Meme coins are commonly created based on funny and interesting things on the internet and social media, a.k.a. memes. Instead of joining the ranks of Decentralized Autonomous Organizations (DAOs) or acting as a transaction tool, meme coins are here just to be traded.
Meme coins’ prices fluctuate due to community and celebrities’ influence. For instance, Elon Musk and Mark Cuban promoted Dogecoin, resulting in its price soaring for a certain period back in April 2021. However, after the hype had ended, Dogecoin’s price plummeted.
Another reason why meme coins fluctuate is due to how they are designed: many meme coins do not have burning mechanisms. They are infinite, unlike fiat currencies and other cryptocurrencies such as Bitcoin, which have limited units that can be mined. Therefore, the number – and supply -of meme coins will continuously increase. Any meme coin’s value will be determined by how popular they are.
Meme Coin Characteristics
The distinctions between meme coins and other crypto assets are as follows:
- Meme coins are not utility tokens; they are primarily used for trading.
- The assets’ values are highly volatile.
- Some meme coins have an infinite supply.
- Meme coins’ values are driven by media exposure.
- Meme coins tend to have a very low value per asset.
7 Meme coins to invest in despite the dip
Dogecoin is our number one for the best meme coins to buy for the long term. It’s also considered one of the best shitcoins and most undervalued cryptos in 2022. Started in 2013, Dogecoin is the foremost joke cryptocurrency and was meant as a joke on the sudden growth of alternative currencies (altcoins) following Bitcoin’s popularity. Dogecoin has since evolved and become a tipping crypto asset for holders.
Now, Dogecoin is considered the king of the meme crypto ecosystem, one of the most and has been popularized by eccentric entrepreneur and billionaire Elon Musk. The Tesla and SpaceX CEO played a principal role in the boom of the meme coin niche and Dogecoin’s rise to nearly $1 in value as DOGE tapped out at 73 cents. Meanwhile, Musk has not given up and is still known to be a stalwart supporter of the meme coin. If you’re wondering how you can get your hands on DOGE right now, you can buy Dogecoin on eToro with a 1% fee and tight spreads.
Dogecoin is far from its 2021 high, but the digital token is still part of the top 20 most popular meme coins in the world. Keeping in tandem with its popularity, Dogecoin has continued to see massive adoption. TV streaming company Sling TV recently announced that it would be accepting DOGE as payment for its services. This was corroborated by crypto payment company BitPay.
DOGE/USDT Daily Chart, Source: TradingView
DOGE is currently trading at $0.068, down 2.21% in the last 24 hours. So if you want to buy cryptocurrency and are looking for the most promising meme coin, it’s worth researching. Elon Musk bought Twitter in April 2022, which could result in a new bull run for Dogecoin.
There is also a derivative crypto project, Baby Doge, that was built to have higher utility and improved tokenomics and transaction speeds.
2. Shiba Inu
The meme coin race has been made even more interesting with Shiba Inu’s launch in late 2020. According to its anonymous creator Ryoshi, Shiba Inu is a spontaneous experiment on the community-driven initiative. This is a part-piece attempt to topple Dogecoin on the meme crypto crown and install Shiba Inu as the top meme coins for investors. This has seen Shiba Inu nicknamed the ‘Dogecoin killer.’ Despite playing second fiddle to Dogecoin, Shiba Inu surged over 21,000% in the climax of the 2021 price rally, making the digital asset one of the best meme coins to buy this year.
However, Shiba Inu does not aim to take over the top spot with just social media hype and fanfare. The Shiba team has been churning several use cases to keep the project relevant and top-of-mind for investors. One of the most recent is a foray into the Metaverse. According to a blog post on its website, Shiba Inu is looking to introduce virtual real estate called Shiba Lands.
SHIB/USDT, Source: TradingView
SHIB has kept in tandem with the broader crypto space and is up 9.97% in the past 7 days while trading at $0.000012. According to Shiba Inu Price Predictions, this meme coin could edge closer to its all-time high of $0.00008845 by the end of the year.
