2024: Will it be Year of the Memecoins?

In this post I will be sharing my views about including memcoins in my crypto portfolio. I will also talk about which meme coins across the different chains I am keeping in my radar.

My Feelings for Memecoins- Ignorance to Hate to Acceptance!

The first time I heard about Dogecoin it was practically worthless and I saw many influencers talking about it. I completely ignored it as I thought something which was literally a joke coin can’t be included in a serious crypto portfolio with the likes of Bitcoin and ethereum.

Soon I saw Dogecoin gaining in value and more and more people on Twitter talking about it. Then the infamous tweet from Elon made Dogecoin pump beyond moon. This actually made me mad. I was really angry and frustrated that why would people blindly pump a memecoin when there were so many technical amazing blockchain projects out there who were aiming to change the whole financial ecosystem globally.

No matter how much I hated Doge it kept rising and rising which made me finally realise that I have to accept it as another crypto trend.

Not everything in crypto is supposed to make sense and we also have to accept the fact that the majority are into crypto for quick gains.

Memecoins are not so Bad After All!

Technically speaking Memecoins that have a secure blockchain are not bad as they facilitate a decentralised currency for people and the price will be at the end of the day driven by demand. If more people want Doge than Bitcoin then one day we may see the market cap of Doge giving a run to Bitcoin itself.

In fact Doge has proven that it was not a short term fad and it just seems to get stronger and stronger. At the time of writing this post, Doge is listed at rank 10 by market cap on Coingecko and if I take out the stable coins it is 7th.

Just imagine a memecoin being the 7th largest coin, even ahead of Avalanche, Chainlink and Polkadot which are technically solid projects.

Why Do Memecoins Pump so much during Bull runs?

The key reason memecoins out-pump all their competitors is that when there is a bull run then crypto gets a lot of media attention. This attention draws a lot of newbies to the market. They like the catchy and simple to understand concept of meme coins and just throw their money at it. Once it starts pumping then it gets the attention of traders and analysts and the pump keeps getting bigger.

Which Memecoins am I Focusing on in 2024?

Before I get into the details make sure you DYOR before jumping into any of the memecoins as they are as risky as any other crypto project or maybe a a bit more.

Solana chain Memecoins

Solana is getting a lot of attention and I think that will continue to grow. I am going to avoid the big meme coins like Doge and Shiba as they are already too big.

My focus will be on coins like WEN, Popcat and Silly Dragon (SILLY). If you got the WEN airdrop I will recommend holding onto it. SILLY might do a major pump as 2024 is the year of dragon so it might catch the hype. Don’t ask me why but Popcat is my favourite memecoin of them all.

FUD on SUI chain

SUI is another chain which might prove to be the underdog this time. The most popular memecoin on SUI is FUD and I expect it to pump hard once the new money start to flow into the crypto markets.

COQ Inu on Avalanche

This is a memecoin which is already quite popular on crypto twitter and I think it has the potential to go much higher in the coming bull run.

My strategy on the whole is to keep buying in small batches and once a major pump happens then start selling in batches.

Let’s see how this plays out, fingers crossed.

Cheers,

Sam