As of November 2021, DOGE has gained over 8,000% since the beginning of the year and is ranking #9 by market capitalization on CoinMarketCap. Its competitor, SHIB, has pumped more than 60,000,000% since January. In 2021, the meme coin market saw exponential growth, especially the dog-themed meme coins. As of November 2021, one of the most popular “breeds” is Dogecoin (DOGE) and its rival Shiba Inu (SHIB).
Following prominent figures in the cryptocurrency community on social media platforms can lead to discovering new meme coins. Influencers often share insights or promotional content about upcoming or under-the-radar meme coins. Meme coin prices can plummet quickly if a meme coin project fails, flops, or isn’t popular.
The V2 token surged 40% within the first 24 hours after its launch on the Polygon network. This represents a +3600% return on investment for those who staked their V1 tokens in May of last year. DOGE20 raised over $10 million on presale within a month and is soon to be launched on major DEXs. Others, like Dogecoin20 and Scotty the AI, present novel use cases, integrating the latest technology to bring real value to the crypto community. For example, Markets Insider notes that Shiba Inu had generated returns of over seven million percent at its peak in 2021. This means an investment of just $10 would have been worth $70 million.
Remember, while meme coins can be a fun addition to your portfolio, they should be approached with caution due to their inherent volatility and speculative nature. Always conduct thorough research and consider diversifying your investments to manage risk effectively. The prices of meme coins are largely influenced by social media trends, celebrity endorsements, and community engagement rather than fundamental factors.
- Meme coins can be bought early directly from the project’s presale or ICO on its website.
- Before we dive into a detailed review of each project, here’s a quick introduction to our top meme coins.
- New meme coins appear almost every day, so finding those worth purchasing is challenging.
- Although $ELON’s price was dropping throughout the last two years, it started to gain traction in 2024, which has raised hopes for a revival in the community.
- There are many other meme coins using Japanese dog breeds as their mascots, such as Akita Inu (AKITA), Kishu Inu (KISHU), and Floki Inu (FLOKI).
It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Either way, many meme coins are usually created without any real use case. In turn, investors usually buy meme coins for fun and for speculative reasons. While many meme coins are favored by short-term traders, $DOGE is considered a long-term project.
What influences the prices of Meme Coins?
It’s important to research the project and understand the coin’s market dynamics before investing. $FLOKI is one of the latest Shiba Inu-themed meme coins to emerge. $FLOKI is now listed on several major exchanges including Binance, OKX, Deepcoin, CoinW, and Bitrue, which adds to the trustworthiness of the project. $SMOG held a fair launch on Solana Raydium DEX, which means it had no presale like many other top meme coins. It has its blockchain, a well-written whitepaper, an established ecosystem, and a deflationary nature. We are seeing more institutional adoption of bitcoin in recent years as well.
Are Meme Coins a good investment?
There’s no novel use case or staking rewards, but strong community backing and transparency suggest $PEEN has potential. This means you can trade the coin faster and cheaper between ecosystems. Scotty the AI ($SCOTTY) is a new meme coin that’s currently only available on presale. However, over 15,000 users already joined Scotty’s Telegram channel and over 11,000 followed Scotty’s X account. In early March 2024, $SMOG reached a $263 million market cap, which has now fallen to around $175 million. There are rumors about a burning mechanism in the works, which is meant to increase returns for early investors.
Is Memecoin a good investment?
Slothana aims to build a strong community, which would ensure the project’s long-term viability. While the official X account hasn’t yet gained a large following, the engagement level is impressive, so the future looks bright for SLOTH. This shows an intention to create a sustainable project that continuously attracts and incentivizes investors. However, the reason for such a fast pace isn’t the resemblance to the famous DOGE but impressive staking rewards of up to 170% APY.
Slothana, the newest meme coin running on Solana’s network, raised over $650k within one day of going live on presale. Dogecoin20 bears inspiration from the original meme coin DOGE but offers greater utility. Although the coin is currently only available on presale, it has already gained a community of thousands of followers on X and Telegram. Before we dive into a detailed review of each project, here’s a quick introduction to our top meme coins.
At launch, 13% of SAMO supply was airdropped to members of the community. According to their website, SAMO roadmap includes burning events, airdrop tools, a decentralized exchange (DEX), css match all elements having class name starting with a specific string and the creation of NFTs. Samoyedcoin recently gained popularity due to a sudden increase in price. In October 2021, the price went from $0.005 to over $0.22 in roughly 30 days.
Furthermore, even trustworthy projects often fail within days from launch, which leads to large losses for investors. Meme coin prices can be low at the presale stage, but these purchases carry more risk. Major exchanges are safer, but there is still much risk, and research and due diligence is necessary. A coins website will detail the presales or ICO, including how to buy a meme coin and any terms or tokenomics to understand when owning the coin. That’s why we have a specific process of reviewing and vetting the best meme coins. The first challenge is figuring out if you can trust the teams behind these coins.
The price of Memecoin (MEME) is calculated in real-time by aggregating the latest data across 36 exchanges and 47 markets, using a global volume-weighted average formula. Dogecoin (DOGE) was created in 2013 by software engineers Billy Markus and Jackson what is a decentralized exchange Palmer. It was inspired by the meme of a Shiba Inu dog and was intended to be a joke cryptocurrency to attract mainstream attention. As a fork of Litecoin (LTC), DOGE adopts the same Proof of Work (POW) mechanism, and it has no maximum supply.
For example, consider that when Shiba Inu was launched to the public in 2020, its primary objective was to become a ‘Dogecoin Killer‘. Nonetheless, investors bought SHIB tokens in their droves, giving Shiba Inu a market cap of over $1 billion in under 12 months. Crucially, this highlights that the meme coin market is both unpredictable and irrational. Because $DC is a community-driven initiative, 58% of its total 1-trillion token supply is allocated for airdrops, staking rewards, and community grants.
Shiba Inu – One of the Most Successful Meme Coin Stories to Date
It’s worth noting that Dogechain is not officially affiliated with Dogecoin, but is a separate project. It strives to complement rather than replace Dogecoin, which is only used for payments. Dogechain is a layer-two blockchain network running on Polygon’s technology. This means that Dogechain is EVM-compatible and allows developers to build dApps and NFT platforms with $DOGE as part of their economic system. But being a part of the RichQUACK community isn’t limited to holding and waiting — members can also participate in a lottery to test their luck and win some tokens.
It has been growing in popularity and recorded over 100,000 holders and 2 billion dollars market capitalization within one month after its launch. Next, this article will cover in-depth sap commerce cloud from presales ICOs and crypto exchanges. Some of the most successful meme coin projects have no utility or real-world uses, but have gone on to generate huge returns nonetheless. While meme coins won’t appeal to risk-averse investors, an effective strategy is to diversify across multiple projects.
$PEEN has no real utility apart from being the worst crypto on the market, but that’s common with meme coins. However, developers plan to list the token on Binance and OKX in 2024, along with launching a play-to-earn blockchain game. Sponge V2 is a successor to the $SPONGE meme coin, which soared to a remarkable $100 million market cap. The new iteration introduced the Stake-to-Bridge mechanism that links Sponge V1 holders with the V2 ecosystem. The most popular exchange to buy and trade Memecoin is Binance, where the most active trading pair MEME/USDT has a trading volume of $28,770,989.96 in the last 24 hours.