In 2023, the meme culture reached its peak and is becoming more popular than ever, and as a result, meme coins proliferated within the crypto market. Moreover, quite an interesting phenomenon has emerged, whereby many industries are starting to use memes for marketing or fun.
In this ultimate meme coin guide, we are going to discuss the following:
- What are meme coins, and how do they work;
- The best meme coins of 2023;
- Benefits and risks associated with the meme coins;
What are Meme Coins?
As the nature of meme tokens emerged as a subset of cryptocurrencies that are often created as a joke or satire and are based on internet memes or popular culture references, in essence, many meme tokens are digital tokens with no intrinsic value.
However, their value relies on a robust community connection whereby many investors are jumping in the water, hoping to hit the jackpot.
All of the meme coins rely on community support, and their widespread adoption is due to the massive growth these coins usually get. Upon investing in meme coins, it is advisable to do your research, as pump-and-dump schemes are highly tied to the meme coins traded on a decentralized exchange.
Besides this, other meme coin creators rug pull their projects after a few hours or days, meaning the token bought has no value due to the creator running away with the latest fraudulent gains. This is why you should be extremely careful when investing in meme coins.
Additionally, social media platforms have a significant impact on the growth and adoption of meme coins, as many meme coins rely solely on the humorous characteristic that impacts the market sentiment instead of its value, thorough utility, and technology and development, which in the end, delivers a significant supply and demand, adoption and partnerships.
Most of the meme cryptocurrencies reached their high positions due to the social media hype, as most people tend to pick the most popular meme cryptos instead of researching, analyzing, and further investing in a meme project that aligns with their goals.
How Do Meme Coins Work?
Now that we’ve learned more about the nature of meme coins, it’s time to delve deeper and understand the fundament upon which a meme coin works.
So, as most meme currencies lack intrinsic value or a concrete use-case, they are being built upon layer-one blockchains; the vast majority are on Ethereum and use the ERC-20 smart contract standard to transact.
However, there are some exceptions; the most notable is Dogecoin, the father of meme coin projects. DOGE has its own blockchain and native token, somewhat similar to Bitcoin. Also, this recognizable meme coin works on a Proof-of-Work mechanism with an unlimited supply, unlike the most well-known crypto, Bitcoin.
Unlike the original meme coin, other meme coins, such as Shiba Inu (SHIB), have their ecosystem upon which additional crypto projects are built to provide value and an entertainment source for its users.
To simplify this and put it in perspective, regardless of the running ecosystem, most meme coins rely on market sentiment that crypto creators are trying to reach with the chosen meme upon which the currency is developed.
A good example is Dogecoin, where Jackson Palmer created this meme cryptocurrency to mock the market’s greed and the clone coins that kept popping out. DOGE was never intended to be more than a fictional and humorous coin.
The Benefits of Buying Meme Coins
Buying meme coins has some potential benefits, yet it’s important to approach such investments cautiously due to their volatile nature. Here are the possible benefits:
- Low entry cost – this aspect makes them available for a broad range of crypto enthusiasts who don’t afford to invest in some of the most well-known coins, such as Ethereum or Bitcoin, and it could be a good starting point for a newbie.
- Community engagement provides insights into the market sentiment that we all know contributes to further developing and adopting the specific meme coin ecosystem.
- Potential high ROI, as seen with PEPE coin and other meme coin projects.
Invest with a critical eye, enjoy the benefits, and, as always, don’t invest more than what you’re okay with losing.
The Risk Associated with the Meme Coins
As said, we wish for any cryptocurrency investor to fully understand the crypto market, with good and bad, upon investing in meme coins. Considering the drawbacks associated with investment in meme coin projects is crucial.
- Market volatility, as seen in the evolution of Dogecoin, PEPE coin, and other coins. Additionally, there is the risk of pump-and-dump schemes and market manipulation to cause inflation, and as we already know, it will end up in a loss for many investors.
- There needs to be more utility, as many of them are created as a joke or satire and may need a clear use case.
As these two are considered to be the most essential drawbacks of meme coins, it is wise to remember that the crypto market is generally susceptible to other risks, such as lack of transparency, regulatory uncertainty, and others.
