What Are Meme Coins? Should You Invest In Them?
There are endless opportunities for everyone to make money on the internet. Some of them require investment while some of them don't. It goes without saying that the methods that require investment tend to return more profit in comparison to the methods that you can follow for free. Cryptocurrency trading is one of the popular methods that require initial capital to join the community.
However, there are many other ways to get your hands on some free cryptocurrencies. No doubt choosing the best cryptocurrencies for making long-term investments is essential.
But there are many tokens that are capable of returning tenfold profits to their investors! Memecoins are among these specific coin types.
What Are Meme Coins?
If you have a basic understanding of how cryptocurrencies work, getting the concept of Meme coins will be a breeze for you. There are thousands of different cryptocurrencies in the world at the moment and steadily growing with new use-cases.
Meme coins are virtual tokens that do not have a physical existence. Unlike normal cryptocurrencies such as Bitcoin, Ethereum, and SOLANA, Meme coins are not particularly made for achieving a market value.
Memecoins are tokens that were made for fun, For example, Dogecoin(DOGE) was made as a joke.
However, if you visit a cryptocurrency price list on any trading platform right now, you will see that DOGE is purged into the top 10 most popular cryptocurrencies around the globe. Therefore, Meme coins are just like normal cryptocurrencies but their purpose of existence varies from token to token.
Top 5 Meme Coins To Put On Watchlist Right Now!
1. Dogecoin(DOGE)
The number one Memecoin in our list, Dogecoin is one of the most popular Memecoin till now.
Symbolized as DOGE, this Memecoin was trending in every single crypto news due to its price hike in the middle of 2021. Not to mention it currently ranks at the 10th position in terms of the market evaluation.
Quickly surging up to an all-time high of $0.73, Dogecoin is the token that is responsible for the current hype of Memecoins in the crypto industry.
Following this example, a lot of Memecoins started to surge up in market evaluation. And that is the sole reason why new coins like DOGE are showing up now and then.
Current Market rank #10
Fully diluted market cap $29,776,483,684
24 hour trading volume $1,836,740,681
2. Shiba Inu(SHIB)
Shiba Inu is one of the leading Memecoins in the market in terms of popularity and market cap both. As the coin is supported by one of the big heads in the industry Elon Musk, it was not a surprise when it become popular quickly.
Climbing the ladder of crypto rankings and finalizing the spot below Dogecoin, Shiba Inu is always under the watch of crypto traders around the world.
However, the coin is facing a downward trend since a whale transferred approx a 2Billion worth of SHIB tokens from the market.
Current Market rank #11
Fully diluted market cap $25,873,238,127
24-hour trading volume $3,858,927,688
3. Dogelon Mars(ELON)
The name says everything about this Memecoin that is Dogelon Mars. Not to mention Elon musk personally loves Memecoins such as DOGE. Therefore, the ELON token was introduced as an interplanetary token for earthlings who wish to travel to Mars.
Dogelon Mars is not particularly a Meme coin but it falls under the same category as others. Furthermore, the token is named after Elon musk so it is invertible that a lot of interested individuals may discuss it.
Looking at the price change waves in the past few months you can buy it from a trustworthy centralized exchange if you want.
Current Market rank #116
Fully diluted market cap $1,630,573,378
24 hour trading volume $70,560,289
4. Floki Inu(FLOKI)
Floki Inu is the only Memecoin that is surging even during the whole market is facing a dump in mid-November 2021. Due to the fact that Elon Musk announced to name his dog "FLOKI", the Floki Inu coin was launched as a mixture of Memecoins and the name FLOKI.
The majority of price fluctuations depend on external factors such as a tweet from Elon Musk. Suppose Elon musk announces to change his dog's name to something else other than FLOKI, we are more likely to see a major dump in the Floki Inu price.
Still, the market standing is getting better for this Memecoin recently which indicates possibilities of any major dump is very low.
Current Market rank #2754
Fully diluted market cap $1,808,922,510
24 hour trading volume $68,256,737
5. Baby DogeCoin(BabyDoge)
Last but not the least, Baby Dogecoin is a fork of Dogecoin. As it is significantly helping the Dogecoin community for growing towards a bright future, the investors have witnessed some major price hikes lately.
Not to mention the coin had daily trading volume in millions of USD right after entering the market. Baby Doge managed to gain a lot of attention in just 5 months.
Whereas, the main reason why this coin was created is to offer an even better TPS(Transactions Per Second) than the original DOGE.
So no doubt choosing this for long-term investment can help you generate some profit. As it is among the deflationary tokens out there in the market it will get scared with time.
Current Market rank #2799
Fully diluted market cap $1,184,388,113
24 hour trading volume $14,778,249
Wrapping Up
Meme coins may not sound like a promising method to invest your money. But if you go through the price chart of the past few months you will find that they have surged up to new records within a short period of time.
Hence, they attract a lot of newcomers and regular traders as well. However, you need to buy them during a dip if you wish to make a decent amount of profit from Meme coins.
In conclusion, Meme coins are yet to impact the crypto industry on a large scale. Considering the summed-up market cap these coins have, we can say that Meme coins are capable of competing with popular Altcoins for sure.
Whereas, Elon Musk recently cleared that he does not hold any cryptocurrencies other than, BTC, ETH, and DOGE. It will have an impact on the overall Meme coin market for sure. Feel free to share your suggestions or ask any questions in the comments section below.
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