2024 was a year of internet chaos, from the viral hippo to the Olympic moments. This resulted in the continuous growth of “meme coins” (cryptocurrencies named after viral characters, individuals, or animals). According to Forbes, the current market capitalisation of memes stands at $89.82bn, marking an average daily increase of 0.40%. In this piece, we explore the top 5 leading meme coins by market capitalisation (as of 1 January 2025) and the debate surrounding them among investors.
1. DOGECOIN (DOGE)
Dogecoin (DOGE), with a market cap of $46.29bn, is the best-known meme coin. Fans credit its popularity to Elon Musk’s support and its strong community, perceiving Dogecoin as an easy way for new investors to enter crypto. In November 2024, President-elect Donald Trump announced Elon Musk and Vivek Ramaswamy as leaders of the Department of Government Efficiency (DOGE) to streamline federal operations. Coincidentally, Dogecoin’s value surged due to the shared acronym.
However, critics argue that Dogecoin lacks the technological innovation or utility of traditional cryptocurrencies. Dogecoin’s value is heavily tied to social media trends, making it highly volatile. Without a clear roadmap for development or broader adoption, many see it as little more than a speculative asset.
2. SHIBA INU (SHIB)
Shiba Inu, with a market cap of $12.38bn, is often seen as Dogecoin’s closest rival. Unlike Dogecoin, Shiba Inu has tried to build utility by developing its ecosystem. Its most notable project is Shibarium, a layer-2 blockchain solution aimed at improving scalability and functionality. Supporters argue that initiatives like these make Shiba Inu more than just a meme coin. They believe it has the potential for long-term growth, especially if Shibarium attracts more users and applications.
Critics, meanwhile, are less optimistic. They claim that Shiba Inu’s success still depends heavily on market hype and its community’s enthusiasm. Skeptics warn that Shiba Inu could struggle to maintain its momentum in the long run.
3. PEPE (PEPE)
Pepe currently has a market cap of $8.14bn. Recently, Elon Musk’s playful engagement with the Pepe meme coin has significantly influenced its market activity. On 31 December 2024, Elon Musk updated his X profile to feature a PEPE-themed avatar, sparking increased interest and an 8.55% surge in PEPE’s value. Supporters argue that such moments reflect the coin’s short-term investment opportunities.
Critics, on the other hand, see this viral moment as a weakness. They claim Pepe’s reliance on social media makes it highly unpredictable and sensitive to dramatic value swings. Unlike traditional coins with clear development goals, Pepe offers little in terms of long-term stability. This makes it a polarising choice, appealing to risk-takers but deterring cautious investors.
4. BONK (BONK)
Bonk, with a market cap of $2.26bn, stands out as the first dog-themed meme coin on the Solana blockchain. Its community-driven initiatives, such as the “BURNmas” event where 1 trillion tokens were burnt, have drawn attention. Supporters argue that these initiatives improve scarcity and can boost demand, making Bonk an exciting project for speculative traders.
However, Bonk still raises questions about whether such token burns create lasting value. Critics argue that Bonk lacks a defined use case or roadmap for future growth, making it dependent on market trends.
5. DOGWIFHAT (WIF)
Dogwifhat, with a market cap of $1.77bn, takes a whimsical approach to the meme coin market. Its branding—a dog wearing a hat—has attracted a niche following, making it a fun and lighthearted project. The coin’s association with Solana adds credibility, as it benefits from the network’s fast and low-cost transactions.
However, critics view Dogwifhat as overly reliant on its meme status. The coin has shown significant volatility throughout 2024, with sharp price swings reflecting its speculative nature. Without tangible utility or development goals, skeptics doubt its ability to sustain interest over the long term.