Top Meme Coins in 2023
As we already discussed, Dogecoin started a trend that many years later is still popular and unleashed the power of such a meme coin. Meme crypto coins somehow have legitimacy in the crypto space. Yet, most appear to be a rug pull or a scam.
We invite you to read further as we are now taking a deeper dive into the adventurous journey of the best meme coins that changed the crypto space and are suitable for long-term investments in 2023.
As always, please research and learn more to ensure maximum gains, the safety of your assets, and peace of mind.
So, if you wish to buy meme coins, stay tuned as we’ll be analyzing the token supply, the rewards, and the payment method of such digital assets and spread awareness on the best meme coins that impacted the crypto market.
So, without further ado, let’s get started!
1. Sonik Coin
Sonik coin is amongst the new meme coins developed for Sonic the Hedgehog fans that, since its launch, has raised more than $1.3 million in just over two weeks. Moreover, 40 billion $SONIK tokens have been added to the staking pool, with a current estimated APY of 58%.Wall Street Memes ($WSM) – The New Meme Coins from the Block
A crypto meme coin project that surprised the community is the Wall Street Memes, developed by the Wall St Bulls, which also created the unique NFT collection.
But what’s striking about this project is that the crypto project has surpassed more than $25 million, having the meme coin presale close to the highly anticipated initial exchange offering.
Another critical aspect of the Wall Street Memes project is the fact that it has a total supply of 2 billion tokens, whereby 1 billion has been allocated towards the presale investors, and the other billion will be invested in the community rewards and liquidity exchanges.
At this point, we could suggest that September 2023 has been marked by the fear of missing out on this latest meme coin, going up to the point of raising $1.4 million in only one day, whereby 1 WSM is $0.0337.
2. Dogecoin (DOGE) – The original meme coin ahead of its time
Dogecoin (DOGE) is not just a meme coin; it’s the original meme token officially launched on December 6, 2013. Since then, it has been one of the most recognizable meme coins of all time, and as a result, in 2023, DOGE has the most significant market capitalization, $8,824,096,181.
Having as a logo the famous Shiba Inu, DOGE started the meme coin market in 2020 and was created as a joke, but the community liked it, so the crypto market had a new type of cryptocurrency: meme tokens.
Additionally, people obtained DOGE by mining on its native blockchain or getting it free from doge faucets. Some crypto users even used it as a game token in play-to-earn games where users could win Dogecoin.
Its humorous characteristic made Dogecoin a sensation among crypto investors – and the fact that people were using it made it a popular meme coin. Moreover, as it’s Elon’s favorite meme coin, it led to multiple meme coin derivates using the Doge name in their cryptocurrency, like Baby DogeCoin.
Additionally, many investors wonder if DOGE will reach $1, and we can’t say that with certainty. Yet, it is the most popular one that enjoyed social media endorsement for the controversial Elon Musk and is still the most valuable meme coin based on its market cap.
DOGE Price Statistics
- Dogecoin Price: $0.060980;
- 24h Low / 24h High: $0.060516 / $0.061239;
- 7d Low / 7d High: $0.060627 / $0.063122;
- Trading Volume: $122,651,751;
- Market Cap Rank: #9;
- Market Cap: $8,612,166,179.
3. PEPE Coin – The Fastest Growing Meme Token
There aren’t many crypto enthusiasts who haven’t heard about the PEPE coin, as it quickly positioned itself as one of the best meme coins that experienced a substantial increase of 525% in just two weeks after being introduced to the market, outperforming Shiba Inu and Dogecoin.
As it started from zero, PEPE the Frog reached a market cap of 1.6 billion USD on May 5, 2023, and currently has a market capitalization of $302,402,912.
Yet, things weren’t this favorable since the beginning, whereby the meme coin course took a different turn in 2015 with all the meme coin versions such as “Sad Frog.” This led the creator, Matt Furie, to distance himself from this meme coin project and take legal action.
However, this meme coin got on the right track in 2019 during the Hong Kong protests, where it emerged as a symbol of freedom and resistance.
As we have yet to determine whether it was the fear of missing out, the crypto community jumped on the hype train on Pepe coin, making it one of the fastest-growing meme tokens in crypto history.
PEPE Price Statistics
- Pepe Price: $0.000000715856;
- 24h Low / 24h High: $0.000000682503 / $0.000000721010;
- 7d Low / 7d High: $0.000000609347 / $0.000000725965;
- Trading Volume: $62,256,959;
- Market Value Rank: #109;
- Market Cap: $302,290,373.
