Meme coins have gained popularity in recent years thanks to social media and the growing interest in cryptocurrencies. The meme coins are a new and emerging sector in the crypto market, and they offer a unique and exciting way to invest and participate in the crypto market.
This article will show you the top meme coins that are worth watching in 2024 and how to invest in them.
What Is A Meme Coin?
A meme coin is a cryptocurrency based on a popular internet meme, such as a funny image, video, or phrase. These meme coins are often created as jokes or parodies, but they can be profitable investments in the crypto market.
Some of these meme coins have even surpassed the market capitalisation of well-established coins, such as Litecoin and Bitcoin Cash. While meme coins are entertaining, they are also highly risky investments since their perceived value is based on hype rather than fundamentals.
Meme Coin Landscape
Meme coins are a significant and growing sector in the crypto market. According to CoinMarketCap, over 1,000 meme coins are listed on its platform, with a total market capitalisation of over $22 billion as of January 2024.
The most dominant meme coins are Dogecoin and Shiba Inu, with $11 billion and $5 market cap, respectively. These two coins together account for more than 50% of the meme market capitalisation.
Dogecoin is the oldest and most famous meme coin, created in 2013 as a joke. Shiba Inu is a newer meme coin, launched in 2020 as a self-proclaimed Dogecoin killer, featuring the Shiba Inu dog breed as its logo.
Both Dogecoin and Shiba Inu have gained massive popularity and value due to the endorsement and promotion of influential celebrities such as Elon Musk, Snoop Dogg, and Vitalik Buterin.
Dogecoin reached an all-time high of $0.73 in May 2021, while Shiba Inu reached an all-time high of $0.000088 in October 2021. Both coins have since experienced significant corrections, but they remain among the top 20 cryptocurrencies by market cap.
Top Meme Coins To Buy In 2024
These are the top meme coins for 2024 that are worth watching. With consistent growth and community engagement, these meme coins can reach new heights in the future.
Dogecoin (DOGE)
Dogecoin is the original and most famous meme coin, created in 2013. The coin has a loyal community of supporters who trade it and use it as a tipping currency for social media content. Dogecoin is also supported by influential personalities like Elon Musk, Snoop Dogg, and Mark Cuban, who frequently tweet about it.
Dogecoin has a market cap of over $11 billion and a trading volume of over $7 million, making it the 11th largest cryptocurrency by market cap.
This cryptocurrency has a fast and cheap transaction system, making it ideal for tipping, donating, or simply expressing your appreciation for something or someone online. Unlike many other cryptocurrencies, Dogecoin has an unlimited supply, meaning there is no limit to the number of coins that can be created.
While critics criticise Dogecoin for lacking utility beyond payments, its passionate community and backing cannot be ignored. When the next crypto bull market heats up, expect DOGE to be front and centre once again.
Shiba Inu (SHIB)
Shiba Inu, the second popular meme coin created in 2020 as a Dogecoin killer, aims to surpass its rival in popularity and value. The Shiba Inu coin has a market cap of over $5.9 billion and a trading volume of over $240 million, making it the 18th largest cryptocurrency by market cap.
Shiba Inu has deflationary tokenomics, meaning that a limited number of coins can be created, and some of them are burned or removed to increase their scarcity and value.
Shiba Inu is more than just a meme coin, as it has built its own decentralised ecosystem. The ecosystem consists of ShibaSwap, a platform that allows users to swap, stake, and farm Shiba Inu and other tokens. Bone, a governance token that gives holders voting rights and rewards, and Shibarium.
NFT platform that showcases Shiba Inu-themed digital artworks. By creating a vibrant and innovative crypto space, Shiba Inu aims to challenge DOGE’s meme coin dominance in 2024. With these strengths, SHIB looks ready to rebound and reach new heights in the future.
Pepe (PEPE)
Pepe is a meme coin was lanuched in 2023 as a tribute to the popular internet meme Pepe the Frog. The Pepe Frog is a cartoon character with various expressions and emotions. The cartoon is often used as a symbol of internet culture, humour, and freedom of speech.
Pepe has a market cap of over $500 million and a trading volume of over $160 million, making it the 116th largest cryptocurrency by market cap. With only a short time on the market, it has demonstrated an extremely quick increase of more than 400% since its debut. It even managed to get into the top 100 for a short while before falling back.
Pepe is a coin that celebrates the diversity and creativity of the internet community, as it allows users to send and receive Pepe-themed stickers, GIFs, and memes. This creates a unique and creative transaction system.
