These 3 Memecoins Performed the Best in November 2024

Key Takeaways

• Peanut the Squirrel came out in early November and has shot up by more than 3,700%.
• Thanks to its links with Elon Musk, Dogecoin climbed by almost 150% this month.
• Rumors of links to Shibarium and a growing burn rate lifted the price of Shiba Inu.

November 2024 was an interesting month for the memecoin sector. With self-proclaimed Dogefather Elon Musk earmarked for a big role in incoming U.S. President Donald Trump’s administration, all eyes were on the more speculative side of the crypto market.

While some tokens didn’t perform as well as one might have expected, there were still some big gainers – and today, we are going to look at three of the best-performing memecoins from November 2024. 

Peanut The Squirrel (PNUT) – Up 3,736% in November

In late October 2024, Instagram star Peanut the Squirrel was seized from his home by the New York State Department of Environmental Conservation and euthanized with suspected rabies.

While there was a considerable outcry over this, with Peanut’s owner Mark Longo going so far as to claim the outrage cost Democrat contender Kamala Harris the presidency, there was, perhaps inevitably, the opportunity to profit.

Someone decided to make a Solana-based memecoin out of Peanut, and on Nov. 4, the PNUT token came out, worth about $0.03128. Unlike many memecoins, it actually took off, shooting up to an all-time high of $2.47 on Nov. 14.

While the token has halved since then, it still has a market cap of over $1 billion and has a place in the top 100 cryptocurrencies.

Its Nov. 29 price of $1.20 means it rose by more than 3,700% over the course of the month. That’s not bad for a cryptocurrency based on a dead rodent. 

Dogecoin (DOGE) – Up 149% in November

DOGE has a somewhat odd relationship with Elon Musk. Considering the billionaire has never, publicly, admitted to owning the coin, and he had nothing to do with its foundation – step forward, Billy Markus and Jackson Palmer – there is perhaps no one in the public sphere as associated with one crypto as Musk is with DOGE.

Since April 2019, when Musk made an off-hand Tweet that Dogecoin was his favorite crypto because it was “pretty cool,” he has been a big part of the original memecoin’s story. At the start of November 2024, DOGE was worth $0.1614.

By the end of the month, with Musk set to co-lead Trump’s Department Of Government Efficiency, it was up nearly 150% to $0.4025 and at its highest levels in over three years.

Investors will be hoping that Musk won’t appear on one of American TV’s biggest shows to call it a hustle this time. 

Shiba Inu (SHIB) – Up 45.3% in November

SHIB is, perhaps forever, destined to follow where DOGE leads. As the original post-Dogecoin memecoin, Ryoshi’s creation has firmly established itself as the number two crypto in the meme sector.

While other memecoins, such as PEIPEI, TURBO, and MEW have all fallen in November, Shiba Inu rode in Dogecoin’s slipstream to gain by more than 45%, rising from $0.00001789 to $0.000026.

It wasn’t just DOGE’s performance that lifted SHIB, though, with an increased burn rate  and reports of Shibarium potentially using  Chainlink’s cross-chain interoperability protocol helping draw attention to the memecoin.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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