Meme coins WIF and PEPE are the best-performing cryptos in 2024

The Booming Meme Coins of 2023

The year of 2023 has witnessed an unexpected surge in the performance of meme coins. According to a report by Forbes, WIF, PEPE, FET, and FLOKI have outperformed all other cryptocurrencies.

WIF has skyrocketed by a staggering 1,306%, reaching a market capitalization of $2.1 billion. PEPE follows closely with an 815% increase, bringing its market cap to $5 billion.

FET and FLOKI have also experienced significant growth, with increases of 545% and 392% respectively, reaching market caps of $3.6 billion and $1.6 billion. JASMY and AR have also shown impressive gains, climbing 343% and 188% to market caps of $1.4 billion and $1.8 billion respectively.

While Bitcoin remains the dominant force in the market, its growth has been overshadowed by the meme coin rally. These tokens, often lacking inherent value and driven by social media hype, have generated extraordinary returns.

Ethereum and Binance Coin (BNB) have also surpassed Bitcoin's performance this year, with increases of 51% and 81% respectively.

Despite the exceptional performance of meme coins, Bitcoin's market dominance has reached its highest point since 2021, accounting for over 55% of the global crypto market's total value.

As of this writing, Bitcoin is valued at $63,382 with a 6% increase over the past 24 hours. Ether has also shown growth, reaching $3,501 with a 7% increase.