected meme tokens

2024 was a stellar year for memecoins, with some making history and others quietly cementing their place in the crypto world. Here are five memecoins that had a great 2024:

1. PENGU ($PENGU)

The official memecoin of the Pudgy Penguins non-fungible token (NFT) collection, PENGU was only launched this month. Yet, it has already climbed to the Top 5 of CoinGecko's largest memecoins by market capitalization. A feat that very few meme tokens have accomplished. For some memecoins, the journey to the top of the ranks took years – PENGU took just days.

On Monday, trading volumes were at $65.2 million even as the coin's price was in the red in the past day, as is the case with many other major memecoins such as Shiba Inu (SHIB). Despite the 24-hour dip, PENGU is outperforming the entire global crypto market in the past seven days, with a 19% spike in the last week.

Unlike other new memecoins that surged then significantly plunged, PENGU has done very well in holding the line. The token's chart shows how consistent it has been as opposed to the usual volatile movement of many meme tokens.

2. AI16Z ($AI16Z)

Just a few months old, the ai16z project is the first venture capital DAO (decentralized autonomous organization) led by an AI agent. With a seven-day rally of 115%, the AI16Z token is also significantly outperforming the global crypto market, and its max chart shows that it has had a good run, especially in the last few days.

As of Tuesday, AI16Z has hit a staggering $1.4 billion market cap – a figure that many older memecoins have yet to reach. The memecoin's popularity is driven by much hype around the convergence of blockchain and AI. In particular, AI16Z aims to leverage artificial intelligence and collective intelligence to make investment decisions.

3. PNUT ($PNUT)

Peanut the Squirrel (PNUT) was the face of the memecoin industry for a month after the story of Peanut, the rescue squirrel seized by the New York State Department of Environmental Conservation (NYDEC), then subsequently euthanized for suspicion of rabies following a bite report in the lead up to the 2024 U.S. elections. Tests later turned out negative, sparking outrage on social media.

PNUT became the token that immortalized Peanut, triggering a movement to call out animal cruelty and government processes in seizing rescued animals. While PNUT has since dipped in recent days, it remains a very popular token in the crypto space, especially among cryptocurrency holders who also adore memecoins that go beyond fun and entertainment.

Trading volumes around the token were at $144 million Monday as the crypto community reminisced about the life of Peanut, the squirrel whose legacy lives on in the wide world of blockchain and memes.

4. MOODENG ($MOODENG)

Pretty much like Peanut the Squirrel, Moo Deng is popular on social media. The pygmy hippo was born in July this year in a Thailand zoo and caught the attention of the world with his cuteness and energy. A few months later, a token based off of the quirky baby hippo was conceived.

Compared to the other tokens in the list so far, MOODENG has had a more volatile ride, but it remains a very popular memecoin, with trading volumes hitting $82 million Monday. Over the weekend, the MOODENG token's price surged after Ethereum co-founder Vitalik Buterin made a significant donation toward wildlife care.

5. FARTCOIN ($FARTCOIN)

A memecoin that started with a joke, FARTCOIN is now one of the memecoin segment's most popular tokens, even eclipsing the performance of some of the oldest meme tokens in the market.

Launched a few months ago without much fanfare, the token has since brought together a community that many crypto observers said was a genuine one – with real people responding and engaging, not a bunch of bots.

Major mainstream outlets such as NBC and Fortune pumped FARTCOIN's popularity over the last few weeks, further growing the community that finds joy in the project that allows users to claim initial tokens when they submit fart memes or fart jokes. FARTCOIN proved that even tokens with limited utility can be a spotlight-taker in the wild world of memecoins.