Altify Lists the Top Performing Memecoins of 2024 for South Africans: Invest in PEPE, WIF, FLOKI, and Others with ZAR
You might be familiar with the term ‘memecoins’ from the likes of the infamous Dogecoin, that Elon Musk promoted, or its rival Shiba Inu. These tokens are known for their volatile nature and potential for high returns, capturing significant attention and market share from other cryptocurrencies.
However, you might be surprised to learn that neither of these popular cryptocurrencies are the top performers among memecoins in the 2024 crypto bull market.
This year marks the rise of a new generation of memecoins, delivering astonishing returns and outshining major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
These memecoins are evolving beyond mere speculative investments. They’re becoming cultural milestones, transforming the crypto investment landscape and driving market momentum in ways we’ve never seen before.
Locally regulated investment app, Altify (FSP No. 53289), backed by JSE-listed speciality investment group Sabvest, recently launched Pepe (PEPE), Dogwifhat (WIF) and Floki (FLOKI). Making Altify the first investment platform in South Africa to offer many of these memecoins for its users to buy with South African rands (ZAR) or other cryptocurrencies.
Before we explore what sets these memecoins apart and their growing popularity among crypto traders, let’s first define what they actually are.
What is a Memecoin?
In the cryptocurrency market, memecoins represent a sub sector that centres around popular internet memes, pop-cultural references, and viral online trends. Unlike other cryptocurrencies such as Bitcoin (BTC) — which primarily serves as a decentralised digital currency and store of value — individuals often create memecoins as a form of expression, art or to create a community of value around a particular token or blockchain.
What is Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI)?
Pepe (PEPE)
PEPE, an Ethereum-based memecoin featuring the iconic ‘Pepe the Frog’ from Matt Furie’s “Boy’s Club,” launched in April 2023 and quickly became an internet sensation. Its simplicity as a community token with no utility makes it easy for anyone to understand, bypassing the complex blockchain technology often associated with other cryptocurrencies. This straightforward approach has helped PEPE build one of the largest and most engaged communities in the crypto world.
Dogwifhat (WIF)
Dogwifhat (WIF) is a Solana-based memecoin depicting a Shiba Inu in a distinctive pink-knitted hat, which quickly went viral online. Launched in late 2023, WIF has seen exponential growth and returns, becoming the most valuable memecoin on the Solana blockchain.
Like PEPE, WIF serves purely as a community token. However, it stands out with its real-life photo origin, unlike cartoon-based memes. This authentic and straightforward image has drawn a large, dedicated following to WIF.
Floki (FLOKI)
FLOKI started as a memecoin inspired by Elon Musk’s dog but has transformed into a significant web3 project spanning multiple blockchains. It focuses on three main areas: Metaverse gaming through Valhalla, decentralised finance with Floki, and NFT marketplaces via FlokiPlaces.
Setting itself apart from purely community-driven tokens like PEPE and WIF, FLOKI combines utility with the viral appeal of meme culture, aiming to create a vibrant community engaged in gaming and digital finance.
How Have These Memecoins Performed in 2024?
For the first time in crypto history, memecoins are outshining major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) right from the onset of a bull market.
Traditionally, memecoins have lagged behind, only rallying as the market cycle neared its peak. Yet, in the current 2024 crypto bull run, they are leading the charge, setting the pace and driving market momentum from the start.
The graph above shows that since the start of the bull market, memecoins like Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) have achieved remarkable gains, outperforming Bitcoin (BTC) and Ethereum (ETH) by well over +1,000%.
These memecoins have also yielded returns that surpassed those of conventional investments such as US and South African equities, gold, and cash.
Why Are Memecoins Captivating Investors?
Viral Beginnings: What started as internet humour has unexpectedly surged in the investment world.
Financial Nihilism: A growing movement driven by the belief that traditional paths to financial security — like homeownership and retirement — are increasingly unattainable. This sentiment has been exacerbated by skyrocketing living costs and housing prices, where the average home now costs more than 7.5 times an annual salary, placing younger generations in a tough financial spot.
High Risk, High Return: In this economic environment, memecoins have emerged as a potential solution for those seeking financial freedom. These assets are often viewed as a financial lottery ticket due to their significant risk and return potential.
Community and Culture: Memecoins thrive on community engagement and the viral nature of social media. They embody the dynamic spirit of internet culture, from digital art to trending phenomena, fostering environments where users feel a strong sense of belonging and ownership. This community strength is vital for their broad appeal and adoption.
Investor Appeal: This combination of financial disillusionment and community-driven investment has led many to see memecoins as a quick pathway to wealth, enticing a wave of investment into these digital assets.
Where Can I Buy Memecoins in South Africa?
Locally regulated investment app Altify (FSP No. 53289), backed by JSE-listed Sabvest, is the only platform in South Africa to offer South African Rand (ZAR) trading pairs on PEPE, WIF and FLOKI.
Enjoy no buy fees on all PEPE, WIF and FLOKI purchases from the 18th to the 24th of June 2024. You can find the promotional terms here.
Altify’s app is user-friendly, with no signup or monthly fees, and allows you to start investing with as little as R150. There are no lock-up periods, so you can sell your PEPE, WIF, and FLOKI investments whenever you choose.
Altify also offers over 20 cryptocurrencies and 13 ETF-style Crypto Bundles, providing diversified exposure to the broader crypto market or specific niche sectors through a single investment. These Crypto Bundles are automatically updated every month, keeping your holdings current with the rapidly evolving crypto market.
Memecoin Risks
While memecoins have demonstrated a strong performance in 2024, potential investors should be aware of their inherently volatile nature. Unlike traditional investments, memecoins often derive value from internet trends and community engagement rather than underlying economic activities. This can lead to significant price fluctuations.
Investors should consider that while the high-risk nature of memecoins can result in substantial returns, it also means that losses can be equally substantial.
Memecoins are best suited for those who are comfortable with high-risk investments and are advised to only invest money that they can afford to lose. As with any investment, it’s crucial to perform due diligence and understand the unique market dynamics before participating in trading activities involving memecoins. Before investing in memecoins consider consulting with a financial advisor to align such high-risk investments with your overall financial goals.
Article Disclaimer
This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. Altify provides a reception and transmission brokerage service for crypto asset orders without giving any investment advice or personalised recommendations.
While we believe in crypto accessibility for all, we also know that it might not be appropriate for everyone. Before investing, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. You are encouraged to conduct thorough research into cryptocurrencies before making any investment.
As an investor, you are responsible for making decisions regarding your investments. Please consider your personal circumstances when buying or selling crypto as the price can be very volatile. Remember, investing in cryptocurrencies is considered a high-risk investment as the value of cryptocurrencies are subject to extreme price fluctuations and may both appreciate and depreciate over time. Investing in Crypto assets may result in the loss of capital.
Remember past performance does not guarantee future results and we can’t guarantee returns since asset prices move based on supply and demand, so never trade with funds you can’t afford to lose. You should seek professional advice if you’re uncertain about the suitability or appropriateness of any investment for your specific circumstances or needs.
Further information can be found in the General Risk Disclosures and Crypto Risk Disclosures on our website. Investments should only be made by investors who understand these risks.
For more information, please visit www.altify.app.
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