You probably know what meme coins are if you have been in the crypto space for a while. Most of these tokens lack utility. Still, some investors cannot resist the urge to purchase them. If you are among the degens looking for good meme coins, we have some for you.
What is a Meme Coin?
A meme coin is a type of crypto asset inspired by memes. Celebrities and influencers usually promote such tokens. As mentioned before, most meme coins do not bring any real-life value. These coins are also highly speculative, making them super risky.
How Many Meme Coins are Available in the Market?
CoinMarketCap data shows that as of July 2023, there are over 330 meme coins. Despite these tokens being available in plenty, only a few are recommended for trading. The leading meme coins by market cap include Dogecoin, PEPE, Floki, and Shiba Inu. Except for PEPE, the rest of the meme coins are inspired by the doge meme.
Top Five Meme Coins to Watch in 2023
Wall St. Memes (WSM)
This is a new meme coin. It separates itself from other coins due to the fact that it has utility. Wall St. Memes plans to build a solid community by offering members exclusive perks. The project creators hope that $WSM will reach a $1 billion market capitalization by 2024.
One benefit of holding $WSM tokens is that holders will get access to an online merchandise store where various outfits and mugs will be listed. Note that the store has yet to be launched as of July 2023.
Wall St. Memes is still on presale. Moreover, the project developers announced last month that they will airdrop $50,000 worth of WSM to five randomly picked holders, each receiving $10,000 worth of those tokens.
Pepe (PEPE)
Pepe hit the market in April 2023. It is inspired by a meme popularly known as “Pepe the Frog.” The token’s market capitalization stands at $390.6 million. In May, PEPE reached its peak of $0.000044 after growing by more than 4,000% within a few days. Notably, one investor spent $27 on 5.8 trillion Pepe tokens which turned into $1 million within a week. This meme coin’s token supply is capped at 420 trillion.
Floki (FLOKI)
Floki was launched in mid-2021. Its market cap stands at $220.2 million as of July 2023. Like WSM, Floki has several use cases. It is used on platforms such as FlokiFi, Valhalia, and FlokiPlaces.
Valhalia is a P2E (play-to-earn) web3 game. Players receive FLOKI tokens that they can use to buy physical goods on the FlokiPlaces marketplace. On the other hand, FlokiFi is a decentralized exchange allowing users to swap various crypto assets. It also lets investors provide liquidity in exchange for rewards distributed in the form of Floki tokens.
Floki developers have promised more use cases for their project this year. That said, there is a possibility that the token may continue increasing in value over the coming months.
Tamadoge (TAMA)
Tamadoge is a top meme coin in the Web3 gaming space. As of July 2, the token is priced at $0.013 with a market cap of $13.4 million. TAMA powers the project’s play-to-earn games, which are five as of this writing. More games are in the development stage, according to Tamadoge creators.
It is worth mentioning that the project has its own non-fungible token (NFT) collection on the leading marketplace OpenSea.
Shiba Inu (SHIB)
Shiba Inu was launched in September 2020 by a developer known as “Ryoshi.” A year later, its price peaked at $0.0008616. The project owns an NFT collection, a metaverse, and a decentralized exchange. Shiba Inu has grabbed the attention of investors in recent weeks after announcing plans to launch a layer-2 network. However, the exact release date remains unclear.
Conclusion
It is easy for investors to be convinced that a particular meme coin is legit when it’s promoted by a celebrity or crypto influencer. However, we advise you to do your due diligence before buying any meme coin.
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