The Best Shiba Inu (SHIB) Alternatives in 2024: Meme Coin Deep Dive

Shiba Inu (SHIB) is one of the most popular meme coins both in the cryptocurrency world and the mainstream.

It’s the second-largest meme coin by market capitalization, only behind the beloved Dogecoin (DOGE). As this segment of the market continues to expand with an influx of never-ending participants, it’s worth looking at some of the best-known alternatives to SHIB.

This task is challenging because the meme coin market is filled with hundreds of tokens that may have no purpose outside of entertainment/speculation. However, some of these have a strong user base or plan to become a hub for Web3 projects, giving meme coins a level of utility for users and traders on decentralized applications (dApps).

We have boiled down the most popular meme coins for 2024 based on several factors, such as roadmaps, utility, or just the pure strength of their communities.

shib_alternatives_cover

Best SHIB Alternatives for 2024

Note that this article is not intended to provide financial advice. Investing in cryptocurrencies, especially meme coins, conveys potential risks due to their inherent volatility. Always do your own research and consult a professional before investing any of your own money. Investing in crypto carries substantial risks of financial losses.

Dogwifhat (WIF)

WIF is the first dog-themed Solana meme coin. It garnered attention from altcoin traders and propelled the meme coin narrative on Solana.

As its name suggests, the coin features a dog wearing a pink hat. It has simple tokenomics, and its value, like that of other internet-inspired meme coins, is driven by its community and large follower base.

Its success inspired similar meme coins on Solana.

WIF has no utility. Its website describes it as “just a dog with a hat.” That hasn’t stopped traders from pumping its price to new heights and turning it into one of the best-performing meme coins in 2024.

Despite its lack of utility, WIF has a strong user base. Even token holders launched a funding campaign to have the dogwifhat icon on the Sphere, a popular entertainment arena in Las Vegas.

Key characteristics and facts about WIF (as of March 2024):

Utility: no clear utility. No roadmap, no burning mechanism, and no DeFi. It’s merely for entertainment.

Tokenomics:

- Max supply: 998 million
- Total supply: 998 million
- Circulating supply: 998 million
- Market capitalization: $2.6B

Bonk (BONK)

Bonk (BONK) is a popular Dogecoin-inspired meme coin. It also adopts a Shiba Inu as its mascot and icon.

Unlike other meme coins, BONK adopted a community-centric approach during its December 2022 launch instead of opting for an initial coin offering (ICO) or pre-sale. It distributed 50% of its total supply via an airdrop to active members of the Solana community, rewarding those who contributed to the network’s expansion.

Key characteristics and facts about BONK

Utility: as per the project’s whitepaper, BONK aims to integrate across dApps in Solana and serve as an incentive for user participation, becoming the go-to meme coin on the network.

Community-focused approach: no presale — distributed through an airdrop for the Solana community members.

BONK Tokenomics (as of March 2024):

- Max supply: 93.52 trillion
- Circulating supply: 65.82 trillion
- Market capitalization: $1.69 billion

FLOKI

FLOKI is the utility token of the Floki ecosystem. It was built on the Ethereum blockchain but is also BEP-20 compliant. This means users can swap FLOKI tokens at a 1:1 ratio on the ETH-BSC bridge.

FLOKI is self-described as “The People’s Crypto,” highlighting its vision as a movement dedicated to the Web3 space and more than just a dog-themed coin.

Unlike other meme coins, FLOKI puts emphasis on becoming a hub for web3 enthusiasts.

FLOKI has several main projects that provide practical applications for the FLOKI token: Valhalla for gaming metaverse, FlokiFi for decentralized finance, FlokiPlaces for NFTs and merchandise, and the University of Floki for education, and more.

floki_inu_roadmap_image — Source: Floki.com

Key characteristics and facts about FLOKI:

Utility: main currency and incentive for the Floki ecosystem and projects

Tokenomics (as of March 2024):

Max supply: 10 trillion
Total supply: 10 trillion
Circulating supply: 9.7 trillion
Market capitalization $2.4 billion

Pepe (PEPE)

PEPE is an Ethereum-based meme coin. Just like Dogecoin, it’s inspired by one of the oldest memes on the internet — Pepe the Frog.

Launched in April 2023, it quickly gained traction, reaching a top 100 cryptocurrency ranking within two weeks. However, PEPE has no intrinsic value and serves no purpose other than speculation, making it one of the most volatile cryptocurrencies in the market.

It’s mostly driven by its online community and the meme culture. Moreover, despite its anonymous founder, PEPE is one of the most active projects on social media, boasting nearly 650K followers on X (formerly Twitter).

As of March 2023, PEPE ranks third in the meme coin leaderboard, boasting a market capitalization of over $3.5 billion.

Key characteristics and facts about PEPE (as of March 2024):

Utility: no utility, no clear roadmap, and no formal team. The project’s website explicitly states that PEPE’s focus is primarily on entertainment and capitalization over the meme coin market.

Tokenomics:

Total supply: 420 trillion
Max supply: 420 trillion
Circulating supply: 420 trillion
Market cap. $3.5B

Dogecoin (DOGE)

The list wouldn’t be complete without the father of all meme coins — DOGE. Launched in 2013 as a satirical joke about cryptocurrencies, DOGE has amassed a wide following and endorsement from celebrities like Elon Musk.

While other meme coins have seen more explosive action in the first three months of 2024, DOGE remains the largest meme coin by a wide market capitalization —over $25 billion.

DOGE peaked in May 2021, reaching a market cap of over $85 billion at an all-time high of $0.75. That means DOGE still has a lot of room for growth. It’s currently the largest meme coin in terms of popularity, boasting over three million followers on X.