Since the initial hike and a sudden dip, the crypto market is advancing to bullish levels. The popularity of cryptocurrencies and blockchain has given rise to various new cryptocurrencies and tokens being launched daily.
The rise in meme coins grabbed the attention of crypto traders recently. Initially conceived as a joke on social media, meme coins like Dogecoin and Shiba Inu are trading high in the crypto market.
Several meme coins are generated regularly, and while many become popular, some die in the market with no traders to trade them. Today we will discuss what a meme coin is and list the top 7 meme coins currently available for you to invest in.
What Are Meme Coins?
Meme coins are cryptocurrencies based on popular memes on the internet. They are necessarily altcoins, with references to persons, animals, or anything from popular culture, which is mimicked for satire or fun. Just like memes, these meme coins can go on to become viral and can be circulated, leading to huge market capitalization.
Just like any other cryptocurrencies, they are also based on blockchains by Ethereum or Solana. Today, there are more than 1300 meme coins in the crypto market.
Most of the meme coins are created just for fun and are currently not in circulation. Now, let’s take a look at the top 7 meme coins that you can trade.
Top 7 Meme Coins List
Dogecoins (DOGE):
Dogecoin started the trend of meme coins. It was created by Jackson Palmer and was based on the popular meme of a dog. Dogecoin was initially created as a joke to mock the rise in popularity of Bitcoin. The meme coin’s mascot is a Japanese breed Shiba Inu dog.
Dogecoin is based on a standalone blockchain, with all the information regarding the altcoin being recorded in perpetuity. The coin rose to fame when Elon Musk tweeted about it and changed the X’s logo, then Twitter, to the image of Dogecoin’s logo. Dogecoin is currently the largest meme coin and the 8th largest crypto asset.
Shiba Inu (SHIB):
Shiba Inu is the second-largest meme coin in the world. It was created by an anonymous group called ‘Ryoshi’. The coin which was created in 2020, suddenly rose to become the second-largest meme coin, with it being called the “Dogecoin Killer”.
Unlike Dogecoin, Shiba Inu does not have its blockchain and is based on Ethereum’s blockchain. The ERC-20 coin was initially created as a joke, but soon rose to popularity within the internet community. Shiba Inu currently has an NFT marketplace run using decentralized governance.
Bonk (BONK):
Bonk is also a meme coin based on a variation of the Shiba Inu series of memes. The Bonk is created in the Solana ecosystem and has a large community following. Conceived as a community coin in Solana, the creators aim to use BONK as a payment method in many decentralized applications (DApps).
BONK was airdropped to the Solana members on 2022 Christmas. It is the third largest meme coin by market cap and has a rise of over 100% by December 2023.
Pepe (PEPE):
Pepe is an Ethereum-based cryptocurrency that was launched in April 2023. This meme coin is based on Pepe the Frog, a webcomic character created by Matt Furie. The green humanoid cartoon frog has been an internet sensation for the past few years.
PEPE has been making a large market cap since its inception, providing returns to its investors. The unknown creators of PEPE have informed us that it has no intrinsic value and no roadmap. However, PEPE has been growing rapidly to over 400% since its launch.
Floki Inu (FLOKI):
FLOKI is another meme coin in the Shiba Inu series of meme coins. It is both ERC-20 and BEP-20 compliant altcoin which is named after Elon Musk’s dog.
The crypto project has grown over the years and now has a decentralized platform with an NFT marketplace and tie-ins with the Metaverse. The popularity of FLOKI has touched the sky ever since its inception, making it one of the largest meme coins in the list.
Memecoin (MEME):
One of the latest entries into the crypto market, MEME has taken the internet community by storm. Launched in 2023, MEME has integrated pop culture satire memes and decentralized finance (DeFi) into its ecosystem.
Today, MEME stands as one of the top meme coins in the market by capital. Memecoin’s decentralized platform also conducts meme contests and art auctions.
Baby Doge Coin (BABYDOGE):
Launched in 2021, BABYDOGE is also based on a variation of the Shiba Inu meme series. It was created when Elon Musk tweeted about Dogecoin by replacing the ‘Baby Shark’ in the lyrics of the famous kid’s song, with ‘Baby Doge’.
BABYDOGE is a deflationary coin, which will become scarce over time. However, BABYDOGE is recently one of the rising meme coins in the market.
Conclusion
The top 7 meme coins mentioned in this article have showcased excellent market performances. Initially conceived as a joke, most of the meme coins have transitioned as good choices for investment.
Unlike most cryptocurrencies, most meme coins are deflationary and lose their value over time. But some of it has received peerless love from the online community making it a good crypto project worth investing in.
