Crypto

DeFi

Memes

Meme coins were created as a joke, and DOGE proved that a joke could be worth more than what you've expected. Here are the top meme coins that have taken the internet by storm.

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One of the trickiest parts of crypto investment is to pin down the actual value of a digital asset. With the meme coin market more saturated than ever before, many investors struggle to determine which meme coins may be good investments. Their worth remains questionable among investors, as these commodities don’t have any real value and are highly speculative. The unlimited supply of meme coins also doesn’t accord with Bitcoin’s proof of work (

With these caveats, what are the top meme coins in which you can invest? What’s the next meme coin that’s going to make it big? In this article, we’ll look into the top seven meme coins that have changed the cryptocurrency trading industry. Ultimately, you’ll have insight into the effectiveness of meme coins and be able to assess the market data to decide if they’re truly worth your time.

 with no inherent value that rarely provides any real worth or utility. In most cases, these 

 are themed around internet memes — images from social media platforms that can be humorous in nature.

Meme coins differ from cryptocurrencies primarily due to their lack of utility. Bitcoin and Ether, for example, were created to solve problems of centralization in economies. Bitcoin (BTC) began as a way to help people send remittances, and as a form of currency to be accepted by merchants. Ether (ETH) is used to pay for transaction fees and computational services.

Meme coins are usually hyped in a short period of time, due to the latest news and influencers’ promotions. For example, 

 (DOGE) was one of the crypto buzzwords during the Bitcoin bull run in 2017, but soon lost its following after the BTC crash. However, it rose to fame again after Tesla CEO Elon Musk started tweeting about it. Since anyone can create cryptocurrencies, more meme coins than ever have begun to surface, resulting in the birth of coins like Shiba Inu (SHIB), which runs on the Ethereum network, and Monacoin (MONA), which is slowly becoming one of the top cryptocurrencies.

As of November 2022, the number of different meme coins has risen to 328, 

What Contributes to Meme Coins’ Notoriety?

Meme coins gained popularity through the support of crypto influencers, celebrities and investors whose actions drive the price higher in a short time. In general, meme tokens or coins are often seen as a joke that’s circulating on social media platforms.

One of the examples of this phenomenon was when Facebook CEO Mark Zuckerberg posted a photo with the caption, 

 As soon as the post came online, a meme token, AquaGoat, surged nearly 300% within hours.

In a similar scenario, Elon Musk tweeted that any scandal involving him would become known as “Elongate.” Sometime later, the ELONGATE token was launched — and developers claim that they’ve donated $3 million from their profits. Additionally, Musk’s promotion of Dogecoin has provided a smooth ride for DOGE, which 

Since meme coins have little if any inherent value and are lacking in fundamentals, the primary aim is to sell short when their price surge. While meme coins are still notorious for pump-and-dump schemes, there are still a few that are worth your time.

Meme coins are indeed volatile and highly speculative, and yet there are still investors who refuse to sell. So, which meme coins are genuinely worth your attention?

 is the original meme coin, created as a joke in 2013 based on the “Doge” internet meme featuring a Shiba Inu dog logo. Two software engineers, Billy Markus and Jackson Palmer, created this open-source cryptocurrency from a 

 fork. Later on, it caught investors’ attention after Tesla’s CEO, Elon Musk, posted several tweets on social media praising it.

Dogecoin uses Scrypt technology, which features a block time of one minute, and the coin has an unlimited supply. Therefore, you can mine it anytime by 

. The first use of Dogecoin was as a reward on Reddit and Twitter for creating and sharing quality content. 

By 2015, 100 billion Dogecoins had been mined. Miners can mint almost 5 billion additional coins each year.

As of November 1, 2022, over 130 billion DOGE are circulating, with a market cap of approximately $20 billion. The primary buying pressure in this coin formed as soon as Musk began supporting it through memes — and acceptance in the SpaceX project. DOGE is currently trading at $0.14 per token.

It’s challenging to anticipate Dogecoin’s price movement, as many coins are minted each day. Moreover, there are no significant crypto projects that have used it. Therefore, the price has already entered a bubble zone, and further price appreciation depends on how investors accept this coin.