MonaCoin is one of the oldest meme crypto assets you can find around. The meme coin was famously launched in late 2013 and has a thriving community in Japan. The meme project is decentralized and open-source and operates using a peer-to-peer (P2P) network. A fork of the famous Bitcoin fork Litecoin, MonaCoin uses an algorithm called Lyra2RE (v2).
The major utility of the MonaCoin network includes its fast transaction processing speed of 1.5 minutes and a dedicated, thriving community. The meme crypto was popularized in Japan following a TV commercial promoting the joke crypto.
MONA/USD Daily Chart, Source: TradingView.
Price-wise, MONA is one of the most highly valuable meme crypto as it skyrocketed to an all-time high (ATH) of $20.33 in December 2017. Following a massive downtrend in the broader meme market, MONA is currently trading at $0.5, up 1.61% in the last 24 hours.
4. SafeMoon Inu
Following on the growing trend between blockchain and gaming, SafeMoon Inu focuses on creating a thriving meme and gaming community. The Safemoon Inu protocol is crafting a whole new gaming platform called SMI Play and also offers non-fungible tokens (NFTs) rewards to SMI token holders.
SafeMoon Inu borrows heavily from the penalty and reward system of most decentralized finance (DeFi) projects like SafeMoon. The protocol distributes 2% of every transaction to holders thereby rewarding long-term holders.
SMI token has been on a tear in the past day and is up an impressive 10.50%. The token price stands at $0.000008157 pointing to growing market sentiment.
5. Dogelon Mars
Dogelon Mars is a spin-off from the most popular meme crypto figure, Dogecoin. Seeking to boost its appeal, the founders have also tapped on Dogecoin’s principal supporter Elon Musk and have combined both figures to form the project.
As with most meme cryptos, Dogelon Mars is community-driven and decentralized. The major narrative around the project is around the planet of Mars and shows how the dog-themed in-game meme travels through the galaxy and meets new friends. Dogelon Mars also comes with no known figure as is the usual trend around meme coins.
Dogelon’s ELON token has largely traded for a fraction of a dollar but the meme coin has amassed a strong followership. The meme crypto comic has over 650K followers on Twitter and 90K+ on Telegram. At press time, ELON is trading at $0.0000009, up 3.64% in the last 24 hours.
DogeDash is a new spin on the overall meme crypto niche. Based on the Binance Smart Chain (BSC) network, DogeDash is a play-to-earn (P2E) that borrows strongly from the 90s Super Mario and Sonic movement. Players need to make a dash while collecting coins on the way.
DogeDash’s core mission is to onboard more users into the crypto gaming space and it aims to bring back fun and nostalgia to early gamers who may want to rekindle old memories. DogeDash was founded by crypto enthusiast Paul and has a budding development team backing the project.
DASH/USDT Daily Chart, Source: TradingView
At press time, DOGEDASH is currently trading at $0.00010, down 1.47% in the past day.
Samoyedcoin is another dog-inspired meme coin making the rounds in the past year. The meme coin facilitates speedy transactions and robust scalability compared to other meme tokens.
Moreover, it also ensures scarcity, as Samoyedcoin burns three times from its launch date. Additionally, it is also a mascot and ambassador for Solana (CCC:SOL-USD), arguably one of the cryptocurrencies on most investors’ radar.
The relationship between the volume of the SAMO token and price is more logically aligned than other altcoins. Hence, Samoyedcoin may prove to be a winner this year, resulting in strong gains for short-term crypto investors.
Despite the potential of blockchain-based assets to grow, one fact stands out more than any other: Cryptocurrencies (meme coins) are very risky investments, if you want to call them that. In fact, cryptocurrencies have enabled many millionaires in the hectic post-pandemic period. Even so, you should stay sane as you can easily lose your investment.