Have you ever imagined turning a simple internet meme into a fortune?
The cryptocurrency world is constantly unveiling new wonders. Amongst the biggest wonders and treasures of the crypto realm are meme tokens.
Picture Dogecoin. Doge turned everyday enthusiasts into millionaires during the historic bull run of 2020-2021. And none of us can forget the meteoric rise of Shiba Inu following Doge’s footprints. Lately, fresh meme tokens have captured the market, with analysts predicting 10x to 100x in the coming bulls.
So, which ones should you invest in before the bull seasons?
Keep reading!
What is a Memecoin?
A memecoin is a unique class of digital currencies that began as average internet memes. Operating on immutable blockchain ledgers, their true power lies in the vastness of their community. The entertaining nature of these virtual assets has been the primary reason for their garnering of broad support.
At heart, memecoins bank on internet humour, social media trends, and speedy price gains to attract a larger community. These digital currencies have reaped significant support from celebrities and social media influencers throughout history.
The history of memecoins dates back to the advent of Dogecoin in December 2013, the pioneer of this genre. Initially, Doge was launched as a joke about cryptocurrency, but it garnered top crypto status in the later years.
How Do Memecoins Work?
Well, as of early 2024, memeccoins come mainly in two forms:
- Coins held in their very own blockchain networks.
- Tokens on Ethereum, Solana, BNB or other chains
As coins, these assets have their blockchain host and their release depends on a consensus mechanism. The most popular meme, DOGE, has a native blockchain called Dogecoin, which leverages proof of stake consensus to secure the network.
As tokens, these virtual assets could take the ERC-20, BEP-20, BRC-20 or any other form. They are in popular blockchain networks like Ethereum, Solana, Cardano, BNB Chain, and Tron.
So, how do they work?
Memecoins are unlike any other crypto assets. They are engineered with no definitive utility in mind. Most of these crypto assets are only designed to exploit the market hype and mania around a particular topic.
Here’s a brief rundown of how these assets come to life and thrive:
- Genesis – Their birth is on the blockchain. Such coins typically feature images of popular internet memes or even living creatures like dogs, cats, hippos, or animated figures. Anyone can mint a memecoin pegged to a viral internet joke or theme.
- Value – Most such tokens start with a valuation that’s a fraction of a penny. This is why the hype on social networks mainly promises 10x, 100x, or even 1000x gains for the tokens within a short while. And with such a promise, a mania begins of social networks catapulting the asset’s price high.
- Buying and Selling — Much like their crypto counterparts, these assets change hands through crypto exchanges. Heavyweights like Binance, Kraken and Coinbase have been known to house dozens of meme tokens. Dex platforms are also suitable for buying, selling and swapping memes.
Which Social Media Platforms Impact Memecoins?
Indeed, it’s a well-known fact that meme cryptocurrencies get their valuation from social media hype. But which social media sites provide large hype for memecoins? Well, here are 3:
- X – Formerly Twitter, X is a prime home for meme projects. But what’s the secret to its success? The ingenious implementation of the hashtag feature ignited massive social media campaigns for meme token lovers. Moreover, being owned by Elon Musk, a meme lover and a Doge enthusiast, X contributes vastly to the price changes of most dog and Elon coins.
- Reddit: Reddit has shaped itself as a cornerstone for the cryptocurrency ecosystem. Most top-tier crypto conversations take place on Reddit. The very birth of Dogecoin began on Reddit nearly a decade ago. Since then, Reddit has remained an essential home for the crypto realm and related projects, allowing communities to share reviews about projects, including memes.
- Telegram: Telegram is the communication nexus for almost all crypto projects today.
Top Examples of Meme Cryptocurrencies
Dogecoin (The First and Largest Memecoin)
Perhaps one of the few cryptocurrencies to earn the title memecoin, Doge opens our list. The social media behemoth amassed a large followership only a few months after its launch in 2013/2014. The coin’s community just recently celebrated 10 years of success.
The memecoin world behemoth has a market cap of about $13 billion, with the unit value at $0.07. During the 2020-2021 crypto bull run, Doge surged speedily, making 10x gains. At this time, the ‘Doge millionaires’ trend gained traction.
One of the primary reasons for Doge’s price actions in the period was Elon Musk’s endorsement of the token. The phrase ‘Doge to the moon’ became an everyday occurrence.
With the incoming bulls, the community has a high hope that Doge will moon in the upcoming period, possibly hitting the $1 or even the $2 mark. Memecoin lovers, that’s one token to consider.
Shiba Inu (Largest Meme Token)
The ERC-20-type token is the second largest meme digital asset today. Launched in 2020 when the crypto markets were booming, SHIB has been able to amass a large followership.
SHIB was born with the primary ambition of challenging Doge as the most significant meme token. At its peak in October 2021, SHIB attained a massive market cap of over $43 billion, with the token trading at $0.000079.
BONK Coin
Third comes BONK.