There was a time when a certain breed of dog — Shiba Inu — inspired millions of investors to invest in the SHIB project. According to the 

One of the pseudonymous founders, “Ryoshi,” created Shiba Inu in August 2020 as a meme coin. Later on, it garnered attention with several news headlines and tweets from influencers such as Vitalik Buterin and Elon Musk. It was dubbed a DOGE killer and has gained popularity among 

A Scrypt-based mining algorithm runs Shiba Inu. SHIB is one of several dog-themed crypto platforms, including Dogecoin (DOGE), Alaska Inu (LAS) and Alaskan Malamute (LASM). Investors who missed the Dogecoin train shifted their attention to SHIB due to its low value.

 has a limited supply of 1 quadrillion, but 50% of its supply is locked in Uniswap liquidity. Moreover, the developer gifted another 50% of the supply to Ethereum creator Vitalik Buterin, 

As with Dogecoin, the SHIB token supply is unstable. However, the tokens gifted to Buterin came with a promise to remove them from circulation. Therefore, future price appreciation largely depends on how Ethereum’s founder uses the remaining unburned coins.

The founders of SafeMoon created a decentralized finance (

) token with three functions: Reflection, burn and LP (liquidity provider) acquisition. This protocol combines tokenomics and auto liquidity, focusing on developing 

 (NFTs). Moreover, investors use it as a charity project on education and crypto platforms. 

SafeMoon protocol will expand its presence on the 

, allowing users to create their own cryptocurrencies. This meme coin has a more ambitious road map than either Dogecoin or Shiba Inu, and many leading exchanges list it.

SafeMoon aims to use the idea of static returns to remove the pressure on tokens after selling. Their white paper mentions the reflection mechanism, an incentive for SafeMoon holders who HODL this asset. Moreover, its automatic LP (liquidity provider) will increase stability by providing a floor price for token holders. Lastly, the burn strategy may help investors to gain in the long term.

Is Safemoon a Scam, or Perhaps a Ponzi Scheme?

Two months into its launch, this meme coin had already acquired an impressive two million users — with an attractive return. Many investors believed it was only a matter of time before its price plummeted. Sure enough, as of November 2022, SFM’s price has more or less returned to where it started out.

Currently, around 561 trillion SAFEMOON tokens are in circulation, and traders have to pay a 10% fee every time they buy or sell the asset, along with a 2% fee for transfers made between users. 

 and Lark Davis point to this coin as a Ponzi scheme, while WarOnRugs’ tweets label it a scam. In April 2022, renowned 

Stephen "Coffeezilla" Findeisen, who specializes in investigating crypto scams, accused the SafeMoon team of misappropriating millions of dollars.

Of course, there are no restrictions on diversifying your investment portfolio. However, always research before you invest. Investing in meme coins is risky in itself, but it’s even worse when SafeMoon’s white paper doesn’t even cover any real-world uses. In addition, cashing out SafeMoon isn’t the easiest thing to do since it’s only listed on certain 

 (DEXs). If you’re ready to bear the opportunity, the cost and the uncertainties, then SafeMoon away. If not, the alleged returns may be too good to be true.

Monacoin (MONA) is an open-source payment network that facilitates peer-to-peer (P2P) transactions. Monacoin uses the 

 for block approval. Miners earn 25 MONA coins for every 90 blocks processed. Block creation time is one-and-a-half minutes, while mining difficulty varies depending upon each block. 

Monacoin first entered the limelight after 

 featuring land purchased using MonaCoin. The project was conceived in 2013, and was based on a cat-like internet meme. An anonymous developer, Mr. Watanabe, created this asset (Watanabe remains unidentifiable to date). Today, MonaCoin is gaining extensive popularity in Japan and is widely accepted by merchants there.

Japan’s Financial Services Agency has approved Monacoin. MONA can be mined using specialized mining software. At the same time, this meme coin can also be purchased via major crypto exchanges. There is a maximum supply of 105 million MONA worldwide, with both physical and digital existence. As of November 1, 2022, Monacoin is trading at $0.45. While MONA may not receive as much attention as DOGE or SHIB, the significance of MONA comes from its regulatory benefits and real-world use. 

