Writing: 1912212.eth, Foresght News
After the Bitcoin spot ETF was officially approved for trading earlier this year, the crypto market saw a substantial increase. In addition to Bitcoin, some MEME coins also performed very well. Although the market has been in a downtrend since April this year, some tokens still have decent market performance overall.
Recently, Forbes released the top ten best-performing cryptocurrencies with a market value of over 1 billion US dollars in the first half of 2024, including WIF, PEPE, ASI, FLOKI, JASMY, AR, CORE, TON, BGB, and BONK. It is worth noting that MEME occupies four spots on the list, with three of them belonging to the Solana ecosystem.
WIF
WIF is a MEME coin in the Solana ecosystem, with a total supply of approximately 9.98 billion. Its image logo is a Shiba Inu wearing a knitted brimless cap. It is one of the tokens with the highest return among about 70 tokens with a market value of over 1 billion US dollars, with an increase of about 1,300%.
WIF opened at a price of 0.00016 US dollars on November 20, 2023. On January 11, 2024, the price was approximately 0.17 US dollars. In a massive transaction, a whale lost 77,247 SOL (valued at approximately 7.7 million US dollars) in WIF, causing its WIF layer to surge to 3.99 US dollars. The whale bought over 17.22 million WIF, valued at over 30 million US dollars at the time.
About a week later, Binance launched WIF perpetual contracts. On March 3, WIF's total market value (approximately 1.685 billion US dollars) surpassed BONK (approximately 1.591 billion US dollars), temporarily ranking 66th on the cryptocurrency market value rankings. Just 2 days later, on March 5, Binance officially launched WIF spot trading pairs. On March 18, its total market value surpassed PEPE, and on March 31, it reached its historical high of 4.86 US dollars.
PEPE
PEPE was born in April 2023, and PEPE trading officially started on April 15. The initial price of PEPE was approximately 0.000000001 US dollars, with a total supply of 420.69 trillion. In just one month, PEPE's market value exceeded 400 million US dollars, entering the top 100 in cryptocurrency market value. The original intention of creating PEPE was to resist the complex token economic model of the "dog series" MEME. It avoids complex operations such as presale, destruction, and taxation in its token economics. Furthermore, its frog image is also beloved by Western popular culture.
On October 24, 2023, 69 trillion PEPE tokens were destroyed. On February 28, 2024, PEPE's total market value first exceeded 1 billion US dollars. On March 13, after Musk released PEPE-related images, the price rose above 0.000009 US dollars, and the next day completed the first token price reduction to 0.5. On May 22, its total market value exceeded 5 billion US dollars, and a week later reached a peak market value of over 7 billion US dollars.
ASI
In March this year, SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) announced the merger of their tokens to create a decentralized AI alliance. The alliance aims to provide a decentralized alternative to projects currently controlled by large tech companies. The merged token was renamed ASI (representing "Artificial Super Intelligence"). The merger vote started in April and was officially completed on July 15.
Before the merger, the three AI project tokens had considerable returns. With the help of the bull market and the AI wave, OCEAN rose from 0.5 US dollars at the beginning of the year to a high of over 1.4 US dollars. FET rose from 0.7 US dollars to a high of over 3.2 US dollars, and AGIX rose from 0.3 US dollars to near 1.4 US dollars.
FLOKI
FLOKI is a token named after Elon Musk's Shiba Inu. Last October, Floki launched the TokenFi cryptocurrency and asset tokenization platform, allocating 56% of the token TOKEN to Floki stakers. After TOKEN went live, it rose from 0.01 US dollars to over 0.2 US dollars, an increase of over 20 times.
At the beginning of this year, benefiting from the overall bull market, FLOKI rose from 0.00003 US dollars to 0.000313 US dollars, nearly 10 times, but did not reach a new high in the last bull market cycle. On May 27, the Floki developers introduced a Telegram-based trading bot on the BNB Chain network for FLOKI holders, which charges a 1% fee for each transaction, with 50% of the fee used to buy FLOKI on the open market. This positive news briefly caused FLOKI to surge by over 23%, with the price rising from 0.00022 to a high of 0.00029 US dollars.
On June 4, DWF Labs purchased FLOKI tokens worth 12 million US dollars to support the FLOKI ecosystem. Influenced by this positive news, the next day FLOKI reached a historical high of 0.000349 US dollars in the MEME surge, followed by a downturn.
JASMY
This project may not be well known to most investors. It is one of the few tokens listed on Binance and Coinbase from the Japanese DePIN project. It provides basic services based on blockchain technology for the Internet of Things environment, such as data security, storage, and interaction. It matches service providers with data users, allowing service providers to collect user-owned data from various sources, package it, and sell it to data users.
In the second half of 2023, Jasmy also developed an Ethereum Layer2 solution called Jasmy Chain to enhance scalability and provide a more transparent, secure, and personalized data interaction experience. After the news of the project and the overall market, its token price broke out of the bottom range, rising to around 0.006 US dollars at the beginning of the year and soaring to over 0.027 US dollars in the big surge in March and April.
