The cryptocurrency market roared back into momentum in 2024, with meme coins emerging as the hottest commodities in the bull cycle.

What happened: Meme coins, inspired by internet memes, popular animated characters, and trends, netted massive returns to their holders in the year.

Solana (CRYPTO: SOL)-based SPX6900 was the most successful coin, skyrocketing a whopping 9695% year-to-date. 

SPX is basically a parody coin that calls for the creation of a new stock market index called SPX6900, challenging the hegemony of the S&P 500. It has a maximum supply of 1 billion tokens.

Not far behind was the feline-themed cryptocurrency, Popcat, which gained 9374% since 2024 began. Like SPX6900, POPCAT was developed on the Solana blockchain.

Ethereum (CRYPTO: ETH)–based Mog Coin bagged the third spot, exploding 4746% over the year. 

See Also: North Korean Hackers’ Suspected Presence Triggers Over $500 Million In Outflows From Crypto Exchange

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

That said, market heavyweights didn't disappoint either. The biggest meme coin by market capitalization, Dogecoin (CRYPTO: DOGE), soared 263% year-to-date, while Shiba Inu (CRYPTO: SHIB), another popular dog-themed token, rose 115%.

Frog-themed Pepe (CRYPTO: PEPE) was the best-performing large-cap meme coin, racking up gains of 1192% since 2024 began.

Solana-based dogwifhat (CRYPTO: WIF) also remained red hot, surging 1158% year-to-date. 

Overall, around nine tokens logged gains of over 1000% during the year.

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

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