The approval of Bitcoin spot ETFs earlier this year marked a significant milestone for the crypto market, triggering a substantial upward trend. While Bitcoin led the charge, several meme coins also delivered impressive performances. Although the market experienced a downturn starting in April, many tokens maintained strong overall results.
Forbes recently highlighted the ten best-performing cryptocurrencies with market capitalizations exceeding $1 billion in the first half of 2024. The list includes WIF, PEPE, ASI, FLOKI, JASMY, AR, CORE, TON, BGB, and BONK. Notably, four of these are meme coins, with three originating from the Solana ecosystem.
WIF
WIF is a meme coin on the Solana network, with a total supply of approximately 998 million tokens. Its mascot is a Shiba Inu wearing a knitted cap. Among the roughly 70 cryptocurrencies with a market cap above $1 billion, WIF achieved the highest returns, surging by about 1,300%.
Trading began on November 20, 2023, at an opening price of $0.00016. On January 11, 2024, with the token priced around $0.17, a major investor suffered significant losses, inadvertently driving the price up to $3.99. Shortly after, Binance listed WIF perpetual contracts. By March 3, WIF's market cap reached approximately $1.685 billion, surpassing BONK. Just two days later, Binance introduced WIF spot trading pairs. The token's market cap exceeded that of PEPE by March 18, and it reached an all-time high of $4.86 on March 31.
PEPE
PEPE was launched in April 2023, with trading starting on April 15. Initially priced at around $0.000000001, it has a total supply of 420.69 trillion tokens. Within just one month, PEPE's market cap exceeded $400 million, securing a spot in the top 100 cryptocurrencies. The project was created as a reaction against the complex tokenomics of earlier "dog-themed" meme coins, avoiding presales, burns, and taxes. Its frog character resonates strongly with Western pop culture.
On October 24, 2023, 6.9 trillion PEPE tokens were burned. The market cap first surpassed $1 billion on February 28, 2024. A tweet from Elon Musk featuring PEPE on March 13 pushed the price above $0.000009, and the following day, it shed a zero. By May 22, the market cap exceeded $5 billion, peaking at over $7 billion a week later.
ASI (Artificial Superintelligence Alliance)
In March 2024, SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) announced plans to merge their tokens into a decentralized AI alliance. This initiative aims to offer a decentralized alternative to projects controlled by major tech corporations. The merged token was renamed ASI, symbolizing "Artificial Superintelligence." The merger proposal was voted on and approved in April, with official completion scheduled for July 15.
Even before the merger, all three AI tokens delivered substantial returns. Riding the wave of both the crypto rally and AI trend, OCEAN rose from $0.50 at the start of the year to over $1.40. FET climbed from $0.70 to a peak above $3.20, and AGIX advanced from $0.30 to nearly $1.40.
FLOKI
FLOKI is named after Elon Musk's Shiba Inu. In late October 2023, the Floki team introduced TokenFi, a platform for cryptocurrency and asset tokenization. Fifty-six percent of the TOKEN supply was allocated to Floki stakers. After its launch, TOKEN's price soared from $0.01 to over $0.20, a twentyfold increase.
At the beginning of 2024, FLOKI benefited from the broader market uptrend, rising from $0.00003 to $0.000313—a nearly tenfold gain, though it did not surpass its previous all-time high. On May 27, Floki developers launched a Telegram-based trading bot for BNB Chain users. The bot charges a 1% fee per transaction, with half used to buy back FLOKI on the open market. This news triggered a 23% price surge. On June 4, DWF Labs purchased $12 million worth of FLOKI to support its ecosystem, leading to a new all-time high of $0.000349.
JASMY
Jasmy is a Japanese DePIN project listed on both Binance and Coinbase. It leverages blockchain technology to provide data security, storage, and interaction services for IoT environments. The platform connects service providers with data users, allowing providers to collect, package, and sell user-owned data.
In late 2023, Jasmy developed its own Ethereum Layer 2 solution, Jasmy Chain, to enhance scalability and deliver a more transparent, secure, and personalized data interaction experience. These developments helped the token break out of its low price range. Starting the year near $0.006, JASMY rallied to over $0.027 during the March surge. After several months of consolidation, it reached $0.04469 on June 7, a high not seen since April 2022, though still far from its all-time high of $4.29.
AR (Arweave)
Arweave is a decentralized permanent storage project, often compared with Filecoin. On February 27, 2024, the team announced the development of AO testnet, a supercomputer designed to provide a computation layer for social media and AI. This news sparked a 17.35% price increase that day, followed by a 50.67% jump the next, pushing the price from $15.60 to $29.60 in just two days. The token continued to rally with the market, reaching $47.50 in March and achieving five consecutive weeks of gains. By late May, it hit $49.55, a high not seen since March 2022.
