One of the most profitable investments on the DeFi market is memecoins. Memecoins gained international attention when projects like Dogecoin (DOGE) and Shiba Inu (SHIB) historically delivered enormous profits for early investors. While some might think it’s too late to profit from these market leaders, there are more chances than ever before thanks to new memecoins.
Another meme currency fever has hit this year, with many tokens showing enormous gains in recent weeks and opportunities all throughout the market.
However, investing in meme coins also has a substantially higher risk than investing in other cryptocurrency niches due to the tokens’ increased volatility, abrupt peaks and troughs, and a higher prevalence of scammers.
In this article, we examine meme coins in more detail and discuss certain information that potential buyers should be aware of. Additionally, we examine six of the top meme currencies to purchase in 2023.
Top Meme Coins to Buy Right Now
Many other meme coins have done well in the cryptocurrency market since Dogecoin’s success. Shiba Inu, a digital token that was successful in imitating Dogecoin’s fame, is at the vanguard of this.
The Japanese hunting dog Shiba Inu serves as the mascot of this digital coin, which was established in 2020. The digital coin can work with smart contracts because it is constructed on top of the Ethereum network.
The first noticeable price movement for this meme coin on the market didn’t occur until February 2021. The Shiba Inu has grown significantly by October 2021. For instance, in October 2020, a single Shiba Inu token was valued around $0.0000000002.
Shiba Inu has lost more than 85% of its value since reaching an all-time high in October 2021. This token’s price as of this writing is approximately $0.000011. Nevertheless, Shiba Inu is still one of the most widely used and popular meme coins on the market.
However, Shiba Inu does not intend to overtake the top rank by relying solely on social media fanfare and anticipation. The Shiba team has been developing a number of use cases to keep the project current and on investors’ minds.
By the end of the year, Shiba Inu Price Predictions predicts that this meme currency may get a little bit closer to its all-time high of $0.00008845.
The ‘original’ meme coin is considered to be Dogecoin. Shiba Inu, a Japanese dog breed, was used to trademark Dogecoin when it was first created in 2013. The coin was developed as a prank, according to its creators, mocking the hype surrounding cryptocurrencies at the time.
The price of Dogecoin skyrocketed in 2021 along with the rest of the cryptocurrency industry. On May 8, 2021, the digital currency reached an all-time high of $0.73. Dogecoin has suffered significant losses since then and is currently selling for $0.07, but is it still a wise investment in 2023?
Additionally, Dogecoin is frequently accepted by international internet retailers. Dogecoin is currently selling at about $0.06 per token at the time of writing.
However, Dogecoin has produced a stunning return of almost 28,000% since 2013. The majority of this growth was only recently attained in 2021.
Dogecoin, the market leader among meme coins, has maintained its position despite suffering a considerable value loss in 2022.
Due to this, many cryptocurrency analysts now think that Dogecoin might be one of the greatest meme currencies to take off in 2023, especially if the whole crypto market starts its next bull run.
In 2023, Musk temporarily altered the Twitter logo to the doge image as an April Fool’s joke, temporarily driving up the price.
Although DOGE’s price has been fluctuating and is now much below its all-time high, many investors are sceptical about the stock’s long-term prospects.
Wall Street Memes
Over 1 million people follow Wall Street Memes, a well-known meme group, on various social media networks. The Wall Street Bulls NFT collection was released by this same group, and 10,000 NFT pieces were quickly sold out.
The platform has now made the decision to launch the $WSM token, its own native cryptocurrency. As investors scramble to secure their tokens, the presale has now drawn more than $6.25 million in just over two weeks.
This platform has a competitive advantage over other well-known meme tokens like $PEPE and $DOGE, which had to struggle to build a community. Before releasing the $WSM token on cryptocurrency platforms, the meme project anticipates having a successful presale.
This coin may have an advantage over other meme coins like Wojak or Turbo because it already has a sizable audience that may be inclined to stick onto it for the long haul, avoiding the typical “pump and dump” cycle that many meme coins experience.
The crew has already started the first community rewards event by airdropping $50,000 in WSM. Five winners will each receive a portion of the prize after successfully completing a series of easy activities to qualify.
The project has over a million followers as of right now, and famous people like Elon Musk, who has interacted with the page numerous times, have followed and mentioned it.
Join the Wall Street Bets Telegram channel to stay up to date on this meme coin presale.
Launched in April 2023, PEPE. The frog memes that gained enormous popularity in the early 2000s served as the basis for the meme coin. Matt Furie is the author of the meme.
The PEPE token increased by 350% just over the weekend. On Tuesday, BitMEX, a derivatives exchange, said that it would sell perpetual swaps for the token, allowing traders to trade the erratic asset with up to 50 times leverage.
Some early investors have been making money while the hype surrounding the meme token continues to grow. Using MetaMask swaps, one trader sold the token for $2 million. They ultimately lost $350,000 as a result of 25% slippage brought on by low liquidity.
