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Scenecoin meme coins

The meme coin market, which started as a funny movement, currently prides itself on a billion-dollar ecosystem due to high investor interest. Initially centered around tokens based on popular memes, it has grown and expanded significantly. In early April 2024, Li Jin, co-founder of the crypto-focused venture capital firm Variant Fund, introduced the concept of memecoin taxonomy. She highlighted four additional categories beyond the traditional meme coins. One of these categories is scenecoins, aka community-first meme coins. According to Li Jin’s explanation, scenecoins are “tokens that launch as a scheduling point for distributed communities with shared values and missions.” Let's dive deeper into the concept of scenecoins by exploring four leading tokens in this category that have taken the meme coin market by storm. Important Disclaimer: While the below-listed meme coins are selected based on trading activity and popularity, their listing does not constitute investment advice. Carefully evaluate your risk appetite and do your own research on the listed coins before making any investment decisions.

Top 4 Community-First Meme Coins Making Waves in 2024

Imagine

Imagine ($IMAGINE) is a community-driven meme coin built on the Ethereum layer-2 scaling solution, Zora Network. Described as a collector token, $IMAGINE serves as a reward for collectors who support creators on Zora and promote imagination across the internet. $IMAGINE has a total supply of 777,777,777 tokens. These tokens have been allocated for several community-centric purposes, which are initial community airdrop (10%), party members (20%), initial liquidity (20%), ecosystem development (15%), and future distribution (35%). $IMAGINE adopts a deflationary mechanism, which means that the tokens are subjected to periodic burns, potentially increasing the asset’s value. The scenecoin has been listed on price tracking platforms like CoinGecko. Imagine’s community-first token has a fully diluted valuation (FDV) of $2.3 million at the time of writing. It is currently being traded at $0.005916 with a daily trading volume of $9.4K. The Imagine project is primarily based on Warpcast, a Farcaster-based decentralized social network, with a user base of 13.8K. It also has over 2K followers on X.

Enjoy

Enjoy ($ENJOY) is a Zora-based token launched in 2024. Its mission is to restructure the media creation and curation by offering $ENJOY token rewards for enjoyable on-chain content. Touting itself as the first-ever meme coin on the Zora network, $ENJOY seeks to blur the barriers between online creation, a community of enjoyoors, and real-world value. $ENJOY has a total supply of 111,111,111,111 tokens. It also has a fully diluted valuation of $20.2 million and over 26.3K holders at the time of writing. $ENJOY has recorded over 4.1 million transactions since its inception, indicating investors’ interest in the scenecoin. As of May 29, $ENJOY has a trading price of $0.00018. The team behind the meme coin makes it available to diverse audiences through platforms like Zora, the Surreal app, and Interface.Social. Today, Enjoy boasts thousands of enjoyoors across social platforms. The project has 20.4K+ followers on Warpcast and over 8.1K followers on X.

Degen

Degen ($DEGEN) is a meme coin launched in January 2024 by its lead developer Jacek Trociński. The scenecoin, deployed on the Base network, serves as a reward token for Farcaster users, allowing them to reward other users for posting quality content. Proving true to its being a community-driven meme token, Degen owes its logo branding to the Farcaster community. Thanks to its innovative points system and other ecosystem initiatives, the meme coin has appealed to thousands of users across social platforms like Farcaster and X. As of May 29, $DEGEN has over 142.7K followers on social apps. One of Degen’s products that has captured the most attention is its dedicated layer-3 blockchain, Degen chain. $DEGEN has a total supply of 37 billion tokens. Its price is $0.0223 and market capitalization is over $276 million at the time of writing. It also has over 448K holders that have performed five million transactions and counting.

Higher

Higher ($HIGHER) is a scenecoin built on the Base network. It describes itself as a token for optimists hoping for a bullish streak within the crypto space. $HIGHER’s logo, showing an arrow pointing up on a green background, vividly backs up the project’s core. Following its debut in March 2024, $HIGHER captured the attention of crypto projects and individuals who aligned with the meme coin’s ethos. Being a community-driven token, $HIGHER implemented a fair launch to the community. 50% of its supply is dedicated to the liquidity pool (LP) while the other half goes to community members. Over 24.8K followers have stormed the $HIGHER ecosystem on Farcaster. On X, the project has 6.1K+ followers. $HIGHER has a market cap of $36.1 million at the time of writing. Currently, $HIGHER’s value has soared by 165% over two weeks to a trading price of $0.0359.

Conclusion

While the term "scenecoins" might be new in the crypto world, a handful of pioneers are already shaping the culture. These four leading tokens, featured in our article, are the trendsetters for many more to appear. Despite their current popularity, it's crucial for every investor to conduct thorough due diligence before investing in any of the discussed tokens.