Hoge Finance (HOGE) is a community-based DeFi project, auto-staking its ERC-20 token with a deflationary supply. HOGE was launched on February 7, 2021, with no allocation from the 1 trillion token supply, of which 50% was burned during the launch. Moreover, there’s a 2% tax on every HOGE transaction. Of this amount, 1% is sent to the burned wallet, and the other 1% is distributed to all wallet holders. 

The HOGE launch was intended to be a deflationary “DOGE, but DeFi.” However, its founders created it with a more philanthropic vision in mind. It’s the first meme coin that has completed the CertiK audit.

In April 2021, HOGE started a not-for-profit partnership with a Twitter campaign to nominate charitable causes with the hashtag 

. The initiative has raised a total of over $20,000 for animal rescue and shelters worldwide. 

, you’ll also be able to access a number of 

A multi-chain ERC-20– and BEP-20–compliant token, 

 differentiates itself from other meme coins with its slew of real-life use cases, including the purchase of NFTs and physical goods. Launched on July 10, 2021, FLOKI’s price reached its peak on November 4, 2021, and it currently has a market cap of around $114 million. Recently, Floki Inu announced the launch of 

, an online crypto locker through which users can safely lock up their assets. 

 looks to be a promising project with a use case that stands out from the rest. Environment-focused, IMPT.io aims to create a “comprehensive ecosystem” in which everyone can play their part in reducing their carbon footprint. Currently, Presale 1 has been sold out, and Presale 2 is open until January 31, 2023, or until all tokens are sold.

TacoCat is a community token with real-world value. It aims to connect and promote merchandising creatives with the potential crypto asset of TCT. TacoCat has a self-contained ecosystem, designed to expose and grow the community of crypto assets so that a mainstream audience can experience the cryptocurrency market.

At its peak, TacoCat’s cryptocurrency reached $25 million in market cap with nearly 12,000 token holders. Similar to the SafeMoon project, it uses the BEP-20 token. Moreover, it launched on 

 (BSC) and announced itself as a game-changer in the crypto world.

TacoCat has kept its lifestyle and brand value noteworthy by implementing an exclusive TacoCat merchandise store for apparel and lifestyle accessories. 

Like Dogecoin, TacoCat has adopted a friendly environment, utilizing the BSC community. Moreover, TacoCat storefronts can share their growth and leverage brands, driving additional merchandising products.

Meme coins are created just for laughs, and have little to no practical financial use in the real world. Therefore, plenty of risks are associated with this field of cryptocurrency, particularly for investors. Meme coins are highly speculative, without any intrinsic value.

In addition, they’re highly volatile, as 

 are a common occurrence among them. Therefore, investing in meme coins might be more exhausting than investing in traditional financial markets, as no regulation is implemented. However, investors can take advantage of the wild price movement to have fun and ride the wave following the social media buzz. 

If you intend to invest in meme coins, you’ll need to monitor their price movement closely by taking advantage of the surge in demand. And, as always, don’t invest more than you can afford to lose. Investors should understand how market corrections work — instead of jumping on the bandwagon when cryptocurrencies are at their all-time highs. Trend reversals happen all the time, and they can occur in a split second. While most of the established financial markets have recovered post-pandemic, meme coins beg to differ. If your risk tolerance is low, an investment in meme coins might be the last thing you need in your portfolio.

Compared to established cryptocurrencies, meme coins are relatively new in the crypto market. Dogecoin and its peers have strong growth potential. Savvier investors can take advantage of these crypto coins, riding the price momentum from bottom to top.

Despite their potential, meme coins are still an iffy investment due to their focus on 

 and community attention rather than financial performance. The good news is that even if you’ve missed the Dogecoin rocket (pun intended), there are still many meme coins out there if you choose to invest, with new coins are being released on a regular basis.

Diversifying your portfolio is a way to reduce market risk in a given sector. As with other investments, if you invest in meme coins, make sure to budget your money well.

7 Best Meme Coins to Pay Attention To (2022 Edition)

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