To sign up for our daily email newsletter, CLICK HERE
Meme-based cryptocurrencies are all the rage today in the world of cryptocurrencies, primarily because they are tied to social media trends and are “fun”.
Though meme coins have a reputation for being volatile, many investors have been interested in them and some of these coins are among the best cryptocurrency to buy now.
What are actually these meme coins?
Meme coins are a type of cryptocurrency that is inspired by internet memes and social media trends. Interestingly, these coins do not necessarily have any inherent value or purpose – it is more about the association with meme culture. Lately, meme coins have become super popular thanks to their connection to viral memes and influential people like Elon Musk. His tweets can have a huge impact on the value of these coins.
The best meme coins currently available are:
Shiba Inu is an Ethereum blockchain cryptocurrency designed to compete with Dogecoin. But the way it works is different. The proof-of-stake consensus algorithm of SHIB instead relies on token holdings to select validators instead of computing power.
Ryoshi, an anonymous person or team, created an amazing asset. It is to bring together SHIB holders for token exchanges and decentralized governance. The ups and downs of SHIB’s value have been pretty interesting. Many people buy and sell it as an investment, but we can do better. We should use it for actual purchases and see how it goes.
But get this – the current price of SHIB is $0.000007211! That is impressive, considering its market capitalization is almost $4.25 billion.
The Dogecoin cryptocurrency was created in 2013 as a joke based on an internet meme about a Shiba Inu dog. Unlike Bitcoin, which has a limited supply, Dogecoin has no such restrictions. It also uses a different consensus algorithm where miners use computers to solve complex math problems and validate transactions. This earns Dogecoin rewards in return. It has gained quite a following in recent times.
Several celebrities endorsed it in early 2021, which made it famous. However, like most cryptocurrencies, its price has been everywhere lately. You can use it for online shopping and small transactions, but it has yet to be widely accepted. If you are considering investing, remember that it is a pretty volatile market. Currently, Dogecoin has a market cap of around $8.6 billion, which is impressive but not for the weak.
The famous “Pepe the Frog” meme inspired the Pepe Coin cryptocurrency. Over 90% of the project’s circulation is held in liquidity pools, with 391 trillion tokens. Almost $268 million has been added to Pepe Coin’s market cap since its launch, and it is trading at $0.0000006851 right now. It is hard to deny that Pepe Coin is one of the most popular meme coins despite the significant risk involved.
The Boneshiba Swap (BONE) was released in May 2021 on the Binance Smart Chain (BSC) as a decentralized exchange and an automated market maker (AMM). This native token powers various DeFi applications, including yield farming, staking, and liquidity.
Trading tokens on the platform is done by depositing assets into liquidity pools. The system adds tokens and adjusts trading fees based on BONE, which is crucial for governance. While BONE has gained popularity in the BSC ecosystem, its value has shown remarkable volatility. Currently, the stock is trading at $0.8324 for a market capitalization of $191 million.
Floki Inu is a dog meme coin! The group calls themselves a “movement” and is inspired by Elon Musk’s Shiba Inu. The Floki Inu even have a cool name – the “Floki Vikings.” What is great is that their ecosystem is full of awesome things.
Have you heard about Valhalla, the metaverse game with cool avatars? They have their own DEX called FlokiFi. You can do all sorts of things like staking, swapping, and yield farming. It is popular, too – Floki is currently trading at $0.00001605 with a market cap of $151 million.
Conclusion
Meme coins have many risks, especially with their ties to social media, hype, and inherent volatility. Still, risk-tolerant investors will find them attractive because of their potential rewards. It is 2023, and meme coins like Dogecoin, Shiba Inu, Pepe, Floki, and BoneShiba Swap are popular. But thoroughly understanding their movements and possible risks and rewards will be useful in making the right investment decisions.
