Meme coins are a type of cryptocurrency typically advertised as having a joyful online community that supports the currency’s development and growth. As with other cryptos, meme coins are designed using blockchains. The tokens are hexadecimal numbers stored on a blockchain, with private keys for ownership purposes. Images on tokens are often fun logos used to help attract users.
Top Meme Coins by Market Capitalization
The following are the top 5 meme coins by market capitalization:
Check Out – Top Meme Coins To Consider In 2024
What Is A Meme Coin?
Meme coins are a cryptocurrency that derives inspiration from internet memes, trends, or characters. These digital assets are typically designed with a sense of humor—associated more with entertainment than practical utility. The main factor driving a meme coin’s value is the meme on which it is based, which helps build a dedicated community and entice investment interest.
Meme coins are widely known for their speculative, joyful, and highly volatile nature. Their value changes, like wind, based on viral social media trends, sometimes high and low. Championships with renowned individuals and their cultural significance in the digital space have contributed to their popularity; despite this, they are risky investments.
How To Buy Meme Coins
Popular meme coins like DOGE, SHIB, and BONK can be easily purchased via online crypto exchange platforms or brokers. Newly launched meme coin projects allow investors to buy directly through a direct presale launch.
You can explore three primary methods for purchasing meme coins: presales and initial coin offerings (ICOs), centralized exchanges (CEX), and decentralized exchanges (DEX).
- Presales and ICOs: One of the earliest ways to buy a meme coin. You can get a hold of the new meme coins at a presale price before they reach the public markets.
- Centralized Exchanges (CEX): CEX offers liquidity and ease of access, and you can easily purchase meme coins. After a meme coin gains popularity, platforms like Binance, eToro, or MEXC will offer them to clients.
- Decentralized Exchanges (DEX): Using blockchain technology, you can directly trade meme coins on popular DEX platforms like Uniswap. These platforms are generally where meme coins become accessible following or during presales.
Presale:
- Hit the presale page.
- Connect your wallet.
- Decide and select the quantity of meme coin you want to buy.
- Confirm your transaction.
CEX:
- Choose a reputable CEX like eToro.
- Create your account.
- Complete the KYC process.
- Deposit money.
- Search for the meme coin you want to buy.
- Place your order.
DEX:
- Choose a DEX platform of your choice, such as Uniswap.
- Connect your wallet.
- Select the meme coin you wish to purchase.
- Swap tokens.
- Confirm your transaction.
How To Identify a Meme Coin
Meme coins are recognized mainly by fun animated characters or animal images on the tokens. Cryptocurrencies that have gained meme coin status include DOGE, SHIB, and others. As with other cryptocurrencies like Ethereum and Bitcoin, meme coins rely on blockchain technology – a distributed database that tracks virtual assets.
The following factors can help you identify meme coins:
Community and Branding: Meme coins usually have a strong community focus and are built around a humorous viral concept. Check for trending memes, social media presence, and community engagement.
Theme: They typically have playful, pop culture-related names or are funny, often referencing internet trends or memes (e.g., DOGE).
Tokenomics: Meme coins mostly have unique tokenomics, such as deflationary mechanisms, massive supply, or rewards for holding. Evaluate the distribution and supply metrics.
Utility: Meme coins usually lack utility beyond community engagement and speculative trading. They may need a precise application or product.
Volatility: Meme coins are highly volatile. They are typically driven by social media trends or famous individuals’ endorsements, and their prices are unstable.
Development Team: Anonymous or pseudonymous development team is a common trade in many meme coins. If available, research their backgrounds and previous projects.
Liquidity and Exchanges: Analyze where the coin is traded. Many meme coins are initiated on DEXs before moving to more extensive CEXs.
Recent Trends: Monitor trends within the crypto community. Meme coins generally gain grip during challenges, specific events, or trends.
Newest Meme Coins
Let us see the newest meme coins:
Pepe Unchained (PEPU)
Pepe Unchained (PEPU) is a revolutionary Layer-2 blockchain that offers minimal transaction fees and lightning-quick speed. It is a meme coin designed for fans and operates 100x faster than Ethereum. You can earn double rewards by staking $PEPU tokens, making it a top crypto to consider now.
- Presale – June 2024
- Purchase Method – ETH, BNB, USDT, Card
- Chain – Pepe Unchained (Ethereum L2)
- Starting Price – $0.008
- Current Price – $0.01219
- Price Increase – +52.37%
- Raised So Far – $24.6 million
Crypto All-Stars (STARS)
Crypto All-Stars (STARS) is one of the best new meme coins. Possessing this meme coin will allow you to earn good staking yield for some of the most popular meme coins, DOGE, BONK, and SHIB included, once the MemeVault feature is fully launched.
- Presale – August 2024
- Purchase Method – ETH, BNB, USDT, Card
- Chain – Ethereum
- Starting Price – $0.00138
- Current Price – $0.0015432
- Price Increase – +11.83%
- Raised So Far – $3.00 million
Flockerz (FLOCK)
Flockerz (FLOCK) is an electrifying meme coin project that focuses on releasing a developing vote-to-earn mechanism to reward its holders. The project’s native token, $FLOCK, offers users a community-powered utility. This allows them to vote on future changes to the meme coin campaign.
- Presale – September 2024
- Purchase Method – ETH, BNB, USDT, Card
- Chain – Ethereum
- Starting Price – $0.0055
- Current Price – $0.0059334
- Price Increase – +7.88%
- Raised So Far – $1.25 million
Data sourced from Cryptonews
Is Memecoin a Good Investment?
Meme coins are a risky investment option because they lack intrinsic value, meaning the price of a speculative meme coin investment could drop to zero, and the high volatility can make owning a meme coin feel like a rough ride. With short-lived popularity, the meme coin excitement may soon fade.
Meme coins are also scams, as fraudulent actors can exploit enthusiasm for internet memes and famous culture to design scams. Fake projects feature pump-and-dump schemes that manipulate the prices of the coins, bogus coins, and exit scams (rug pulls) – which happen when coin creators vanish with investors’ funds. The risk related to security is high, too, as meme coins are quickly developed mainly by creators with less technical experience. Poorly written smart contracts, lack of rigorous auditing, and inadequate security protocols leave room for risks.
Meme coins are often considered excessively speculative, can be prime targets for regulatory uncertainty, and are typically unsuitable investments unless the investor is interested in memes and community involvement.
Bottom Line
Meme coins offer traders a unique opportunity to participate in the often entertaining and speculative world of cryptocurrency trading. Comprehending the networks where these cryptocurrencies operate is very important for navigating this active market and identifying promising investment opportunities.
Frequently Asked Questions (FAQs)
Should I invest in a meme coin?
Meme coins are popular and have strong community support, but due to their speculative and volatile nature, they can be a risky investment.
Which is the largest meme coin?
As of Nov. 5, 2024, Dogecoin (DOGE) has a market capitalization of $24.88 billion, making it the largest meme coin.
Which exchange is best for purchasing meme coins?
eToro is one of the best CEX platforms for buying meme coins. It offers users simplicity, security, and excellent, beginner-friendly social trading features.
