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Which Meme Coin Will Perform Best This Year
DR
- Dogecoin and Shiba Inu are the top meme coin contenders for 2024, with DOGE benefiting from endorsements and a strong community, while SHIB sees significant annual gains.
- ChatGPT also outlined the odds for Pepe (PEPE), dogwifhat (WIF), and Bonk Inu (BONK) given their recent price rallies and solid support base.
DOGE and SHIB are among the competitors
The meme coin sector has caught the attention of industry participants in recent months, with several assets facing substantial price increases. The niche has witnessed the progress of some recently launched tokens and the success of others that have been part of the industry for years.
Considering the huge interest in the topic, we decided to ask ChatGPT which meme coin will perform best in 2024. The AI-powered chatbot started its estimation with the leaders in terms of market capitalization – Dogecoin and Shiba Inu.
Despite being created as a joke in 2013, DOGE has made a remarkable recovery in recent years, reaching an all-time high of over $0.70 in 2021. It currently hovers around the $0.15 mark , which represents a substantial drop from the peak, but also a 100% increase from the values observed in May 2023.
The asset has a dedicated community, while endorsements from prominent figures like Tesla CEO Elon Musk are beneficial to its performance. Not long ago, the EV giant officially integrated DOGE as a payment option on your website.
Shiba Inu (SHIB) – known as the Dogecoin killer – has also made major strides. Its price increases more than 180% per year, while a recent study estimated which has the strongest supporter base in the meme coin realm.
Its future success depends on multiple factors such as the further development of its layer 2 blockchain solution – Shibarium, its burn mechanism, adoption levels and overall investor interest.
It is worth noting that the L2 network has recently suffered two important updates aimed at improving user experience and enabling compatibility with popular wallets including MetaMask, Coinbase Wallet and Trust Wallet. Those interested in learning more about Shibarium, feel free to take a look at our dedicated video below:
Rivals’ chances
ChatGPT continued its prediction with Pepe (PEPE), highlighting its solid community and recent price rally. Like CryptoPotato reportedThe frog-themed meme coin reached a new all-time high on May 15, with its market value approaching the $5 billion mark.
Subsequently, the chatbot stated that dogwifhat (WIF) and Bonk Inu (BONK) also have a chance of ending 2024 as the best performers in the niche. Both assets are built on the Solana blockchain and have become sensations in recent months.
WIF has gained support from prominent industry players such as Arthur Hayes, while fans of the token have recently created $650,000 to put your logo on Sphere – a famous entertainment arena in Las Vegas, Nevada.
“WIF has gained a strong community following and significant attention on social media, which is crucial to the success of meme coins. Its current market value and trading volume indicate solid investor interest,” stated ChatGPT.
At one point this year, WIF’s market capitalization soared to nearly $5 billion, making it the third largest in the group. It currently occupies fourth position, behind PEPE.
WIF market cap, Source: CoinGecko
BONK’s success has been equally impressive. Launched in December 2022, it started making headlines in late 2023 after an exponential price recovery. Its rise has been fueled by significant investor enthusiasm and support from major cryptocurrency exchanges. BinanceBybit and Coinbase are among the leaders that enable BONK trading services.
According to ChatGPT, the meme coin could advance further before the end of 2024, as long as it benefits from the potential growth of the Solana ecosystem.