After several months of consolidation, on June 7, Jasmy rose to 0.04469 US dollars, reaching a new high since April 2022. However, it still has a long way to go to reach its historical high of 4.29 US dollars.
AR
Arweave is a decentralized permanent storage project, which, in the last cycle, was on par with Filecoin as a star in the storage track.
On February 27, it announced the development of the AO supercomputer test network, used for designing computing layers for social media and AI. This news stimulated a 17.35% increase on the same day and another 50.67% surge the next day, with the price rising from 15.6 US dollars to 29.6 US dollars in just 2 days. Resonating with the overall market, it rose to a high of 47.5 US dollars in March, achieving five consecutive weekly gains. Finally, at the end of May, it rose to 49.55 US dollars, reaching a new high since March 2022.
On June 6, Arweave acquired the decentralized video sharing platform Odysee based on the LBRY protocol to create a social media platform not controlled by government censors and content moderators. This news did not significantly boost the price, but instead led to a continuous decline due to the negative impact of the overall market.
CORE
Core DAO is responsible for developing the Satoshi + ecosystem. Core is a Layer-1 blockchain that combines the decentralization and security of Bitcoin with the scalability and practicality of Ethereum.
In late March of this year, the Core Ignition airdrop incentive program was launched for a six-month period, rewarding users and developers for their contributions to the network's growth. After the program was announced, the CORE token steadily broke out of the bottom range, rising from $0.6 to a high of $4.45 on April 2.
Just one month later, on April 18, Core DAO launched a $200 million ecosystem fund aimed at accelerating the development of decentralized applications and protocols based on the Core Layer 1 blockchain. Interestingly, this positive news did not boost the token price. Instead, on April 15, it surged by 83% in a single day, with the price rising from $1.43 to $2.8866.
Earlier this year, Core DAO released a vision statement indicating the launch of non-custodial Bitcoin staking and Core-native wrapped Bitcoin coreBTC.
TON
TON has a technology logic core focused on high-speed applications: transactions are directly on-chain based on messages, supporting peer-to-peer transactions. TON's dynamic multi-shard architecture also facilitates the scalability of its applications. Dan Morehead, the founder of Pantera Capital, made the largest investment in the fund's history in TON. In June of this year, Bitget partnered with Foresight Ventures to establish a $20 million TON ecosystem fund to support ecosystem development.
Recently, The Open Network (TON) team announced the upcoming launch of its proprietary Layer2 network based on Polygon technology. The new protocol, called TON Applications Chain (TAC), will utilize Polygon's Chain Development Kit (CDK) to allow developers to create their own Layer 2 blockchains based on Polygon's zero-knowledge technology.
During the initial surge of the bull market earlier this year, TON did not show any remarkable performance. Instead, it began to rise from March as the entire market started to decline. April saw a grand surge in its price.
On April 9, its total market value surpassed ADA, and on April 15, it reached $18.9 billion, surpassing Dogecoin. At that time, TON's price fluctuated around $6. On April 19, Tether expanded USDT to the TON network. On April 23, TON announced that users could now purchase USDt-TON through Wallet in Telegram, but the price did not significantly improve. It wasn't until May 3 that the issuance of USDT on the TON chain exceeded 100 million tokens, causing TON to rise by over 10% that day and begin a continuous upward trend. By June 15, the authorized issuance of USDT on the TON chain had increased to approximately $580 million, making it the sixth-largest blockchain in terms of USDT issuance, second only to Tron, Ethereum, Solana, Avalanche, and Omni. On that day, TON reached its all-time high of $8.288.
BGB
BGB is the platform token of the exchange Bitget. In the first half of 2024, centralized exchanges saw significant growth, with a total spot trading volume of $10.6 trillion, a 145% increase from the second half of 2023. Bitget's market share increased the most, reaching 38.4%. Additionally, in the first half of 2024, Bitget's market share increased by 38.4% compared to the second half of 2023. In the derivatives market, the open interest contract saw the highest increase, rising by 39.2%.
Bitget continuously empowered BGB through user participation in trading fee discounts and new coin launches. In just the first half of the year, it launched high-quality new projects such as ENA, ZKJ, and ZETA. Additionally, Bitget has been quite aggressive in listing new tokens, attracting many new users.
Against the backdrop of increasing user numbers and market share, BGB climbed from around $0.6 at the beginning of the year and reached an all-time high of $1.486 on May 27, with a single-day increase of over 20%.
BONK
BONK is a dog-themed MEME coin in the Solana ecosystem, launched in 2022 as an airdrop to compensate affected FTX users. A total of 100 trillion BONK tokens were issued, with 50% of the tokens airdropped to the Solana community.
In 2023, BONK ranked first in terms of returns, with a 73x increase in market value, placing it at the top 100 in market value. On December 15 of that year, Binance officially listed BONK, causing it to briefly rise to $0.00004, but the good times didn't last, and it began to decline steadily, even falling below $0.00001 in mid-January. It wasn't until the beginning of March, during the hot bull market, that it reached a new all-time high of $0.000048. Since then, BONK has been hovering around $0.00002 to $0.00003.
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