Only 43 Tokens Have Outperformed Bitcoin This Year, Most Of Them Memecoins
In a year marked by significant volatility in the cryptocurrency market, memecoins have emerged as key players, outperforming Bitcoin (BTC) and the rest of the largest cryptocurrencies in the ecosystem.
This trend was underlined by recent insights from market expert Miles Deutscher, who highlighted a presentation by memecoin analyst Murad at the TOKEN2049 conference in Singapore.
Memecoins Challenge Traditional Cryptocurrencies
According to Murad, only 43 tokens have surpassed Bitcoin’s performance in 2024, with 13 of those being memecoins. Notably, eight of the top ten performers in the market this year are also memecoins.
Murad emphasized that this cycle is distinct from previous ones, asserting, “The memecoin cycle is not a prediction; it has already begun—memecoins are dominating by virtually every metric.”
The rise of memecoins can be attributed to several factors, particularly their ability to resonate with retail investors seeking community, identity, and excitement, rather than merely potential financial gains. As Murad puts it, “Memecoins are a superior version of altcoins.”
The appeal of memecoins extends beyond speculation; it is alleged that they have cultivated a culture that fosters community and “emotional connection” among investors. Murad noted that these tokens enable users to engage in a shared experience, bringing real value through stories that “create trends and spark movements”.
Success stories of significant gains—such as those seen with tokens like dogwifhat (WIF) and Pepecoin (PEPE)—propagate quickly, fueling interest and excitement in the memecoin space over the past year.
According to Deutscher, the most successful cryptocurrencies have developed strong communities, often resembling “cult-like followings.” Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have thrived on this dynamic, and memecoins are fully embracing it.
SPX And GIGA Capture Retail Attention
Murad further explained that the recent performance of altcoins on platforms like Binance has further fueled the memecoin narrative. Almost every altcoin listed this year is trading below its listing price, with only two exceptions: WIF, a memecoin, and JUP, which facilitates memecoin trading.
Murad further alleges that retail investors prioritize making money (70%), having fun (20%), and feeling a sense of belonging (10%). Murad argues that memecoins embody this speculative nature, akin to the Initial Coin Offering (ICO) boom of 2017, but in a new form.
Instead of initial coin offerings, Murad sees that memecoins are allowing early-stage investments at lower valuations, which contrasts sharply with altcoins, where most upside is captured in private markets.
Deutscher also praised that as the memecoin phenomenon continues to grow, Murad’s insights have already influenced market dynamics, sparking one of the strongest memecoin rallies of the year.
Tokens dubbed “Murad coins,” such as SPX and GIGA, have seen substantial gains, resonating with retail investors who are drawn to the excitement of potential profits.
At the time of writing, the SPX is trading at $0.575, up a remarkable 35% in the 24 hour time frame, showing the impact of Murad’s participation in the TOKEN2049 in early September this year.
Featured image from DALL-E, chart from TradingView.com