Cryptocurrency has taken the world by storm, and 2024 has been a year full of surprises.
Bitcoin has finally passed $100,000, and meme coins like Dogecoin and Shiba Inu are more popular than ever.
It took off after Donald Trump won the election, and it gave investors new hope and brought a lot of money into the market.
For some, this is an exciting time to invest, but for others, it’s a risky bet, especially with meme coins that depend on hype and internet trends.
Let’s break down what’s happening, why it matters, and what it could mean for the future of crypto.
Key Takeaways
- Memecoins surged, with Dogecoin increasing by 177% and Bitcoin breaking $100,000 after the 2024 election.
- Memecoins thrive on hype and social media trends, lacking intrinsic value but offering speculative opportunities.
- Despite their volatility, meme coins and innovative platforms like 1FUEL are reshaping the crypto market and attention economy.
Memecoins Boom and Bitcoin Breaks Records
The world of cryptocurrency just got crazier.
After Donald Trump’s 2024 election win, the crypto market exploded.
Bitcoin, the most well-known cryptocurrency, finally crossed the $100,000 mark.
Meanwhile, meme coins—quirky coins born from internet jokes—also skyrocketed in value.
Dogecoin and Shiba Inu led the charge, but even lesser-known coins like Pepe and Dogwifhat saw massive gains.
What makes this all so wild is that meme coins don’t have any real value.
They’re more like a gamble—fun, risky, and sometimes insanely profitable.
Still, their total market value jumped from $20 billion at the start of the year to $118 billion by December 2024.
That’s a massive increase, and it shows just how much people are drawn to these coins, even if they know the risks.
The Rise and Fall of Hawk Coin
One of the most dramatic stories from this boom is about Hawk Coin, created by Haliey Welch, a Tennessee social media star known as “hawk tuah girl.”
Her coin hit a value of $490 million within hours of its launch on December 4, 2024.
But the excitement didn’t last long.
Hawk Coin’s value plunged to $17 million soon after, which, of course, left many investors in shock.
That said, if you’re investing in meme coins, you know there’s a big risk of losing everything.
And Welch was quickly accused of engaging in a “rug pull,” in which developers promote a coin, profit from its hype, and then abandon it with the investors’ money.
Crypto commentator Coffeezilla, famous for exposing scams, called her out.
Welch denied the accusations, saying her team didn’t sell any tokens, but the damage was already done.
Hawk Coin is still trading, but its story now warns about the risks of investing in hyped-up coins.
Trump’s Win Shakes Up Crypto Markets
As we can see, Trump’s victory sent waves through the crypto world.
Bitcoin’s price soared past $100,000 for the first time ever and reached more than 50% after the election.
The win also triggered a huge surge in meme coins, with Dogecoin jumping 177% and several other tokens seeing similar gains.
Interestingly, some Trump-themed tokens had a rough start.
For example, the MAGA (TRUMP) coin dropped 53% right after the election but later bounced back, gaining an unbelievable 623%.
And this is a prime example of how unpredictable and volatile the crypto market can be.
However, the excitement is due to Trump’s campaign’s big promises to support cryptocurrency.
He talked about ending the “persecution” of the crypto industry and hinted at making the regulatory environment friendlier.
So, for investors, this was enough to spark a buying frenzy.
What Are Memecoins and Why Are They Popular?
Meme coins are digital currencies inspired by internet memes and cultural trends.
Unlike Bitcoin, designed as a digital currency with long-term potential, meme coins rely purely on hype.
They’re cheap to buy, easy to create, and often launched around trending topics.
For example, Dogecoin was a joke based on a Shiba Inu dog meme.
Today, it’s worth $60 billion, thanks to support from figures like Elon Musk.
Shiba Inu, another popular meme coin, has gained 15.3% in just one day, and its price is currently at $0.00012.
Creating a memecoin isn’t hard.
According to Carol Alexander, a finance professor at the University of Sussex, minting a token on a blockchain like Solana costs around $4,000.
Once the coin is made, developers use social media to spread the word.
And if the right influencers pick it up, the coin can skyrocket in value.
Bitcoin Hits $100,000
Bitcoin’s rise to $100,000 is a huge milestone.
It’s been called “digital gold” because people see it as a hedge against inflation and economic uncertainty.
After the election, optimism about Trump’s pro-crypto stance drove more people to invest, pushing Bitcoin to this record-breaking price.
The numbers speak for themselves:
- Bitcoin has climbed over 50% since the election.
- Memecoins followed suit, with Dogecoin up 12.5% and Shiba Inu rising 15.3%.
But this isn’t only about Bitcoin.
In fact, the entire crypto market is buzzing as trading volumes hit new highs.
And evidently, political events can have a massive impact on digital assets.
The Risks and Rewards of Memecoins
While the potential rewards are huge, meme coins are incredibly risky.
They’re driven by internet hype and have no real value behind them.
Sam Baker, a meme coin trader, compares them to lottery tickets—you might win big, but you’re more likely to lose.
For example, Dogecoin’s price dipped 6% recently and fell to $0.43.
Some investors believe it’s just a temporary setback, but others see it as a sign of deeper problems.
On the other hand, Shiba Inu has been on a hot streak, climbing 57% in just one month.
The truth is that meme coins are as unpredictable as they come.
A single tweet from someone like Elon Musk can send prices soaring—or crashing.
What’s Next for Crypto?
If one thing’s for sure: the crypto world isn’t slowing down.
Meme coins are still launching by the thousands, with platforms like pump.fun creating 69,000 tokens in a single day.
New projects like 1FUEL are also shaking things up.
Unlike traditional meme coins, 1FUEL offers real features, like cross-chain transactions and staking rewards of up to 30% APR.
And that’s proof some projects are aiming for more than just hype.
Nonetheless, experts are divided on what’s next.
Some believe the memecoin craze will fade, while others think it’s just getting started.
What’s clear is that crypto, in general, is becoming more mainstream.
Even with its ups and downs, it’s an exciting—and risky—market to watch.
Should You Invest?
If you’re thinking about investing, here’s the deal: only put in what you can afford to lose.
Meme coins are fun and sometimes incredibly profitable, but they’re also volatile.
So, research the coins you’re interested in, and don’t follow the hype.
For example:
- Shiba Inu has analysts predicting it could double in price, but it’s still a gamble.
- Dogecoin might recover from its recent dip, especially if the market trends upward again.
If you’re more cautious, Bitcoin remains the most stable option in the crypto world.
Its $100,000 milestone shows that it’s still the go-to digital asset for long-term investors.
