Last year was a rough year for many meme coins, with extreme volatility and significant price corrections making trading conditions difficult.
However, as cryptocurrency adoption grows globally, there are signs that some of the best meme tokens could be ready for growth in 2024.
This article introduces five popular meme coins and discusses analysts’ optimistic forecasts for the next 12 months based on fundamental and technical factors.
1. SPONGE
Kicking off our bullish meme coin price prediction for 2024 is Sponge (SPONGE).
SPONGE took the meme coin market by storm in May 2023 with its fun branding and social media buzz, delivering nearly 100x returns to early investors following its listing on Uniswap.
However, SPONGE lacked real-world usability, and the developers are looking to address these limitations with the upcoming Sponge V2 (SPONGEV2).
This enhanced token will provide much-needed use cases, including integration into Play-to-Earn (P2E) racing games currently in development.
Importantly, those who already own SPONGE can earn SPONGEV2 by staking their tokens, with the current rate of return set at 493% per annum.
Investors who do not hold SPONGE can purchase tokens through the official sponge.vip website, which will automatically be staked to earn SPONGEV2.
The imminent release of SPONGEV2 has created new hype in the Sponge ecosystem, causing the original SPONGE token to surge by more than 51% over the past month.
YouTube analyst ClayBro also mentioned the “huge rewards” that could be offered to those who participate in the Sponge ecosystem.
If this momentum continues, Sponge Telegram community members believe the token could return to its all-time high of $0.0023 next year.
Some SPONGE holders believe that SPONGEV2 can generate much higher profits if it is listed on exchanges. This is why meme coin enthusiasts are trying to buy Sponge tokens before their public market debut.
2. Meme Combat (MK)
Another meme coin that is expected to be strong in 2024 is Meme Kombat (MK).
Still in pre-sale and scheduled for release later this year, Meme Kombat brings GameFi elements to the meme coin space.
The concept is simple. Users can purchase MK tokens and place bets in a virtual battle arena to bet on the outcome of battles between classic meme characters such as Doge, Pepe and Shiba Inu.
Users who select the winning fighter will receive additional MK as a reward.
This unique game and meme coin mashup has garnered significant interest from investors, and pre-sales for Meme Kombat have helped it raise more than $5.7 million to date.
The hard cap for the pre-sale is set at $10 million. This means that there is still an opportunity for interested investors to participate early before the token is released on Uniswap.
If Meme Kombat can achieve even a fraction of the success of the best Meme coins, it could see exponential profits once live trading begins.
YouTube analyst Michael Wrubel even offered an optimistic price prediction for MK, speculating it could be 100 times its pre-sale value.
Early investors can currently purchase MK tokens for $0.268 during the pre-sale phase. However, this phase is only set to last for two days before prices increase.
3. Dogecoin (DOGE)
Turning to the more established players, no discussion of bullish meme coin predictions is complete without mentioning Dogecoin (DOGE).
As the first meme cryptocurrency to attract mainstream attention in 2021, DOGE has proven to be more durable than many of its successors in the years since.
Although still well below its all-time high of $0.73, DOGE has stabilized in recent months and is currently hovering around $0.092.
With the largest community in the meme coin space and over 2,500 merchants worldwide accepting it as a payment method, DOGE is likely to become profitable in 2024.
YouTube’s Myles G even predicted that DOGE could hit $1 this year if market conditions improve.
This would require DOGE to increase approximately 10x from its current price, but the coin has proven capable of such price surges in the past, making it another meme coin to watch in the year ahead.
4. BONK
Bonk (BONK) has taken the meme coin market by storm over the past two months, surging over 3,100% and overthrowing Shiba Inu in the daily volume rankings.
Much of BONK’s success can be attributed to the hype surrounding the Solana blockchain, which has seen exponential growth in the final months of 2023.
BONK, a dog-themed meme coin built on top of Solana, was well-positioned to ride the wave of interest in a faster and cheaper alternative to Ethereum.
The coin also helped promote BONK to new audiences through memes and influencer partnerships through the viral effect of social media platforms such as Twitter.
Given that traction, prominent Twitter personality Bill King speculated that BONK could reach $0.015 in the coming weeks, which would represent an explosive rise from the token’s current price.
Although it may be impossible to hit $0.015 in such a short time, King’s prediction once again highlights the community’s optimism about BONK’s future.
5. Meme Coin (MEME)
Lastly, Mimecoin (MEME) is an Ethereum-based meme coin created by 9GAG and was first released in June 2023.
MEME officially launched on Binance Launchpool in October, fueling social media hype with generous token airdrops to existing community members.
Following MEME’s exchange debut, the token soared due to increased liquidity, hitting an all-time high of $0.047 on December 6.
There are currently no use cases for the token, but this has not stopped investors from purchasing MEME tokens to achieve market-leading returns.
Fueled by ongoing rumors, Twitter analyst Crypto GVR, who has over 110,000 followers, recently predicted that MEME’s price could soar to $0.20 “soon”.
Given that MEME regularly experiences daily trading volumes of over $60 million, it is clear that the token has garnered significant traction in the meme coin market, setting the stage for what could be a successful 2024.