Quick Look at Forbes' "Top 10 Tokens" for the First Half of 2024
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Quick Look at Forbes' "Top 10 Tokens" for the First Half of 2024
MEME coins occupy 4 spots, and among exchange platform tokens, only BGB made the list.
Navigating Web3 tides with focused insightsAuthor: 1912212.eth, Foresight News
After spot Bitcoin ETFs were officially approved for trading at the beginning of this year, the crypto market experienced a significant rally. Besides Bitcoin, several meme coins also delivered outstanding performance. Although the market entered a downtrend starting April, certain tokens still achieved remarkable results overall.
Recently, Forbes released its list of the top 10 best-performing cryptocurrencies in the first half of 2024 among those with market capitalizations exceeding $1 billion: WIF, PEPE, ASI, FLOKI, JASMY, AR, CORE, TON, BGB, and BONK. Notably, meme coins occupy four spots on the list, three of which belong to the Solana ecosystem.
WIF
A meme coin from the Solana ecosystem, with a total supply of approximately 998 million tokens. Featuring a Shiba Inu wearing a knitted beanie as its logo, WIF delivered the highest return among roughly 70 tokens with market caps above $1 billion, achieving an increase of about 1,300%.
WIF initially opened at $0.00016 on November 20, 2023. On January 11, 2024, when the price was around $0.17, a whale lost 77,247 SOL (worth about $7.7 million at the time) during a large WIF transaction, causing the price to spike temporarily to $3.99. This slippage occurred because the whale purchased 17.22 million WIF tokens worth over $30 million.
About a week later, Binance launched perpetual contracts for WIF. On March 3, WIF’s market cap (approximately $1.685 billion) surpassed that of BONK ($1.591 billion), temporarily ranking it 66th among all cryptocurrencies by market cap. Just two days later, on March 5, Binance officially listed WIF spot trading pairs. By March 18, WIF’s market cap exceeded PEPE’s, and on March 31, it reached an all-time high of $4.86.
PEPE
Launched in April 2023, PEPE officially began trading on April 15. Initially priced at around $0.000000001, PEPE has a total supply of 420.69 trillion tokens. Within just one month, PEPE's market cap exceeded $400 million, entering the top 100 cryptocurrencies by market cap. PEPE was created as a reaction against complex tokenomics models seen in other "dog-themed" meme coins, avoiding presales, burns, and taxes. Additionally, its frog mascot resonates well within Western pop culture.
On October 24, 2023, 6.9 trillion PEPE tokens were burned. On February 28, 2024, PEPE’s market cap surpassed $1 billion for the first time. After Elon Musk posted a PEPE-related image on March 13, the price rose above $0.000009, removing a zero from its value the next day—the first such occurrence. On May 22, its market cap broke through $5 billion, reaching a peak of over $7 billion a week later.
ASI
In March, SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) announced plans to merge their tokens and form a decentralized AI alliance aimed at offering a decentralized alternative to projects currently dominated by major tech companies. The merged token was renamed ASI ("Artificial Superintelligence"). Voting on the merger commenced in April, passed, and was finalized on July 15.
Prior to the merger, each of these three AI project tokens had already delivered strong returns. Riding the broader bull market and the AI wave, OCEAN rose from $0.5 at the start of the year to over $1.4. FET climbed from $0.7 to above $3.2, while AGIX increased from $0.3 to nearly $1.4.
FLOKI
Named after Elon Musk’s Shiba Inu, FLOKI is a cryptocurrency inspired by the world's richest man. At the end of last October, Floki launched TokenFi, a platform for cryptocurrency and asset tokenization, allocating 56% of the TOKEN supply to Floki stakers. Since launch, TOKEN surged from $0.01 to over $0.2, representing more than a 20-fold increase.
At the beginning of this year, buoyed by the overall bullish trend, FLOKI rose from $0.00003 to $0.000313—a near tenfold increase—though it did not surpass its previous cycle’s all-time high. On May 27, Floki developers launched a Telegram-based trading bot for FLOKI holders on the BNB Chain, charging a 1% fee per transaction, with 50% of fees used to buy back FLOKI on the open market. They also released the public testnet version of the Floki Trading Bot. This positive news caused FLOKI to rise over 23%, spiking from $0.00022 to $0.00029.
On June 4, DWF Labs purchased $12 million worth of FLOKI tokens to support the ecosystem. Driven by this news, FLOKI hit a new all-time high of $0.000349 the following day amid a meme coin rally, before entering a correction phase.
JASMY
This project may not be widely known among most investors, but it is one of the few Japanese DePIN projects whose token is listed on both Binance and Coinbase. Built on blockchain technology, JASMY provides data security, storage, and interaction services for IoT environments. It connects service providers with data users, enabling providers to collect user-owned data from various sources, package it, and sell it to data consumers.
