Meme Coins Market Cap Nears $60B, Can They Spark a 'Memecoin Summer' in 2024?

Numerous traders have succeeded in reaping lucrative gains over the past months by HODLing through the memecoin frenzy and zealously betting on price pumps.

Memecoins appear to be experiencing a resurgence, aiming to cross the $60 billion threshold after two market cap peaks—in early April and late May. Could 2024 see a ‘Memecoin Summer’ before it concludes, driven by the Halloween Effect?

Several traders have managed to book impressive gains over the past months by HODLing through the memecoin craze and betting on price pumps aggressively. Interestingly, Solana memecoins have topped the charts in popularity and gains, being a key factor in the market dynamics.

Memecoins, despite being highly volatile and risky, have become one of the most popular or widely adopted crypto assets by both newbie and veteran traders.

This article will highlight mid- to small-cap memecoins that have shown bullish trends over the past days and months.

DISCLAIMER: The opinions expressed in this article are those of the author and do not constitute investment or financial advice. TheNewsCrypto team strongly advises all readers to conduct their own research and exercise caution before investing in memecoins.

Let’s integrate briefly analyzing the current market dynamics of the following popular memecoins.

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Moo Deng (MOODENG)

Solana-based memecoin MOODENG, which was sparked by the viral Thailand hippo, took over the meme scene in early September and created quite a buzz. Being the 219-nth largest market capitalization at $207.46 million, the hippo-themed memecoin trades at $0.2097.

MOODENG showed impressive rallies over the weekly and monthly timeframes: 147.85% and 508.03% respectively. However, in the past 24 hours, the memecoin dropped 7.89%.

Goatseus Maximus (GOAT)

Being one of the most viral memecoin launches, Goatseus Maximus (GOAT) debuted in mid-October and surged its way into the top 100 large-cap cryptocurrencies.

With weekly gains of 75.97% and monthly gains of 566.64%, GOAT showed strong upward momentum. At the time of writing, the price of GOAT was $0.6517 with the 97th largest market cap of $645.80 million.

MSTR2100 (MSTR)

Michael Saylor-led MicroStrategy is one of the biggest companies that showed its pro-Bitcoin stance. A memecoin that exists as the decentralized derivative of the company’s stock MSTR is MSTR2100 (MTR).

MAGA (MAGA)

2024 is the genesis era, or the growth phase, for PoliFi memecoins. Meme coin MAGA, which is inspired by Trump’s campaign slogan ‘Make America Great Again,’ currently boasts the highest gains among its fellow contenders.

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