Memecoins are digital currencies inspired by memes, whose main objective is “humor”. These “crypto memes” have managed to position themselves in the ecosystem. However, the effects of cryptocurrency memes are often not very satisfying. As they have a wide range on the market, they pose challenges and opportunities for everyone who decides to invest in them, so choosing the best Memcoin to buy is usually a bit difficult; and even more, if you are new to the sector.
Following this line, some of the most promising memecoin projects in this category are presented, as well as the pros and cons that they offer to the market. The ranking is based on data provided by Coinmarketcap at the time of writing the article.
It should be noted that one of the characteristics that makes memecoins more outstanding is the fact that they are endorsed by some high-profile celebrities, which leads them to occupy a place; if you will, “privileged” in the cryptocurrency environment and give them long-term visibility.
Dogecoin (DOGE)
Dogecoin (DOGE), is a fork of Litecoin. Considered as one of the main exponents from the world of cryptocurrencies that has generated a strong impact on the crypto ecosystem. Likewise, it is one of the most important of its class, having achieved a large market capitalization and a fairly substantial increase in its value during 2021.
At the time of writing, this crypto meme ranks eighth in terms of market capitalization in the current CoinMarketCap ranking. And its value is one of the ones that has increased the most since its creation. It has a market capitalization of USD 10,214,820,145, and a 24-hour trading volume of USD 239,421,771.
A successful miner can mine ~10,000 DOGE for each block mined (~$770) per minute, and currently, it is accepted as a means of payment, and you can even create DOGE-backed prepaid cards online.
The original meme coin, Dogecoin (DOGE), enjoys very significant growth and endorsements from top celebrities and a faithful and loyal community. However, this has not stopped its “inflationary tokenomics” and, primarily, the lack of development updates, causing great concern about its “long-term sustainability.”
Shiba Inu (SHIB)
Shiba Inu coin, is a project that was created anonymously as “a spontaneous experiment on building a decentralized spontaneous community” in August 2020, under the pseudonym “Ryoshi”. The goal of the birth of this crypto meme was to be the Ethereum-based counterpart of Dogecoin’s Srypt-based mining algorithm.
The technology used to create this memecoin is known as Smart Contract ERC-20. Unlike Dogecoin, SHIB, is the ERC-20 standard, on Ethereum and has a limited supply of tokens amounting to 1 quadrillion.
As of this writing, the meme coin ranks 15th in terms of market capitalization in the current CoinMarketCap ranking, with a market capitalization of $5,319,111,596 and a 24-hour trade volume of $120,478,729.
Pepe Pepe)
Another meme coin that has gained popularity recently is PEPE. The deflationary memecoin launched on Ethereum, was created as a tribute to the internet meme “Pepe the Frog”, created by Matt Furie. Its goal is to merge the decentralized structure of the blockchain with the popularity of meme culture, and it is putting a lot of effort into establishing itself as one of the top meme-based cryptocurrencies.
The newly launched memecoin PEPE, has seen an explosive rise after reaching a market capitulation of as high as $1.6 billion at one point, already minting several millionaires and attracting a strong community of like-minded followers. However, PEPE is relatively new to the market, so it has not yet demonstrated its ability to sustain itself in the long term.
93% of the Pepe coin supply has been allocated to liquidity pools. The remaining 6.9% of that supply is held in a multi-sig wallet, to be used only as tokens for future centralized exchange listings, bridges, and liquidity pools.
Pepe ranks in the current CoinMarketCap current ranking is #58 in terms of market capitalization at the time of writing, with a market capitalization of $785,117,320 and a 24-hour trade volume of $558,479,835.
Sometimes PEPE holders will have access to crypto utilities, such as Pepe merch, Pepe Academy and Pepe Tools, whatever they may be.
Likewise, its roadmap has three phases, the first includes listing on CoinMarketCap and getting trends on twitter, the second inserts listing on CEX, centralized exchanges and phase three, incorporates “level 1” exchange listings and called “Acquisition of memes” by the team.
As previously mentioned on Cointelegraph, since its creation on April 14, the PEPE memecoin has attracted widespread attentionHowever, PEPE is down 42% just days after hitting its all-time high on May 6, “leaving at least one investor with hundreds of thousands in paper losses.”
Even as the meme coin has seen extreme volatility in its value, the number of individual holders has steadily increased over the past three weeks.
Floki Inu (FLOKI)
This is another of the most popular meme coins in the ecosystem, created by fans of Elon Musk and named after his Shiba Inu puppy, presented in June 2021. It does not consider itself as a meme coin but as “a movement”.
The members of the FLOKI community call themselves “Floki Vikings”. Floki Inu tokens were issued on the BNB Chain on the BEP-20 standard and on Ethereum on the ERC-20 standard. Additionally, he has been charted several times within the top 10 of LunarCrush’s social engagement rankings.
The community mentions this memecoin as a bridge between blockchains. Its market capitalization is and it ranks #98 in terms of market capitalization of $341,941,345, with a 24-hour trading volume of $45,981,075.
The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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