What Is a Memecoin in Crypto and What Is It Used For?

One thing’s for sure—the current crypto scene is marked by the explosive growth of memecoins. What started as internet jokes have transformed into serious market players. So much so that these coins now command over $70 billion in market share according to CoinGecko.

This comprehensive guide will help you understand what these coins are, how they came into existence, and break down noteworthy memecoins with the biggest returns.

Understanding Memecoins: More Than Just Internet Jokes

Before diving into specific performers, you need to understand what makes memecoins unique. These cryptocurrencies are inspired by internet memes and trends. They represent a fascinating combination of social media culture and financial markets.

While they start as lighthearted projects, many have evolved into notable financial assets. Ultimately, they’re driven by passionate communities and viral marketing. This is drastically different from traditional cryptocurrencies that focus on tech innovation or real-world utility.

Memecoin History

Dogecoin: The First Memecoin

Billy Markus and Jackson Palmer launched Dogecoin in 2013. They created it as a parody of Bitcoin. They chose a Shiba Inu dog meme as their logo and deliberately misspelled it as "Doge."

Social media quickly embraced this new cryptocurrency. When China banned Bitcoin-related payments in 2013, most cryptocurrencies crashed. Dogecoin, however, surged 300%. This showed how memecoins move independently from traditional crypto markets. The next month, Dogecoin's trading volume exceeded all other cryptocurrencies combined on the Gemini platform.

Read our detailed breakdown of the Dogecoin project.

A Coin Without Limits

Dogecoin operates on its own blockchain and uses proof-of-work to verify transactions. Unlike Bitcoin, Dogecoin has no maximum supply limit, meaning millions of new Dogecoins enter circulation daily. This alongside factors like traders and speculators make the price unstable.

Most investors don't use Dogecoin for long-term investment and instead use it to send small tips to content creators online.

Dogecoin's Rise to Fame

Social media and pop culture drive memecoin prices. The Dogecoin community has gained attention for its charitable work. Their motto reads "Do Only Good Everyday" (DOGE). In 2014, they raised $25,000 to help Jamaica's Olympic bobsled team. They also collected $30,000 for the Doge4Water project to provide clean water in Kenya.

Dogecoin's price jumped in 2021 after endorsements from Elon Musk and Snoop Dogg. It rose again in late 2024 alongside Bitcoin's climb toward $100,000 and expectations of crypto-friendly policies from the incoming Trump administration.

Top 7 Memecoins (Detailed Analysis)

1. Official Trump ($TRUMP)

Official Trump ($TRUMP) is an official memecoin issued by the current president of USA, Donald J. Trump. It's being marketed as a fan token and aims to foster a community among Trump supporters.

Read our expert analysis of the Official Trump Memecoin.

Here's how it works:

• Appeal to Supporters: The token targets supporters as a symbol of loyalty rather than an investment vehicle. Its marketing prominently features Trump raising his fist - an image that calls back to a moment from his 2024 campaign.
• Control and Distribution: CIC Digital LLC, linked to the Trump Organization, controls 80% of the tokens. They plan to release 1 billion tokens over three years, starting with 200 million at launch.
• Market Performance: $TRUMP launched on Solana on January 18th, 2025 and hit $14 billion in market cap within 24 hours. Early buyers saw major gains, and listings on Binance and Robinhood have strengthened its position.

Image Source: DEXTools

The crypto community has both embraced and questioned $TRUMP's arrival. While it has found its audience, questions linger about its ethics and financial implications. The token's future will depend on the ever-shifting crypto landscape.

2. Popcat (POPCAT): The Viral Feline Phenomenon

POPCAT was launched in December 2023 on the Solana blockchain. Since then, it has emerged as one of 2024's most successful memecoins.

The project drew inspiration from the viral internet meme featuring Oatmeal, a domestic cat. Oatmeal became famous when edited photos created the funny "pop" effect.

Through this creative origin, POPCAT has managed to capture both hearts and portfolios.

