Although it all started as a joke, meme coins are becoming quite interesting and will surely continue to gain even more attraction in the cryptocurrency world. Despite they being new to the market, there are some investors that consider them as a profitable future investment. On the other hand, it is really hard to choose the right meme coin to invest in, since they all are so volatile.
Today, we will have a look at the top 5 meme coins, but before that, let’s take a look at their fundamentals.
What exactly is a meme coin?
Meme coins are these cryptocurrencies that do not have any native value, and most of the time are considered to be useless. They are called meme coins, after the popular funny images that are all over the internet.
And while cryptocurrencies like Bitcoin and Ethereum address centralization issues and work as a direct source of remittance, meme coins don’t do anything like that.
You have to look at meme coins as a unique idea, with a touch of humor. They have simple mechanics, users are able to buy and sell them, and most of them are hyped up from constant promotions.
If we have a look at Dogecoin, it was one of the first meme projects and served as a decentralized crypto with huge community support. Although it lost its fame after the Bitcoin crash, it was revived after a single tweet from Elon Musk. After that, more and more meme coin projects were launched and became a center of attention in the crypto world.
So, let's have a look at the top 5 meme projects (besides Dogecoin).
Shiba Inu was launched in the middle of 2020 by someone known as Ryoshi, in the form of a meme coin, and it wasn’t long before it managed to garner high attraction on the market.
Similar to its predecessor Dogecoin, Shiba Inu got tweets from major influencers such as Elon Musk and Vitalik Buterin. Shiba won the attention of investors from all around the world. Anyway, in the beginning of 2022, there is still a lot of skepticism around this meme coin.
Although the price of Shiba Inu is extremely low (around $0,000031 at the time of writing) it is still considered to be one of the most stable meme coins.
Dogelon Mars
Dogelon is a combination between Dogecoin and Elon Musk. It has gained some attraction and according to Elon Musk, Dogelon Mars is the first name of the capital city of Mars.
Actually, this meme coin shows great promise, as its long term objective is to help people get to Mars and create a community.
Akita Inu
Another meme coin that became popular in the crypto world is called Akita. It is also inspired by Dogecoin and uses the ERC-20 protocol on the Ethereum network.
Akita Inu managed to attract the market and only a few months after it's launching it was listed on various exchanges. It is a community-based token and has no founders.
Samoyedcoin
Samoyedcoin, similar to the previous meme coins we described, is inspired by Dogecoin. The main difference here is it is inspired bySolana and is built around its ecosystem, rather than Ethereum.
Despite this, it started as another meme coin. SAMO turned out to be the face of Solana and its main goal is to bring more people to the project. It is not a surprise that more crypto investors are considering Samoyedocoin to be one of the best meme projects on the crypto market.
Safemoon was introduced in March 2021 and has grown since then. It is based on the Binance Smart Chain ecosystem. It is considered to be one of the safest cryptocurrencies.
To resolve price volatility issues, Safemoon tries to dissuade traders from day trading, with the main idea to avoid price dips.
Safemoon prefers manual burns, so that token holders can have more control over their coin supply.
Conclusion
Investing in meme coins is becoming more and more interesting but like most of the cryptocurrencies, they can fall and grow easily. So, before you consider investing in any of them, be sure you are familiar with all the risks.
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