What are the 5 cryptocurrencies that exploded in October?

An unusual month of October

After a month of September already marked by an increase of 9%, the price of Bitcoin again recorded an increase of 9% in October. Ethereum Ether, for its part, has more difficulty convincing investors and is showing a decline. decrease of 1% in the last 30 days.

Solana, commonly seen as the blockchain poised to dethrone Ethereum, not only outperformed ETH but also BTC with a substantial 16% increase in the price of SOL.

However, the cryptocurrency sector that has received the most attention from the crypto community during the month of October is undoubtedly that of memecoins.

Although these cryptos are mostly devoid of a relevant value proposition, some of them have significantly outperformed altcoins. This phenomenon is taking on an unprecedented scale, theories around a potential hypercycle of memecoins have even emerged.

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The 5 best performing cryptos in October

As you can see in the table below, the 5 cryptocurrencies that performed the best during the month of October are either directly a memecoin or indirectly linked to their success. Let's look at this more closely.

The 5 best performing cryptos in October

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5 – Neiro (NEIRO): + 52%

The price of the memecoin NEIRO, launched last July, is in 52% increase in last 30 days. This memecoin is inspired by Neiro, the new dog adopted by Atsuko Sato, the owner of the famous Shiba Inu named Kabosu, which inspired Dogecoin.

Although there are (at least) 2 versions of NEIRO, one on the Ethereum blockchain and the other on Solana, the most popular version is the one on Ethereum.

Indeed, the version on Solana caused controversyparticularly around suspicions of “ rug sweater » from the developer, who would have generated a substantial profit by selling part of his tokens after the rapid increase in its value.

🔎 Find our analysis – Are memecoins truly decentralized?

4 – Cat in a dogs world (MEW): + 68%

The memecoin MEW, which was also launched last July, recorded an increase of 68% in the last 30 days. Inspired by the world of animal-themed memecoins, the MEW token introduced an aesthetic focused on cats and a narrative universe where a heroic cat fights to free his friends from a world dominated by dogs.

MEW crypto owes part of its success to an innovative marketing strategy. Indeed, during its launch, 5% of its allocation was distributed to people who pre-ordered the 2nd version of the Solana phone.

This memecoin also has ambitions in terms of derivative products, such as an animated series and collaborations in the field of Web3 video games.

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3 – Raydium (RAY): + 81%

The RAY token, from the Raydium decentralized exchange (DEX) platform based on Solana, is the only cryptocurrency to appear in this ranking that is not a memecoin. However, the 81% monthly performance of the price of RAY are indirectly linked to the success of memecoins.

We told you about it in our article on the renewed interest in decentralized finance (DeFi), memecoins play a particular role in the performance of this sector, in particular on the Solana blockchain ecosystem.

Indeed, the memecoins enjoying significant popularity on the Pump.fun launcher are directly listed on Raydium, which makes them a central platform for trading memecoins freshly landed on the market.

Thus, the performance of the RAY token can partially be explained by the success of the memecoins that are launched on Solana.

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2 – Popcat (POPCAT): + 84%

The POPCAT memecoin finds itself in 2nd place in this ranking, recording an increase of 84% in the last 30 days. POPCAT was launched in January 2024 on the Solana blockchain. It's inspired by a famous 2020 meme featuring a cat named ” Oatmeal » face changing to create a fun sound effect of “ pop “.

Although this memecoin is not intended to propose future developments to find a use for it, it benefits from massive support from its community.

1 – SPX6900 (SPX): + 813%

At the top of this ranking, and far ahead of its rivals, the SPX token records a considerable increase of 813%. Its launch took place on October 16, 2023 on the Ethereum blockchain but it is also available on Solana and Baselayer 2 of Ethereum developed by the crypto exchange Coinbase.

The concept behind SPX6900 is based on the idea that higher numbers symbolize greater value. The number 6900 being higher than that of the S&P 500 was the main reason for its popularity.

So, the meme is essentially a mockery of traditional financial systems and U.S. monetary policy.

The meteoric rise of the SPX token could be partially explained by the attention paid to it since Murad Mahmudov's intervention at TOKEN2049. During his speech at this crypto event, Murad Mahmudov presented his thesis on a potential hypercycle of memecoins, triggering a snowball effect which has grown considerably in recent weeks.

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Murad Mahmudov has since continued to advocate for memecoins on social networks, in particular by communicating about his different positions, their performance and his objectives.

As SPX is one of the cryptos highlighted by the latter, it has benefited from unprecedented popularity until then.

The project offers merchandising products such as T-shirts and stickers. He also plans to launch a token under a ticker reminiscent of the DXY, the index that represents the value of the US dollar.

The top 200 cryptos that performed the best

Our previous ranking was based on the 100 most capitalized cryptocurrencies, so not all the cryptos that offered exceptional performance in the month of October are necessarily included.

When we extend our search scope to the top 200 cryptos in this same metric, much higher performance can be highlighted.

The 5 cryptocurrencies in the top 200 that performed the best in October

Indeed, we find the GIGA there with a performance of +96% in the last 30 days. The GIGA is a memecoin which also benefited from the media exposure provided by the intervention of Murad Mahmudov, just like the SPX which also finds itself in 2nd position in this ranking.

In 4th and 3rd position of this ranking are respectively the tokens APU and BITCOIN with 183% and 229% increases in the last 30 days. Although the ticker of the latter may be misleading, make no mistake, this is indeed a memecoin again.

In fact, the name of the project behind the token is called… “ HarryPotterObamaSonic10Inu » ! We are therefore far from the values ​​of Satoshi Nakamoto's invention.

At the head of our ranking is the GOAT memecoin from the Goatseus Maximus project, which records a considerable increase of 9,742% ! This token has experienced a meteoric rise due to its origin: an autonomous agent (AI) on X pushed an anonymous developer to launch a memecoin linked to a meme from the 2000s.

The AI, called Truth Terminal, then promoted it, which largely contributed to the success of this memecoin.

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Memecoins at the height of their glory

The month of October was marked by the rise of many memecoins among the most capitalized cryptos. However, this phenomenon raises many legitimate questionsin particular to know if memecoins are truly decentralized.

Although a significant portion of the crypto community is currently focusing its attention on memecoins, it is important to remember that the crypto market has already experienced similar phenomena with the DeFi summer, the extreme speculation around NFTs, etc.

Thus, it is possible that the tides will turn again and leave a significant number of investors in losses, as has already been the case in the past.

Source: Coincodex

Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.

Theo Zananiri

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