Floki Inu (FLOKI)
The Floki Inu meme coin was created as a tribute to Elon Musk’s very own Shiba Inu puppy, named Floki. The Floki crypto project was initially started as a meme, but now it has fully transitioned into a Web3 project.
The project is operating across sectors like decentralised finance (DeFi), non-fungible tokens (NFTs), and its own metaverse. Floki Inu has a market cap of over $303 million and a trading volume of over $17 million, making it the 158th largest cryptocurrency by market cap.
The Floki community calls itself the Floki Vikings in honour of Floki (Musk’s dog), who was named after a Viking character. Floki promises to take its community efforts seriously, and it has appeared several times in the top ten of LunarCrush’s social engagement leaderboards.
Bonk (BONK)
Bonk is a community-driven cryptocurrency developed to integrate with the Solana DApps across the network. This Solana-based meme coin has gained massive popularity, increasing investor appeal. The affiliation with Solana (SOL) gave the project a good start as one of the investors’ top choices for 2024.
With a market cap of over $914 million and a trading volume of over $276 million, Bonk is the 72nd largest cryptocurrency by market cap. The Bonk team is looking to support NFT enthusiasts, DeFi traders, artists, collectors, and developers in the Solana ecosystem.
Their mission is to become the #1 community coin in Web3, and they aim to achieve this by expanding their growing list of integrations across multichains, DeFi, and gaming.
Memecoin (MEME)
One of the most recent meme coins getting popular in the market is MEME (Memecoin). Memecoin (MEME) is the native ecosystem token of Memeland. Memeland is the Web3 venture studio of the globally popular meme platform 9GAG.
The team is building and investing in social products for and with the community. They are also connecting creators and communities through creativity, MEME, and NFTs. This coin is not based on any specific meme but on the concept of memes as a form of cultural expression and communication.
Memecoin has a market cap of over $231 million and a trading volume of over 137 million, making it the 187th largest cryptocurrency by market cap. The coin attracts attention from both meme fans and cryptocurrency enthusiasts due to its clever and playful use of meme culture.
Baby Doge Coin (BABYDOGE)
Baby Doge is a new crypto born by fans of the Doge meme community. The primary utility for Baby Doge is building a fun meme community to spread awareness of animal welfare and pet adoption. With a market cap of over $182 million and a trading volume of over $2.5 million, Baby Doge Coin is the 249th largest cryptocurrency.
The BabyDoge AI image generator allows the BabyDoge community to create AI Baby Doge characters, memes, and AI images on demand. Additionally, you can pay in BabyDoge to mint their images into NFTs. The ecosystem includes:
- Baby Doge AI: Boost your creativity and turn your artwork into NFTs.
- Baby Doge Swap: Swap any token on the BNB Chain in seconds.
- Baby Doge Card: Load your Baby Doge and other cryptos onto a virtual prepaid card spent in fiat.
Milady Meme Coin (LADYS)
Milady (LADYS) is a new meme coin that rose to fame after a viral Elon Musk tweet. The LADYS is the meme coin of the popular Milady NFT collection. It is not another meme coin, but a self-organised meme coin.
Milady Meme Coin has a market cap of over $50 million and a trading volume of over $4 million, making it the 517th largest cryptocurrency by market cap. While the team behind the meme coin project has not released any significant development updates recently, this meme coin can pull surprises in the next bull cycle.
Pros And Cons Of Meme Coins
Meme coins are a unique and exciting phenomenon in the crypto world, but they have advantages and disadvantages. Here are some pros and cons of meme coins that you should consider before investing in them.
Pros Of Meme Coins
- Meme coins have the potential to become highly profitable due to their viral nature. They attract significant attention and demand from the crypto community and the mainstream media.
- Meme coins can be fun, as they are based on humorous and relatable themes and characters, and they often involve memes, jokes, and pranks.
- Meme coins can build a strong and loyal community because they share a common passion and vision. They often support and reward their members with various incentives and benefits.
- Meme coins can be innovative and creative, as they can experiment with new ideas and features in the crypto industry.
Cons Of Meme Coins
- Meme coins can be extremely risky and volatile due to their unpredictable price movements. These meme coins can lose a lot of value in a short period.
- Meme coins can be unreliable and unregulated because they frequently lack proper development and governance.
- Meme coins can be vulnerable and exposed. They can be affected by external factors and events, such as the actions and opinions of influencers.
Are Meme Coins A Good Investment?
Meme coins are a controversial topic in the crypto world, as some people see them as a profitable investment opportunity, while others see them as a waste of time and money. The truth is there is no correct answer to this question, as meme coins are a highly subjective and personal choice. They depend on factors such as your risk appetite, investment goals, research and luck.