4. Shiba Inu (SHIB) – The DOGE killer meme coin
Created in August 2020, the Shiba Inu (SHIB) took the crypto industry by storm in May 2021, whereby it witnessed a 457% pump, thus making history by reaching a market cap of over 40 Billion USD – without any real-world utility. As such, Shiba Inu became the second fast-growing meme token by market capitalization.
It’s meteoritic rise put Shiba Inu in the crypto history book – and made the cryptocurrency market understand that meme coins can grow faster & harder than even legit projects. Everyone was buying Shiba Inu when multiple utility projects struggled to get attention on online forums.
Shiba Inu SHIB Price Statistics
- a single Shiba Inu token Price: $0.00000731;
- 24h Low / 24h High: $0.00000720 / $0.00000734;
- 7d Low / 7d High: $0.00000723 / $0.00000764;
- Trading Volume: $72,869,630;
- Market Value Rank: #16;
- Market Value: $4,308,301,284.
5. Baby Doge Coin – One of the Best Meme Coins for Charity
Built on the Binance Smart Chain and having a charitable mission and vision for the dog welfare organization, BABYDOGE enjoyed community support, which is part of its identity. Additionally, Baby Doge Coin leaped into the NFT world, creating Baby Doge Swap.
But what makes this meme coin project interesting? Having its tokens spent 5% of each transaction back to its holders, Baby Doge Coin ensures its crypto long-term users’ loyalty to benefits from the trades.
Besides meme coins, Baby Doge Coin brings a fresh mix of community engagement, tech advancement, and charitable impact, securing its place among the best meme coins in 2023.
BABYDOGE Price Statistics
- Baby DogeCoin Price: $0.000000001031;
- 24h Low / 24h High: $0.000000001011 / $0.000000001055;
- 7d Low / 7d High: $0.000000000997769 / $0.000000001078;
- Trading Volume: $542,867;
- Market Value Rank: #178;
- Market Value: $163,332,831.
6. Floki – The People’s Cryptocurrency
Floki quickly became one of the most popular meme coins as it was called ‘the people’s cryptocurrency.’ Their strong community & their massive ad campaigns made the crypto space recognizable FLOKI as one of the top meme coins.
FLOKI also launched a metaverse, an NFT collection, and a prepaid crypto card. While the market capitalization didn’t reach Shiba Inu highs, Floki has a strong community and is one of the most recognizable meme coins.
FLOKI Price Statistics
- FLOKI Price: $0.00001581;
- 24h Low / 24h High: $0.00001562 / $0.00001592;
- 7d Low / 7d High: $0.00001539 / $0.00001627;
- Trading Volume: $4,495,189;
- Market Value Rank: #181;
- Market Value: $157,363,672.
7. Dogelon Mars (ELON) – The space-themed meme coin
Dogelon Mars token proves that the meme coin market is something else. The cryptocurrency’s primary purpose was to be used as a main currency once Elon populated Mars.
And, of course, the idea was well-liked by the meme coins degens, which made ELON one of the top meme coins for a short period. Many people hoped it could reach its past value again, but for now, it’s one of the old meme coins.
ELON Price Statistics
- Dogelon Mars Price: $0.000000128379;
- 24h Low / 24h High: $0.000000126234 / $0.000000128654;
- 7d Low / 7d High: $0.000000126369 / $0.000000135700;
- Trading Volume: $2,770,312;
- Market Value Rank: #300;
- Market Value: $70,561,532.
As the world of meme coins continues to be dynamic, the meme culture continues to thrive, and as a result, so do these unique digital assets. While meme coins are often seen as satirical, they have proved to be more than a joke, carving a niche in the crypto market.
Some also achieved substantial growth, demonstrating the power of community engagement, a positive market sentiment, and a pinch of FOMO.
From the original Dogecoin to newer entrants like Sonik Coin, Wall Street Memes, and Baby Doge Coin, these digital assets have a dedicated following and have generated significant interest.
However, it’s crucial to approach meme coin investments with caution. Their volatility and susceptibility to market sentiment mean risks abound, including pump-and-dump schemes and the lack of a clear use case.