The cryptocurrency market is constantly evolving, with consistent growth in investors and the introduction of new coins regularly in the market. One of the popular categories of coins which took the market in a wave in the past few years are meme coins.
Meme coins have gained remarkable popularity thanks to their strong connection with memes and social media trends. This popularity helped meme coins post a vital impact on the market while investors showed deep interest in holding the coins neglecting the inherent volatility of these coins. So we identified several noteworthy meme coins currently available in the market.
What are meme coins?
Meme coins form a distinct category of cryptocurrencies that draw inspiration from internet meme culture and social media trends. These coins are known for their high volatility and inherent risk. While the majority of coins emphasize utility in some form, meme coins primarily concentrate on achieving virility through the explosive nature of memes and their rapid spread. In recent years, these coins were largely influenced by viral internet memes and prominent figures like Elon Musk, whose tweets often had a significant impact on their market value.
How Do Meme Coins Work?
Meme coins are usually built on top of layer-one blockchain networks such as Ethereum, Solana, and Polygon, with some minor exceptions like Dogecoin, which has its network, and shiba inu, which created its own ecosystem and side projects to provide value to the project.
Due to low prices and high popularity, meme coins can capture powerful community support that’s passionate about the token and holds high investments. Thus we have identified the top 5 viral meme cryptocurrencies to watch now!
Top 5 Viral Meme Cryptocurrencies
Shiba Inu
Introduced as a Dogecoin killer, Shiba Inu gained popularity instantly. It was developed by an individual or group called “Ryoshi” who anonymously created the asset utilizing the proof-of-stake consensus algorithm. Running on the Ethereum blockchain, Shib selects validators based on the quantity of SHIB token holding.
It changed from being seen as a speculative trading token to being used as a payment method in over 40000 companies like Crypto Emporium, Newegg, Menufy, etc. SHIB has shown remarkable potential for growth in the future.
Currently, SHIB is trading at $0.000007814, boasting a market capitalization of $4.65B.
Pepe Coin
Inspired by well known “ Pepe the Frog” meme, Pepe Coin is recently introduced in the crypto market and has shown a remarkable 2400% explosion marking its presence. Though its future roadmap is unclear, experts are bullish about it in the next Bull Run. The project has 420 trillion tokens in circulation, with more than 90% of the coins securely held in liquidity pools.
Currently, Pepe is trading at $0.000001484, boasting a market capitalization of $581.52M.
Dogecoin
Dogecoin is a cryptocurrency created in 2013 as a meme project. This cryptocurrency is based on a popular social media dog meme featuring Shiba Inu dog. Although it was created with humorous intent, Dogecoin soon gained a lot of popularity in the market and presented itself as an established project. Dogecoin’s blockchain is similar to Litecoin’s which is based on its faster speed and efficiency. After the recognition of Dogecoin by Elon Musk in 2021, the popularity of Dogecoin increased even more. Even today, a section of society sees Dogecoin as speculation, while on the other hand, a section has full faith in this project and considers it to be a major part of the cryptocurrency market.
Currently, Dogecoin is trading at $0.08053, with a total market value amounting to $11.3 Billion.
Baby Dogecoin
Baby Dogecoin is a cryptocurrency inspired by the popular meme-based digital currency, Dogecoin. Launched as a spin-off, it aimed to capitalize on Dogecoin’s success and community. Which it was able to do up to some level. Although generated as a meme coin, Baby Dogecoin is a purpose-driven decentralized meme project to work on rescuing dogs, spread awareness of animal adoption as well as support cryptocurrency acceptance into the mainstream with new concepts like rewards, NFTS, decentralized exchanges, and credit cards for crypto payment on its website. It provided high profits to its investors over time and is expected to do the same in the future too.
Currently, Baby Dogecoin is trading at $0.000000001216, with a total market value amounting to $184.52 Million.
Floki
Floki Inu, similar to its predecessor Floki, is a meme coin centered around the theme of dogs. However, it distinguishes itself as a purpose-driven project with a mission to establish state-of-the-art schools in underdeveloped countries worldwide. Some of the countries already involved in this initiative include Guatemala, Ghana, Laos, and Nigeria. Through a blend of meme movement and charitable endeavors, Floki garnered acknowledgment by NASDAQ in 2022 as one of the finest metaverse currencies.
The ecosystem that Floki Inu offers is extensive and includes a lot of interesting elements. One standout is “Valhalla,” a fun metaverse game that lets players earn FLOKI tokens by making avatars. A noteworthy aspect of Floki Inu is its native DEX, FlokiFi, which makes it possible for users to easily engage in staking, trading, and yield farming operations. By giving users a variety of options to take part in different activities on the platform, Valhalla and FlokiFi together improve the overall appeal and usability of the Floki Inu ecosystem.
Currently, Floki is trading at $0.00002237, boasting a market capitalization of $211.05 Million.
This article is for information purposes we suggest you do your own research before investing in any market.