The project was started as a goal to emulate well-known meme coins like Dogecoin and Shiba Inu. Many cryptocurrency fans have found optimism in initiatives like Dogecoin. The best meme-based cryptocurrency is what Pepe aims to be. Pepe also intends to create a community for cryptocurrencies without any tax laws, a burning mechanism to keep Pepe floating, and a redistribution scheme to keep long-term stakers nearby.
The PEPE token is held by more than 75,000 people, and some wallets, excluding centralised exchanges, own more than $5 million worth of the tokens, according to Ethereum block explorer etherscan.
In a similar vein to ChatGPT or Midjourney but customised for the crypto community, AiDoge is a recently created platform for creating memes that uses text prompts and artificial intelligence to produce memes.
The project, which mixes AI with memes—two of the hottest niches in the space—has had a phenomenal presale. Its $14.9 million hard cap was reached in just four weeks, and $AI tokens are now on their way to an impending IEO on June 19.
The public wall of the platform is where users can simply find the finest memes produced by AiDoge. Users can vote here in one central spot for the new memes they like best.
AiDoge is special in that it encourages meme creators to be more inventive than ever. At the conclusion of each month, the most popular memes on the public wall receive awards in the form of AiDoge’s native $AI currency.
Therefore, meme creators who can create the most popular meme stand to get cryptocurrency. Voting is reset every month, giving fresh memes a chance to become popular.
The $AI token is described in the AiDoge whitepaper as being a crucial component of the ecosystem and the main medium of trade. Users can support the platform’s long-term growth by purchasing meme-making credits using $AI tokens.
Users will earn greater daily credit incentives as they stake more $AI tokens in staking contracts. Investors in $AI are also given early access to beta releases and a say in the platform’s future. AiDoge’s audited, secure staking contracts safeguard pledged tokens and lessen the possibility of fraud.
Users are encouraged to participate in the community and create new memes by giving them $AI tokens in exchange for their best-performing memes.
Users can join the official AiDoge Telegram group to stay up to date with project news.
What are Meme Coins?
Simply put, meme coins are digital tokens that gain popularity by being linked to famous internet trends. Meme coins were first created as a humorous hoax that primarily drew inspiration from internet concepts.
Furthermore, due to the nature of meme currencies, they typically serve no particular purpose. Instead, social media, internet forum debates, and even celebrity endorsements frequently have an impact on the price of these meme currencies.
However, several meme coins have seen their value soar over time that they now have multi-billion dollar market values and are widely used.
In reality, cryptocurrency companies have started creating digital tokens based on memes, but with some utility, in the wake of Dogecoin’s popularity. A good illustration of this pattern is Tamadoge. The idea for this metaverse project came from the meme craze, but the TAMA of the platform has evident applications inside its gaming community.
Is it a good idea to invest in meme coins?
It is clear from our list of meme currencies that only a small number of these tokens have distinctive value propositions, and many experience sharp price spikes followed by sharp drops that last for years. This makes it even harder to choose which meme coins to buy.
We will go over the benefits of meme coins for investors in the parts that follow.
Meme Coins May Be Useful
Not every meme coin is based on the most recent online trends. Instead, several of the new crypto meme projects covered today are expanding their ecosystems by integrating utilities.
Consider the Shiba Inu as an example. Additionally, this meme coin interfaces with smart contracts, which expands the range of potential applications.
In a similar vein, Chimpzee holders can contribute to environmental conservation, while AiDoge users can earn tokens by using generative AI to create memes.
As a result, investors no longer have to base their selection of the best meme coins for 2023 on irrational guesswork.
Risks Associated with Buying Meme Coins
The entire field of cryptocurrencies is largely speculative. Cryptocurrencies come with a lot of hazards because of their exceptional volatility and lack of regulation. The stakes are considerably higher in the case of meme coins.
With a few notable exceptions, the vast majority of meme coins do not actually have any useful features. As a result, the price of these digital tokens frequently depends solely on the frenzy generated by social media sites.
Additionally, a lot of meme coin ventures have ended up being scams. For those who do not know, rug pulls are businesses where cryptocurrency developers give up on a project and steal money from investors.
As a result, investors should use extreme caution when selecting the top meme coins to add to their holdings.
Is it secure to invest in meme coins?
Meme coin investing is undoubtedly a high-risk, high-reward endeavor. Many investors have been stressed by the infamous volatility of these coins, even if some investors have made enormous returns. These currencies are based on social media buzz, which makes it tough to follow their movement.
Therefore, investing in meme coins might be a wild trip to losses for less seasoned investors. Meme currency excitement may fizzle out quickly, leaving investors with empty wallets. However, investors can also make tremendous gains with the right approach and a high tolerance for risk. So, be sure to gauge your risk tolerance before entering this world.
Which meme coin should you purchase in 2023?
Around the world, there is currently a huge PEPE buzz.
In 2023, which meme coins will go bonkers?
One of the best meme currencies to buy this year may be Wall Street Memes. The presale for this viral project has already earned more than $250k in a single day and has a goal of little over $30.5 million.
How will meme currencies fare in the future?
Since meme coins are a relatively new asset class and are highly unpredictable, their future is yet unknown. While certain meme coins have generated a lot of publicity, increased in popularity, and value, many others have struggled to catch on.