Meme coins can be a good investment if you are looking for a high-risk, high-reward strategy and are willing to accept the volatility and uncertainties. They can help you make huge profits quickly because of FOMO (fear of missing out) and social media effects.
On the other hand, if you are not a risky investor or only focused on long-term wealth generation, you should probably avoid meme coins. Their structural deficiencies, regulatory concerns, and price crashes after launch make them a questionable buy-and-hold investment.
They can crash due to the lack of fundamentals, the influence of whales and influencers, and the FUD (fear, uncertainty, and doubt) effect. But as part of a balanced, diversified crypto portfolio, some exposure to proven meme coins could increase your earnings.
How Can You Buy Memecoins?
Purchasing meme coins is easier today than ever before. Most of the exchanges have a Meme coin list available on their platform for their users. You can buy meme coins from any leading centralised crypto exchanges, like Binance, CoinDCX and KuCoin.
These exchanges now list the top meme coins and allow users to buy and sell directly with other users through their marketplaces.
Alternatively, decentralised exchanges (DEXs) like Uniswap empower you to swap other cryptos like ETH directly for meme coins. It’s slightly more complex to set up and fund a compatible crypto wallet than relying on an intermediary custodian. But DEXs grant access to more newly launched meme coins at the earliest stages.
Key Benefits Of Investing In Meme Coins
Investing in meme coins can offer you some key benefits that can enhance your crypto experience and performance. Here are some of the main benefits of investing in meme coins:
Explosive Price Potential
Plenty of examples exist where hot meme coins launch and surge 1,000% practically overnight. Being early for the next Dogecoin or Shiba Inu could easily offer a good return on investment (ROI) if luck and timing coincide favourably.
Building Community
Meme coins usually have a strong and loyal community, as they are based on a common passion and vision, and they often have a fun and entertaining culture. Additionally, it also helps you support and promote the meme coin project and its goals, which can increase its exposure and adoption.
Staking Opportunities
Meme coins can offer you staking opportunities, which means you can lock up your meme coins on a platform and earn passive income and rewards in return. Passive yield also reduces the dependence on speculative price action alone to profit from meme coin investments.
Potential Risks Of Meme Coins
Investing in meme coins can also expose you to risks that harm your crypto experience and performance. Here are some of the potential risks of investing in meme coins:
Price Volatility
Meme coins are volatile, and their price can go up or down. Thus, they can give you good returns but also expose you to more losses. The price volatility makes it more difficult and risky to profit from trading meme coins.
Regulatory Uncertainty
Meme coins can face regulatory uncertainty, which can be affected by the laws and regulations of different countries and jurisdictions. Regulatory uncertainty can pose legal and compliance issues and challenges for meme coin projects and investors as well as for the crypto industry as a whole.
This regulatory uncertainty can even limit the development, growth, and adoption of meme coins.
Scams And Rug Pulls
Meme coins can be vulnerable to scams and rug pulls. Scams and rug pulls can involve various methods and schemes, such as fake or cloned websites, phishing emails, social media impersonations, fake giveaways, pump-and-dump groups, and exit scams. This can result in the loss of your funds, your personal information, and trust in the crypto market.
Decline In Investor Interest
Meme coins can suffer from a decline in investor interest, which means they can lose their popularity and value over time. Some hot meme coins have faded away to almost zero trading volumes and valueless market caps.
The decline in investor interest can be due to factors such as the emergence of new and better meme coins, the saturation of the meme coin market, and the lack of innovation and development of the meme coin project.
Conclusion
While the crypto market constantly moves in a new direction, the popularity of meme coins shows no signs of decreasing in 2024. Meme coins can offer huge returns, fun, a strong community, and creativity. However, the speculative assets are driven by community coordination and hype, which certainly carry risks relative to other crypto sectors.
Therefore, before investing in meme coins, do your own research about the meme coins project and regulatory challenges. Different countries have different rules and tax structures for cryptocurrencies. You can use KoinX to get a detailed tax report and calculate taxes without errors. Join KoinX now and fill out your taxes with ease.
Frequently Asked Questions
How Many Meme Coins Are There?
As per the cryptocurrency listing platform coinmarketacp.com, there are more than 1300 meme coins available today.
Which Meme Coin Is Best?
There is no best meme coin because meme coins are created for fun and entertainment. But you can buy top meme coins like Dogecoin and Shiba Inu, as they have shown consistent growth and community engagement.
Which Meme Crypto To Buy Today?
Some top meme coins worth watching are Dogecoin, Shiba Inu, Floki Inu, Bonk, and Baby Doge Coin. These coins have growth potential and have active communities.