On June 6, Arweave acquired Odysee, a decentralized video platform built on the LBRY protocol, aiming to create a social media platform free from government censorship. However, this announcement did not significantly boost the price, which declined amid broader market conditions.
CORE
Core DAO is responsible for developing the Satoshi Plus ecosystem. Core is a Layer-1 blockchain that combines Bitcoin's decentralization and security with Ethereum's scalability and utility.
In late March, Core DAO launched a six-month airdrop incentive program called Core Ignition, rewarding users and developers for contributing to network growth. Following this announcement, the CORE token steadily climbed from $0.60 to a peak of $4.45 on April 2. On April 18, Core DAO introduced a $200 million ecosystem fund to accelerate the development of dApps and protocols on its blockchain. Interestingly, the price had already surged 83% on April 15, jumping from $1.43 to $2.89. Earlier in the year, Core DAO outlined its vision, including non-custodial Bitcoin staking and a native wrapped Bitcoin called coreBTC.
TON (The Open Network)
TON is built for high-speed applications, with transactions directly on-chain via messages and support for peer-to-peer interactions. Its dynamic sharding architecture ensures scalability. Dan Morehead, founder of Pantera Capital, stated that TON received the largest investment in the fund's history. In June, Bitget and Foresight Ventures established a $20 million TON ecosystem fund to support development.
Recently, the TON team announced plans to launch its own Layer 2 network using Polygon's technology. The new protocol, called TON Applications Chain (TAC), will utilize Polygon's Chain Development Kit (CDK), allowing developers to create custom Layer 2 blockchains with zero-knowledge technology.
At the start of the year, TON showed little movement during the initial market surge but began a steady climb in March. April brought significant gains: on April 9, its market cap surpassed Cardano's, and by April 15, it exceeded Dogecoin's with a $18.9 billion valuation. The price consolidated around $6. On April 19, Tether expanded USDT to the TON network. By May 3, the USDT issuance on TON exceeded 100 million, driving a 10% price increase. On June 15, authorized USDT issuance on TON reached $580 million, making it the sixth-largest blockchain for USDT. That same day, TON reached a new all-time high of $8.288.
BGB
BGB is the native token of the Bitget exchange. Centralized exchanges saw substantial growth in the first half of 2024, with spot trading volume reaching $10.6 trillion, a 145% increase from the second half of 2023. Bitget achieved the largest market share growth at 38.4%. In derivatives markets, it ranked first in open interest growth, rising 39.2%.
Bitget continuously enhances BGB utility through trading fee discounts and access to new token launches. In the first half of the year, it listed promising projects like ENA, ZKJ, and ZETA. The exchange's aggressive listing strategy has attracted many new users.
Amid growing user numbers and market share, BGB rose from around $0.60 at the start of the year to a new all-time high of $1.486 on May 27, with a single-day gain exceeding 20%.
BONK
BONK is a dog-themed meme coin on Solana, launched in 2022 as an airdrop to compensate FTX victims. The total supply is 100 trillion BONK, with 50% airdropped to the Solana community.
In 2023, BONK ranked first among the top 100 cryptocurrencies by returns, surging 73-fold. Binance listed BONK on December 15, 2023, driving the price to $0.00004. However, it soon entered a downtrend, falling below $0.00001 by mid-January 2024. The token reached a new all-time high of $0.000048 in early March, fueled by the market rally. Since then, it has mostly traded between $0.00002 and $0.00003.
Frequently Asked Questions
What are the key factors driving the performance of these cryptocurrencies?
Market sentiment, technological developments, exchange listings, and ecosystem growth are primary drivers. For meme coins like WIF and PEPE, social media buzz and community engagement play significant roles. AI-related tokens such ASI benefit from sector-wide interest and strategic mergers.
How can investors stay updated on such high-performing assets?
Following reputable financial news sources, monitoring official project announcements, and tracking exchange listings are effective methods. Using reliable data analytics platforms can also provide real-time insights and trends 👉 Explore real-time market analytics.
Why do meme coins often show high volatility?
Meme coins typically lack fundamental utility, making their prices highly dependent on community sentiment, influencer endorsements, and viral trends. This reliance on speculation rather than intrinsic value leads to sharp price swings.
What is the significance of market capitalization in evaluating cryptocurrencies?
Market cap reflects the total value of a cryptocurrency's circulating supply. It helps investors gauge the asset's size, stability, and growth potential compared to others. A higher market cap often indicates greater adoption and reduced volatility.
Are there risks associated with investing in newer tokens?
Yes, newer tokens often face higher risks due to lower liquidity, limited track records, and potential regulatory uncertainties. Investors should conduct thorough research and consider factors like project legitimacy, team background, and market demand before investing.
How do ecosystem funds contribute to blockchain growth?
Ecosystem funds, like those launched by TON and Core DAO, provide financial support for developers to build applications and services on the blockchain. This encourages innovation, increases utility, and attracts more users, ultimately driving value for the native token.