Launched in December 2022, BONK quickly climbed the ranks to hit a market cap of about $881 million. The token launched using Solana smart contracts, making it one of the most famous memes in that blockchain.
When writing, BONK’s web page mentioned that over 649 thousand people hold this token, which has been integrated into at least ten chains.
Like the two coins above, BONK uses a dog image and is also a dog token.
PEPE
Another Ethereum-based ERC-token token, PEPE, takes a spot in the top memecoins to watch in 2024. But why?
The memecoin launched in early 2023 and, within only a few weeks, had surged to a market cap of $1 billion. This made it the fastest-growing memecoin of all time.
When writing this report, PEPE had a $587 million market cap, priced at $0.000001397. It is the most famous frog coin today.
FLOKI
With a market cap of $351 million, FLOKI earns a spot among the top players in the memecoin realm. Like SHIB, the Ethereum-based meme token launched with the primary goal of killing Doge.
The most exciting thing about FLOKI is its wide range of applications within the Floki ecosystem. Among them are the metaverse, FlokiFi, NFTs, and FlokiPlaces.
Baby DogeCoin
BabyDoge is a dog coin built primarily by fans of Doge. The primary pillar of the Baby Doge ecosystem is its large community of users. With a market cap of about $155 million, Baby Dogecoin stands among the best meme tokens today.
Chihuahua
Chihuahua is a meme token based primarily on the Cosmos ecosystem. It leverages the power of the Cosmos network, including techs like Tendermint and IBC, to bring top memecoin services. Interestingly, it is a memecoin primarily considered interoperable.
Akita Inu (AKITA)
Born after the success of Shiba INU, Akita Inu intends to redefine the memecoin universe. It brings unique qualities to foster community engagement. This helps differentiate the network from its competitors.
SafeMoon (SAFEMOON)
As a meme token with unique token economics, Safemoon focuses primarily on bridging safety and speculation. The network’s reflection and liquidity pool management systems are uniquely designed to bolster efficiency.
Saitama Inu (SAITAMA)
Saitama stands amongst many other meme tokens that have been trending vastly in the last months of 2023. This ambitious project brings unique features and strategies to stand out above many other memecoins.
What are The Challenges of Memecoins?
Memecoins have a massive investment potential, mainly due to the community-driven volatility. However, while investing in the world of meme tokens, investors face many challenges, including;
- Lack of Fundamentals: Memes lack drivers like technology, innovation, or adoption, making them a risky gamble than a secured investment plan.
- Market Volatility: By capitalizing on hype, memecoins are subject to severe market volatility caused by FOMO and social media influence.
- Scams and Frauds: Many meme tokens are prime targets for scammers who exploit the greed and naivety of investors via scams.
- Rug Pulls: The creators of meme tokens can withdraw funds, leaving worthless tokens behind.
- Pump and Dumps: The price of a memecoin is falsely inflated and sold at a higher price to unsuspecting buyers drawn in by the hype.
- Phishing and Malware: Scammers steal private keys using malicious methods and manage to steal assets.
How Can You Invest Safely in Memecoins?
After looking at the world of meme tokens and highlighting the top ones, many are thinking of how to invest in this realm safely. Well, here are vital tips to follow;
- Do thorough research about the memecoin, its origin, team, purpose, smart contract and general community.
- Any memecoin purchase should leverage popular centralized and decentralized exchanges like Binance, PancakeSwap, Coinbase, and Uniswap.
- Implant top-tier security tools for your wallet
- Invest an amount you can afford to lose. Moreover, investment diversification is vital.
Final Word
In conclusion, the memecoin universe offers an edge to the broader crypto space, fueled by vibrant communities. The rise of cultural icons like DOGE and SHIB as the pioneers of the meme space underscores a new narrative in asset valuation—one driven by virality and community sentiment rather than traditional fundamentals.
While memecoins present many unique opportunities, it’s vital to approach each investment cautiously; research and research more is the advice every memecoin investor should heed.
In 2024, analysts predict many opportunities where memecoins will make new millionaires. Will you be one of them? Research and invest.
Frequently Asked Questions
Did Elon Musk Launch His Own Memecoin?
Despite playing a significant role in the memecoin universe, Elon Musk has never launched his meme token. However, multiple tokens are named after Elon Musk and Grok, X’s AI project.
Alon has, however, been very vocal about memecoins, especially Doge, leading to vast success.
Which Social Media Platforms are Best for Memecoins?
Dogecoin began as a mockery for cryptos on Reddit, making the social network the first home for meme tokens. However, X, formerly Twitter, has been shaping up as the new home for meme tokens in recent years.
Why Should Buyers Consider Coin’s Market Cap?
A coin’s market cap plays a crucial role in evaluating the size of a crypto asset. It’s a statistic that helps know a coin’s market dominance and trust. Moreover, lower market cap meme tokens have a more significant potential than those with higher market caps.
Which Memecoin Will Explode in 2024?
With many younger memecoins reported late in 2023, it’s impossible to determine the one most likely to thrive truly.