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.

20230505-143425.png

One of the trickiest parts of investing in cryptocurrencies is the need to evaluate the actual value and utility it brings about. As the cryptocurrency landscape becomes saturated with meme coins, which often don’t have real value and are highly speculative, it has become even more difficult for investors to determine which cryptocurrencies are worth investing in.

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 ten meme coins in the cryptocurrency market now.

 with no inherent value 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. Cryptocurrencies such as 

 (BTC) were created to tackle problems of centralization, serving as a peer-to-peer (P2P) payment method. Ethereum (ETH), on the other hand, is a platform that allows developers to create a series of 

 (DApps), and has flourished because of the growth of 

Meme coins are usually hyped for a short period of time, due to factors such as news and influencers’ promotions. For example, 

 of 2021, in which other prominent meme coins such as 

 (SHIB) also experienced significant price increases. However, its price came crashing down just a few months after. Just a few months ago, DOGE experienced drastic price increases once again when Elon Musk 

What Contributes to Meme Coins’ Notoriety?

Meme coins gained popularity through the support of influencers in the cryptocurrency industry, celebrities and investors whose actions drive the price higher during a short period of time. In general, meme tokens or coins are often seen as jokes circulating on social media platforms, and their prices typically crash after surging.

One instance of this phenomenon was in May 2021, 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.” Some time later, the ELONGATE token was launched — and developers claim that they’ve donated $3 million from their profits.

Since meme coins have little to no inherent value and are lacking in fundamentals, the primary trading aim is to sell short when their price surges. While meme coins are notorious for pump-and-dump schemes, there are still a few that might be worth your time.

Meme coins are indeed volatile and highly speculative, yet there are investors who refuse to sell them. 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.

, 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. 

 (SHIB), known as the DOGE killer, was launched in August 2020 by an anonymous founder known as 

. Like Dogecoin, SHIB garnered significant attention from the market when it received mention from prominent figures such as Musk and 

The token has recently gained market attention again, due to the announcement of its 

. This development is meant to expand the SHIB ecosystem, enabling faster and cheaper transactions.

SHIB is run by a Scrypt-based mining algorithm. The 

 was launched on Apr 17, 2023, and the project describes it as the “most memeable meme coin in existence.” It’s based on the 

Upon its launch, PEPE experienced a price surge 

. One of the most prominent purchases was by a user who purchased 5.9 trillion PEPE with $250, which grew into $1 million upon the PEPE price increase. This naturally attracted the market’s attention, resulting in more investors jumping on the bandwagon. The subsequent demand then contributed to further price increases.

The max supply of PEPE is just over 420 trillion.

As of this writing, PEPE has a market cap 

 gained a significant amount of market attention when it was launched in September 2022 through OKX’s 

 (IEO). Unlike typical meme coins, TAMA differentiates itself with a play-to-earn ecosystem that comprises Tamadoge pets, 

arcade-style games and an augmented reality app. This is complemented by the Tamaverse, a virtual space where players can interact.

In the Tamadoge play-to-earn ecosystem, players are rewarded with TAMA by participating in games. The platform’s team has been active in developing games, and has released 

. With the TAMA they earn, players can purchase Tamadoge pets from the ecosystem, which can then be bred, traded and used to compete with other players.

TAMA has a maximum supply of 2 billion, and has implemented a long unlocking schedule of up to 10 years for 600 million TAMA. This could help reduce supply shock in the future, decreasing the chances of the TAMA token price tanking. TAMA is deflationary, with 5% of transacted TAMA burned every time TAMA is used in the store.

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

 proof-of-work algorithm for block approval. This algorithm uses less power, and is resistant to 

. MONA miners earn 25 MONA coins for every 90 blocks processed. Block creation time is 90 seconds (almost seven times faster than Bitcoin), while mining difficulty varies depending upon each block. 

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

There’s a maximum supply of 105.12 million MONA worldwide, with both 

 is a token belonging to the Arbitrum community. The airdrop of AIDOGE began on Apr 15, 2023, for users who have previously qualified for the 

 (ARB) airdrop. There’s a total supply of 210 quadrillion AIDOGE. 

Users have till May 15, 2023 to claim their AIDOGE. The remaining AIDOGE that hasn’t been claimed after the expiration date will then be used as incentive for the AIDOGE ecosystem and early contributors, and some of the tokens will be burned.

The project seeks to further engage the ArbDoge AI community by running a Lucky Drop program. Every time a user buys AIDOGE 

, they’ll receive a Lucky Drop ticket, giving them a chance to win an ARB prize. The probability of winning depends upon the amount of AIDOGE purchased by the user.

To further incentivize users to hold AIDOGE, 3% of AIDOGE’s transaction value will accrue toward AIDOGE stakers. Hence, buyers of AIDOGE will be encouraged to continue holding onto their tokens so that they can earn 

 provides a form of utility that is distinctly different from that of other meme coins. It’s a Twitter bot built on OpenAI, and when users tag/reply to tweets with @explainthisbob, the bot will help to explain the tweet in a simpler manner.

With a maximum supply of 690 billion, BOB has been experiencing a significant increase in price. This is partially due to the interaction that Elon Musk has with Bob.

Given that AI is the new narrative, we can foresee BOB providing value to the Crypto Twitter community, which could be a key factor in maintaining its upward price action.

 is a multi-chain ERC-20– and BEP-20–compliant token. It differentiates itself from other meme coins with its suite of real-life use cases.

Top 8 Meme Coins to Pay Attention To (2023 Edition)

Get your daily dose of crypto and trading info