The year 2023 has seen an explosion in memecoins, which have managed to capture the attention of the general public and investors alike. As we look ahead to 2024, eyes are riveted on these humorous digital assets, looking for early signs of a new boom, in anticipation of Bitcoin’s next halving.
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Looking back at 2023: the year of memecoins
This year was a turning point for memecoins. They were propelled to the forefront of the crypto scene by figureheads such as Elon Musk and unprecedented virality on social networks.
These tokens, initially regarded as unserious currencies, have seen their value soar, particularly after symbolic gestures. This was the case when Twitter changed its logo to include that of Dogecoin, causing its price to skyrocket.
Other tokens, such as Shiba Inu and FLOKI, followed suit, reflecting a widespread craze. What’s more, projects such as PEPE have capitalized on the support of a very active community on social networks.
Launched in mid-April 2023, the performance of the PEPE coin has been exceptional. The token saw a record 73,500% increase on its initial price at its all-time peak on May 5, 2023. Similarly, the crypto underwent a surge that pushed its market cap up to $1.8 billion, a x1000 on the token’s price.
So, in 2023, memecoins not only consolidated their place in the digital economy but also revealed their potential as genuine investment assets.
Correlation with the global crypto market: what can we expect in the near future?
The fate of memecoins is closely linked to the broader waves of the cryptocurrency market. In 2023, the ups and downs of the major digital currencies were often the prelude to memecoin movements. Investors have observed that periods of general optimism in the crypto space lead to increased appetite for more speculative assets, including memecoins.
Bitcoin’s halving, scheduled for 2024, is anticipated to induce a tightening of supply, which historically has led to bullish cycles in the market. This programmed reduction in Bitcoin’s mining reward could therefore be the catalyst for a new influx of capital.
This influx would benefit not only traditional crypto-currencies, but also memecoins. This could potentially trigger a boom similar to or greater than that of 2023.
Memecoin to own: Wall Street Memes (WSM)
Wall Street Memes (WSM) is a memecoin that stands out for its investment potential and innovative approach. It was launched in pre-sale at an attractive initial price towards the end of May. By the end of the event in September, the project had raised over $25 million.
Upon listing, WSM enjoyed the attention of leading exchange platforms, where it was even introduced for margin trading. This shows its growing liquidity and adoption.
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First published in ActuFINANCE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
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