In the second half of 2023, Jasmy developed Jasmy Chain, an Ethereum Layer 2 solution designed to enhance scalability and deliver more transparent, secure, and personalized data interactions. Following this development and driven by favorable market conditions and project updates, the token emerged from its bottom range, rising to around $0.006 at the start of the year and surging past $0.027 during the strong rallies in February and March.
After months of consolidation, JASMY peaked at $0.04469 on June 7, marking its highest level since April 2022—although still far below its all-time high of $4.29.
AR
Arweave is a decentralized permanent storage project that, in the previous cycle, stood alongside Filecoin as a leading player in the storage sector.
On February 27, Arweave announced the development of the AO supercomputer testnet, designed to serve as a computing layer for social media and AI applications. This announcement triggered a 17.35% surge on the day, followed by another 50.67% jump the next day, pushing the price from $15.6 to $29.6 within just two days. Subsequently, aligned with broader market momentum, it rose to a high of $47.5 in March, achieving five consecutive weekly gains. Finally, by the end of May, it reached $49.55, its highest level since March 2022.
On June 6, Arweave acquired Odysee, a decentralized video-sharing platform built on the LBRY protocol, aiming to create a censorship-resistant social media environment free from government censors and content moderators. However, this news failed to boost the token price, which continued to decline due to broader market headwinds.
CORE
Core DAO oversees the development of the Satoshi+ ecosystem. Core is a Layer-1 blockchain combining Bitcoin’s decentralization and security with Ethereum’s scalability and utility.
At the end of March, Core launched a six-month “Core Ignition” airdrop incentive program to reward users and developers contributing to network growth. Following the announcement, CORE steadily emerged from its lows, climbing from $0.6 to a peak of $4.45 on April 2.
Just one month later, on April 18, Core DAO unveiled a $200 million ecosystem fund to accelerate the development of decentralized applications and protocols on the Core Layer 1 blockchain. Interestingly, despite this positive move, the price had already surged 83% on April 15, jumping from $1.43 to $2.8866 in a single day.
Earlier this year, Core DAO published a vision paper outlining plans to introduce non-custodial Bitcoin staking and a native wrapped Bitcoin token called coreBTC.
TON
The Open Network (TON) is built around a technological philosophy centered on high-speed application deployment: transactions are directly chained via messages and support peer-to-peer interactions. Its dynamic multi-shard architecture further enhances scalability for applications. Dan Morehead, founder of Pantera Capital, stated that his firm made its largest-ever investment in TON. In June, Bitget partnered with Foresight Ventures to establish a $20 million TON ecosystem fund to support ecosystem growth.
Recently, the TON team announced plans to launch its own Layer 2 network based on Polygon technology. The new protocol, named TON Applications Chain (TAC), will leverage Polygon’s Chain Development Kit (CDK), allowing developers to build their own Layer 2 blockchains using Polygon’s zero-knowledge technology.
At the beginning of the year, during the broader market rally, TON showed no notable strength. However, as the overall market began to decline, TON started gaining momentum from March onward, experiencing particularly strong gains in April.
On April 9, TON surpassed ADA in market cap; on April 15, it reached $18.9 billion, overtaking Dogecoin. At that time, TON was trading 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, although the price did not respond significantly until May 3, when the circulating supply of USDT on TON exceeded 100 million. That day, TON rose over 10% and began a sustained uptrend. By June 15, authorized USDT issuance on TON had grown to approximately $580 million, making TON the sixth-largest blockchain for USDT issuance, behind Tron, Ethereum, Solana, Avalanche, and Omni. On that day, TON hit a new all-time high of $8.288.
BGB
BGB is the native utility token of the Bitget exchange. Centralized exchanges saw substantial growth in the first half of 2024, with total spot trading volume reaching $10.6 trillion—an increase of 145% compared to the second half of 2023. Among them, Bitget recorded the largest market share gain at 38.4%. Additionally, in the derivatives market, Bitget ranked first in open interest growth, increasing by 39.2%.
Bitget continues to strengthen BGB’s utility through trading fee discounts and new token launchpad opportunities. In the first half alone, it hosted high-quality launchpad projects such as ENA, ZKJ, and ZETA. Furthermore, Bitget’s aggressive listing strategy attracted many new users.
Amid growing user numbers and market share, BGB climbed from around $0.6 at the beginning of the year, reaching a record high of $1.486 on May 27 with a single-day gain exceeding 20%.
BONK
BONK is a dog-themed meme coin on the Solana network, launched in 2022, originally distributed as an airdrop to compensate victims of the FTX collapse. A total of 100 trillion BONK tokens were minted, with 50% airdropped to the Solana community.
In 2023, BONK ranked first among the top 100 cryptocurrencies by market cap in terms of returns, delivering a 73-fold gain. On December 15, Binance officially listed BONK, prompting a brief surge to $0.00004. However, the rally was short-lived, and prices soon declined, even dropping below $0.00001 in mid-January. It wasn’t until early March, fueled by renewed market enthusiasm, that BONK hit a new all-time high of $0.000048. Since then, it has traded sideways between $0.00002 and $0.00003.
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