Key Features

• Core functionality: POPCAT primarily functions as a memecoin with no particular use beyond being a speculative asset.
• Associated community/culture Popcat became an Internet meme in October 2020. It started with a series of videos featuring a domestic short-haired cat named 'Oatmeal.' The videos showed two distinct images of Oatmeal. In the first image, the cat had its mouth closed. In the second image, the cat's mouth was open and edited to create a perfect 'O' shape.

Performance Data

• Total/circulating supply: 979,943,710
• Number of holders: 93,170
• Starting price of 2024: $0.008108
• Highest price reached: $1.80957
• Current price on 11.11.2024: $1.572
• Total percentage gain: 22,318% (starting price vs ATH)

Image Source: DEXTools

The project's success can be attributed to its strong community engagement and endorsement from influential figures like Murad. Despite lacking utility beyond its speculative nature, POPCAT's performance shows the power of community-driven value in the crypto space.

3. MOG Coin (MOG): The Culture Coin Revolution

MOG was launched in July 2023 through a fair launch on Uniswap V2. The project proudly calls itself the "internet's first culture coin."

Its name comes from the term "AMOG," which stands for "alpha male of group." Since its launch, MOG has successfully established itself across both Ethereum and Base networks.

Read our detailed analysis of the MOG Coin here.

Key Features

• Core functionality: The token operates purely as a speculative asset on the crypto market. It does not offer any technical utilities or use cases beyond trading.
• Associated community/culture: The project builds on existing fitness forum culture and AMOG terminology. This gives it a ready-made community base among fitness enthusiasts and self-improvement groups.

Performance Data

• Total/circulating supply: 390.57 trillion MOG
• Number of holders: 38,050
• Starting price of 2024: $0.0000000400
• Highest price reached: $0.000001316
• Current price on 11.11.2024: $0.00000195
• Total percentage gain: 3,186% (starting price vs ATH)

Image Source: DEXTools

Notable endorsements from crypto influencers Murad and Ansem have helped fuel MOG's growth. The project's success demonstrates how internet culture terminology can transform into valuable digital assets.

4. SPX6900 (SPX): The Stock Market Challenger

SPX6900 entered the market in August 2023 with bold marketing around "flipping the stock market."

The project stands out because of its multi-chain deployment across Ethereum, Solana, and Base. This approach aligns with 2023's emerging trend of cross-chain meme tokens.

Read our expert analysis of the SPX6900 memecoin.

Key Features

• Core functionality: The token enables trading and transfers across multiple blockchains. This multi-chain approach lets you interact with the token on your preferred network.
• Associated community/culture: The project's branding and community discussions heavily reference stock market terminology. This creates familiarity for traditional traders entering the crypto space.
• Additional offerings: The project maintains a merchandise line featuring branded clothing and accessories. This provides tangible products beyond the digital token.

Performance Data

• Total/circulating supply: 930.99M
• Number of holders: 22,040
• Starting price of 2024: $0.008664
• Highest price reached: $1.0376
• Current price on 11.11.2024: $0.795
• Total percentage gain: 11,876%

Image Source: DEXTools

The project's multi-chain presence and expansion into physical merchandise show a strategic approach to building lasting value beyond memecoin characteristics.

5. Ponke (PONKE): The Solana Gambling Icon

PONKE brought a fresh approach to the Solana blockchain in December 2023. The project centers around a gambling-themed mascot and emphasizes community engagement in its whitepaper.

Key Features

• Core functionality: The token uses Solana's blockchain infrastructure for fast and low-cost transactions. It has all the standard features of Solana-based tokens.
• Associated community/culture: The project's gambling-themed character resonates with crypto traders who identify with risk-taking behavior. This creates a self-referential community culture.
• Market presence: The token has bagged listings on several major centralized exchanges. This increases accessibility and trading volume potential.

Read our expert take on the Ponke memecoin for more.

Performance Data

• Total/circulating supply: 555,555,555 PONKE (100% circulating)
• Number of holders: 64,160
• Starting price of 2024: $0.01189
• Highest price reached: $0.7132
• Current price on 11.11.2024: $0.5
• Total percentage gain: 5,898%

Image Source: DEXTools

PONKE's success can be attributed to its strong community engagement and widespread exchange listings. The project has leveraged Solana's high-speed, low-cost infrastructure to build a dedicated following.

