Memecoins have built quite a reputation since Dogecoin’s emergence. They have made many users millionaires thanks to staggering bull runs. They also played a crucial role in driving the growth of the crypto ecosystem thanks to their low entry barrier. Thanks to their staggering popularity, we have seen an influx of memecoins in the market, leaving investors with quite a selection to choose from. With so many memecoins in the market, it begs the question, which deserves a place in your portfolio? This article looks at the top 5 memecoins currently in the market, which could be an ideal addition to your portfolio.
What is a Memecoin?
Before moving ahead, it is essential to understand the term “memecoin.” Memecoins refer to a type of cryptocurrency that is highly speculative and supported by an enthusiastic online trading community. They are often depicted through comical or anime themes or images and saw considerable growth during the most recent crypto boom. Some of the most popular memecoins in the market are Dogecoin and Shiba Inu. While meme tokens may seem like a fun way to invest in crypto, they are highly risky investments and often hold little or no intrinsic value. Despite this, memecoins such as Dogecoin and Shiba Inu have established themselves as two of the largest cryptocurrencies in the market.
What Are The Top 5 Memecoins?
Let’s look at the top five memecoins in the crypto ecosystem.
- Shiba Inu
Dogecoin is considered, and rightly so, the original memecoin. It was founded in 2013 by Billy Markus and Jackson Palmer as a peer-to-peer, open-source cryptocurrency and was originally intended to be a satirical take on crypto markets. However, Dogecoin gained significant popularity after its launch, quickly establishing itself as one of the biggest cryptocurrencies in the market. The meme cryptocurrency uses the same underlying technology powering Litecoin and also boasts of several key features such as low price, unlimited supply, and its Scrypt algorithm, all of which give it a significant advantage.
Dogecoin’s popularity can be credited to several factors, chief among them being its devoted community, its acceptance into the mainstream, and its endorsement by some of the biggest names in the world, such as Elon Musk. In fact, Dogecoin’s popularity led it to be accepted by major businesses such as Tesla, Twitch, Gamestop, and more, further giving the token legitimacy. As a result, the token’s value soared in 2021, allowing it to break into the top ten cryptocurrencies in the market.
Dogecoin’s popularity is what spawned a bevy of similar meme tokens, including some present on this list. Its status as the original memecoin and a supportive community make DOGE one of the most reliable investments when it comes to meme tokens.
Shiba Inu (SHIB)
The Shiba Inu token emerged as a decentralized alternative to Dogecoin. Created in 2021 by the pseudo-anonymous Ryoshi, SHIB was quickly able to carve a niche for itself in the crypto community thanks to a clever marketing strategy. Like Dogecoin, SHIB also uses the Shiba Inu dog as its mascot. However, the team behind Shiba Inu knew that hype could only get them so far, so they set about creating new features and use cases for the token. One of its most promising use cases is decentralized payments, with the project having partnered with several top platforms. As a result, SHIB can be used for e-commerce transactions on a host of platforms such as NOWPayments and Shopping.io.
Shiba Inu has consistently ranked among the top memecoins in the crypto market and is currently the 13th largest cryptocurrency in the world. The project’s success, in part, can be attributed to its compatibility with the Ethereum network, allowing it to grow much faster than Dogecoin. Shiba Inu features a decentralized exchange, ShibaSwap, an upcoming layer-2 solution called Shibarium, and an NFT-enabled game, Shiba Eternity. Its compatibility with Ethereum could attract more developers to Shiba Inu, possibly helping it overtake Dogecoin as well.
Metacade is a play-to-earn community hub that has seen staggering investor interest during its ongoing presale. So far, the protocol has raised nearly $7.5 million as investors defy bearish market sentiment to purchase the MCADE token. Metacade’s success boils down to its community-first approach. The project aims to become the Web3 ecosystem’s first project for learning about, earning, and playing play-to-earn games. With regular events and interaction, Metacade is facilitating one of GameFi’s biggest and most interactive communities.
Metacade also features several features designed to maximize player benefits, such as the Metagrant program, one of the most exciting offerings of the project. The project introduces a democratic approach to game development. It could be responsible for some of the best games in the play-to-earn industry. Metacade may not be similar to other memecoins. However, community engagement makes it one of the most promising memecoins for 2023.
Samoyedcoin was created in 2021 and has established itself as the top memecoin on the Solana blockchain. As the name suggests, the token’s mascot is the Samoyed dog breed. Samoyedcoin outlines that it aims to support, educate, and promote the Solana ecosystem. It also claims to be the fastest and most eco-friendly memecoin in the crypto space, thanks to Solana’s breakneck speeds.
However, unlike other meme tokens, Samoyedcoin has introduced scarcity to the SAMO token, with its supply capped at 4.75 billion. As the Solana ecosystem grows, SAMO has the potential for a significant price increase as its demand increases. Additionally, Samoyedcoin also burns tokens regularly, making them even more scarce. The protocol has also launched the SamoDAO and Samo NFTs to grow its ecosystem further.
Bonk is the most recent addition to the growing list of memecoins and was launched in December 2022. The token grabbed headlines after rising 4000% from $0.0000001102 on 30 December to$0.000004541 on 5 January. BONK brought considerable traffic back to Solana following an exodus of users and developers following the FTX collapse. The token has already been listed on major exchanges such as Bybit, Huobi, and Gate.io. The project has also partnered with StreamFlow to ensure complete transparency during its airdrop.
Top 5 Memecoins: In Closing
Memecoins, while an interesting concept, also carries the risk of high losses. As an investor, it is essential to do your own research before investing. Additionally, you must always invest only what you can afford to lose. With the meme token economy picking up, it is prudent to tread with caution.
If you want to learn more about memecoins and cryptocurrency or purchase your assets, head over to CoinSmart, Canada’s most trusted crypto trading platform.
Disclaimer: The content of this email is strictly for information purposes only. All of the opinions expressed in this email are not connected to CoinSmart and are not intended to provide you with investment advice. It is important that you do your personal research and/or consult an investment advisor to determine what is right for you.