The rapid growth of the Cryptocurrency space has witnessed the uprising of many other participants. This is normal and expected as the global adoption of tokens continues to rise. Non-fungible tokens and other projects, the crypto sphere is seeing expansive growth. However, while these new projects have continued to flourish, it appears that the internet-inspired meme tokens are becoming popular too. In this article, we will be looking at the various newcomers in the meme sector
What Are Meme Tokens?
Meme tokens or coins are cryptocurrencies inspired by comics obtained from the internet or social media. Like every other cryptocurrency, they are volatile and possess features or regular tokens. Unlike standard crypto tokens, meme tokens are community-driven and can gain popularity overnight. This is because they get colossal community online endorsement, with investors having Fear-of-missing-out (FOMO). Unfortunately, their price could also dwindle in a flash if the community turns its back on them or to other projects. Meme coins are usually unlimited in supply and mostly have no fixed amount in circulation. It is worthy to note that their prices are low, and investors could purchase massive amounts with little funds. The first meme coin ever created was Dogecoin (DOGE). It was created as a parody in 2013, and the famous Japanese Shiba Inu dog-inspired its creation.
Top Five Most Popular Meme Tokens
Before 2021, DOGE and SHIB were the leading meme coins in the crypto market. The two meme coins had a large online community backing them and witnessed giant price leaps quickly. However, since Q4 2021, countless crypto meme projects have surfaced, as investors now have a long list of choices. According to popular crypto analytics website- CoinMarketCap, listed below are the best meme coin project at the moment;
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Dogecoin (DOGE)
Since its creation by American software engineers- Billy Markus and Jackson Palmer in 2013, DOGE has continued to excel. The cryptocurrency created as a joke and as a fork of Litecoin adopts the exact PoW mechanism. In 2021, the meme coin gained 8,000%, capping off the year as one of the biggest gainers amongst meme tokens. It has seen its 24-hour trading volume surge as high as $1.7 billion, as its market cap stands at $17.34 billion. Despite a 7-day decline in prices, the meme coin trades a little above $0.13. DOGE also has no maximum supply and remains the toast of investors in its community and beyond.
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Shiba Inu (SHIB)
Having occupied the top spot with DOGE since it was created in 2020, SHIB remains the rival token to DOGE. Also known as “Dogecoin Killer,” SHIB was named after a Japanese dog breed by its anonymous developer- Ryoshi. Unlike DOGE, it has a limited supply of one quadrillion tokens. Apart from SHIB, its ecosystem also consists of a Decentralized Exchange and various NFT-themed projects. The 24hour trading volume of the second most popular meme token currently revolves around a staggering $2.1 billion. It has also witnessed a decline in prices, and its market cap stands at $10.84 billion. Despite the recent decline in prices, the meme coin currently trades around $0.00001975. The current price of SHIB, at the time of writing, represents a gain of more than 10,000% since August 2020.
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Dogelon Mars (ELON)
The meme cryptocurrency is a fork of Dogecoin and is named after famous Tesla and Space X owner- Elon Musk. It is currently ranked as the third most popular meme coin and has a circulating supply of 557 trillion tokens. Its market cap currently stands at $435.52 million, with a 24hour trading volume of around $47 million. Despite a decline of about 25% in the past week, it has gained about 3,700% since its launch Last April. It currently trades around the $0.000000786 mark and is believed to be steadily catching up with the top two.
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Akita Inu (AKITA)
AKITA was one of the many meme coins launched in 2021 and has continued to thrive. The meme token, launched as an ERC-20 token on Uniswap, was greatly inspired by DOGE. It has a total supply of 100 trillion tokens, with 50% locked on Uniswap. Also nicknamed “Dogecoin Killer,” AKITA models after DOGE and share similarities with the superior meme coin. With a market cap of around $88 million, AKITA has seen its 24hour trading volume hit as 5,579,951.58. However, the token has witnessed a steady decline in prices and currently trades around the $0.0000008886 mark. Despite a fall in its value, AKITA remains a firm favorite of meme token investors. Crypto analysts believe that the future of the digital asset is optimistic and promises.
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Samoyedcoin (SAMO)
Built on the Solana network, SAMO is one of the most popular dog meme coin projects in the cryptocurrency space. At the launch time, about 13% of its total supply was airdropped to its founding community members. Like Shiba Inu, its ecosystem consists of a decentralized exchange (DEX) and an NFT infrastructure. With a market cap of $49.11 million, SAMO has been one of the biggest gainers amongst meme tokens since 2021. Last October, the coin went on a bull run, which saw its prices move by more than 400% in 30 days. However, prices have declined generally, and the token trades around $0.01514.
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Newcomers In The Meme Sector 2022
The growth of meme tokens is not dependent on the performance of the top five tokens in the space alone. It is worth mentioning that since the second half of 2021, new meme tokens have continued to spring up. Listed below are two of the best meme tokens created in 2021, and are pulling weights.
MetaDoge (METADOGE)
Like every meme token project, MetaDoge is a community-driven project. The token developers also possess an NFT Marketplace with a governance token in its ecosystem. According to the project’s whitepaper, it has plans to launch a 3D Metaverse game this year. PancakeSwap (V2), BKEX, and LATOKEN are some of the few DEXs where investors can buy MetaDoge. According to CoinMarketCap, the meme token has been down by more than 20% in the last week. That has had no impact on its 24hour trading volume that has hit highs of $62,557. Its market cap is also pegged at a little above $2.8 billion and currently trades at $0.00002858. Despite being a newcomer, METADOGE is expected to surpass its contemporaries, as its team hopes the community offers optimum support.
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FirstDog (FSD)
FirstDog is the latest Meme token and is loved by many influencers. The project developers hope to build a future Blockchain infrastructure to improve user experience in a 3D Metaverse. The token has a circulating supply of 999,999,999,999,997 FSD coins. Despite being new, the token had witnessed its all-time high and low this month. Its 24hour trading volume has also reached at least $133,166, with its market cap already at a whopping $963,099,809,873,316.50. At writing, the token is up by more than 638% and trades at $0.9556.
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Conclusion
The popularity and creation of new meme coins, at the moment, can not catch a break. Unfortunately, despite the promises of huge profits on R.O.I, meme coins are very volatile. Additionally, their long-term trend seems to be downwards. They are backed mainly by huge communities, which are vast determinants of their price and valuation. However, Crypto analysts advise that investors should only invest funds they are willing to forfeit should the community ever collapse. This is especially that meme tokens, and specifically, dog tokens shoot very high when they become mainstream, and later collapse in value.
