Bitcoin price has been doing well this year, skyrocketing by 166% since its lowest point in December 2022. Other major digital coins like Solana, Avalanche, and Immutable have even seen higher growth, rising by over 200%.
However, meme coins like Pepe and Bonk have been the true winners in the crypto industry. Bonk, the Solana meme coin launched in December, has gone up by more than 6,000%, pushing its market cap to $732 million. Pepe, the new meme coin released a few months ago, now has a market cap of $575 million. This means that many people have become millionaires by investing in these two tokens, which have no utility.
It shows that meme coins are not dead yet as most analysts predicted. In fact, coins like Shiba Inu and Dogecoin together have a market cap of more than $19 billion, making them bigger than some of the most well-known companies in the world such as Deutsche Bank, Zillow, and AllianceBernstein.
Memeinator could be the next big success story in the meme coin sector. The upcoming cryptocurrency has already raised over $1.9 million in the presale period and is approaching its target of $2.1 million in a few weeks. This success has been driven by the crypto rally that pushed the combined market cap of all digital coins to over $1.6 trillion, as well as the incentives offered by the developers.
For instance, their staking platform offers an APY of 45%. Over 7.1 million tokens have been staked and over 36,517 rewards paid out. Moreover, the developers have launched a promotion that will see one lucky person win a trip to space with Virgin Galactic, which is worth over $250k.
Memeinator combines meme coins and artificial intelligence (AI) in its concept. AI has been the biggest trend in the market this year, with companies such as ChatGPT and Anthropic becoming multi-billion dollar entities.
Going forward, there are a few reasons why Memeinator token could do well in 2024. Firstly, central banks are set to start cutting interest rates, which will benefit the crypto industry. Secondly, Bitcoin is likely to keep increasing ahead of the halving event in April 2024, with altcoins seeing a similar rise. Lastly, there is a strong chance that the US Securities and Exchange Commission will approve a Bitcoin ETF.