6. Dogwifhat (WIF): The Fashionable Shiba

Dogwifhat emerged on Solana in Q4 2023 with a simple but distinct concept.

The project features a Shiba Inu wearing a pink knitted hat, attempting to stand out in the saturated dog-themed token market through this fashion element.

Read our expert breakdown of the Dogwifhat memecoin.

Key Features

• Core functionality: The token operates on Solana's blockchain network. It benefits from the chain's fast processing times and low transaction costs.
• Associated community/culture: The project combines traditional dog memes with fashion elements. This unique combination helps differentiate it from other dog-themed tokens.
• Marketing initiatives: The team attempted to secure advertising space on the Vegas Sphere. While unsuccessful, this ambitious marketing plan demonstrated the project's scale of vision.

Performance Data

• Total/circulating supply: 998,926,392 (100% circulating)
• Number of holders: 64,160
• Starting price of 2024: $0.01189
• Highest price reached: $0.7132
• Current price on 11.11.2024: $0.5
• Total percentage gain: 5,898%

Image Source: DEXTools

WIF's significant returns make it one of 2024's best-performing assets across cryptocurrencies. Plus, WIF has established a strong social media presence with 132.2k followers on X.

7. Dogecoin (DOGE): The Original Memecoin

No memcoin listing is complete without mentioning this OG.

Unlike newer memecoins, Dogecoin operates on its own blockchain with distinct technical features. Its continued relevance in 2024 proves the lasting power of well-established meme cryptocurrencies.

Read our complete review of Dogecoin here.

Key Features

• Consensus Mechanism: The network operates on a Proof-of-Work system. This allows miners to secure the network through computational work.
• Mining Algorithm: Dogecoin implements the Scrypt algorithm for its mining process. This choice requires less energy than Bitcoin's SHA-256, making mining more accessible to regular users. Miners can also mine Dogecoin simultaneously with other Scrypt-based coins like Litecoin, increasing potential profitability.
• Transaction Speed: The network processes blocks every minute, compared to Bitcoin's 10-minute intervals. This faster block time enables quicker transaction confirmations, making Dogecoin more suitable for everyday purchases and transfers.
• Supply Structure: Dogecoin features an unlimited supply model. The network adds approximately 5 billion new DOGE annually through mining rewards. While this continuous creation incentivizes miners, it also introduces a constant inflationary pressure on the token's value.
• Transaction Costs: The network maintains very low transaction fees. These minimal costs make Dogecoin practical for small-value transfers and online tipping.
• Overall Utility: Dogecoin functions as a fast, accessible cryptocurrency with practical applications for everyday transactions. Despite concerns about its inflationary nature, the combination of quick processing times and low fees makes it viable for regular use.

Performance Data

• Total/circulating supply: Unlimited (inflationary)
• Starting price of 2024: $0.089
• Highest price reached: $0.2789
• Current price on 11.11.2024: $0.2789
• Total percentage gain: 213.37%

Image Source: CoinGecko

Dogecoin boasts the largest memecoin community with over 4M followers on X.

Factors like fast transactions, low fees, and the backing of influential figures like Elon Musk have helped maintain DOGE's relevance despite newer competitors.

Understanding the Risks and Opportunities

Since memecoins are community-driven, their value is considered to be speculative and volatile. For instance, when Elon Musk and Mark Cuban promoted Dogecoin, its value skyrocketed, but once the hype died down, its price fell just as quickly. Memecoins undergo extreme changes in value because of the way they’re designed.

While the financial risk of investing in memecoins is high, they’re still an important part of the cryptocurrency market. In fact, the market capitalization of the top two memecoins, Dogecoin and Shiba Inu, is in the billions. Keeping on top of cryptocurrency trends requires an understanding of how memecoins work and how they’re changing.

While the returns highlighted in this guide are impressive, you must approach memecoin investments with caution. These assets are characterized by extreme volatility and high risk.

Key risk considerations include:

• High volatility and potential for sudden price crashes.
• Dependence on community engagement and influencer support.
• Limited use beyond speculation in most cases.
• Regulatory uncertainty surrounding meme-based assets.