Dogecoin, Shiba Inu or Pepe? What was the best performing Meme coin in 2024? The answer might surprise you – Emeren Group (NYSE:SOL)

The cryptocurrency market has regained momentum in 2024, with meme coins becoming the hottest commodities in the bull cycle.

What happened: Meme coins, inspired by internet memes, popular animated characters and trends, generated massive returns for their holders over the year.

Solana SOL/USD-base SPX6900 has been the most successful coin, climbing 9,695% year-to-date.

SPX is essentially a parody piece that calls for the creation of a new stock index called SPX6900, challenging the hegemony of S&P500. It has a maximum supply of 1 billion tokens.

Not far behind was the feline-themed cryptocurrency, Popcatwhich has gained 9374% since the start of 2024. Like SPX6900, POPCAT was developed on the Solana blockchain.

Ethereum ETH/USD-base Mog Coin took third place, with an explosion of 4,746% over the year.

See also: Alleged presence of North Korean hackers triggers outflows of over $500 million from Crypto Exchange

Interestingly, the top three coins had a market cap of less than $1 billion, reflecting the interest shown in lesser-known cryptocurrencies.

That said, the market heavyweights didn’t disappoint either. Largest coin by market capitalization, Dogecoin DOGE/USDhas soared 263% since the start of the year, while Shiba Inu SHIB/USDanother popular dog-themed token, rose 115%.

On the theme of the frog Pepe PEPE/USD was the best-performing large-cap meme coin, accumulating gains of 1,192% since the start of 2024.

Based on Solana dogwifhat WIF/USD has also remained red hot, increasing 1,158% year to date.

In total, around nine tokens saw gains of over 1,000% during the year.

These astronomical gains have refocused attention on the wealth-multiplying potential of meme currencies, many of which are known for their excessive volatility and low utility.

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