How Memecoins Entertained and Offended Their Way to a $116bn Market

In early 2024, memecoins were pretty meh.

Then last March, a number of the joke tokens soared to billions in market value within weeks. The reason? Hard to say, but through the summer, it became clear that Bitcoin’s surge toward $100,000, Donald Trump’s embrace of crypto, and a wave of bullish sentiment triggered a market phenomenon now worth $116 billion, according to CoinGecko.

For all the cute coins like DogWifHat, there were also a slew of disturbing ones hosting extreme content on accompanying livestreams. Among the incidents were a fake livestream suicide and a developer who set himself on fire to promote his TruthorDare memecoin. Another memecoiner, Trevv, livestreamed a dose of fentanyl for his token with the ticker Crack Head Dev.

Here are a few insane memecoin episodes of 2024:

Hawk Tuah

Haliey Welch, an online personality, went viral after using the phrase “hawk tuah” to describe a sex act in a TikTok video in June. She quickly monetized her fame by launching a memecoin called HAWK on Solana on December 4. The token’s value soared to $500 million after more than 16,000 fans bought in. However, the project tanked when bots allegedly exploited Welch’s wallet addresses, swiping funds and causing a 97% crash in value within 30 minutes. Welch is now working with law enforcement to track the culprits.

Jeo Boden vs DJT

Memecoins found their way into U.S. presidential politics. In March, Jeo Boden, a riff on Joe Biden, reached a $650 million market cap within two weeks. The coin gained notoriety when a part-time degen investor, Barky, claimed to have turned $260 into millions, tweeting, “Jeo Boden is really gonna pay off my student loan debt i am in disbelief.”

In May, Trump-themed memecoins like TREMP, MAGA, and DJT sprang to life, each amassing valuations in the hundreds of millions. DJT faced controversy when hedge fund felon Martin Shkreli claimed he collaborated with Donald Trump’s son Barron to launch the token. Despite Trump’s campaign denying Shkreli’s claim, DJT hit a $100 million market cap.

Beni

In late November, a man named Beni staged a livestream stunt where he appeared with a rope around his neck, threatening suicide unless traders bought his cryptocurrency. After seemingly ending his life, the new livestream feature on Pump.fun was disabled. However, the purported suicide was later revealed to be a hoax. One of the memecoin promoters behind the stunt admitted it was a ploy that successfully took down the platform’s feature.

PNUT

A less controversial memecoin was Peanut the Squirrel, based on a real-life squirrel rescued by Matt Longo, the owner of an animal sanctuary in Pine City, New York. After Peanut was euthanized by state officials on November 1, the token gained traction as online celebrities, including Elon Musk, mourned Peanut’s death. Musk tweeted, “If you strike me down, I will become more powerful than you could possibly imagine,” signing the quote as Obi PNut Kenobi. Within days, the token skyrocketed to a $120 million market cap, with one trader turning $17 into $3 million. Two weeks later, its valuation peaked at $1.8 billion, though it has since dropped 65% to $670 million.

BitGalactic’s Perspective:

The meteoric rise of memecoins in 2024 reflects both the creativity and chaos of decentralized finance. While some projects like PNUT highlight the community’s ability to rally around a shared narrative, others, such as the staged suicide of Beni or the reckless stunts of Crack Head Dev, showcase the darker side of unchecked speculation.

From a strategic standpoint, BitGalactic believes this memecoin mania underscores the importance of transparency and accountability. Investors should tread carefully, distinguishing between genuine innovation and opportunistic gimmicks. Despite the controversies, the memecoin phenomenon illustrates how cultural trends can drive market dynamics—a reminder of the ever-evolving intersection of technology, entertainment, and finance. As always, BitGalactic encourages its readers to conduct thorough research and approach investments with caution.