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What Is a Meme Coin?
Digital tokens known as “meme coins” gain popularity because of their connections to internet memes. Memes were first created as lighthearted jokes that were greatly affected by online culture and concepts. There are a ton of meme projects these days, ranging from the greatest multi-chain tokens based on memes to the finest B&B meme currencies.
Meme coins typically have no particular purpose. Instead, social media, internet forum debates, and even celebrity endorsements frequently impact the value of these meme currencies.
Dogecoin was the first cryptocurrency to refer to itself as a “meme coin.” After it became popular, the cryptocurrency market saw a meteoric rise in the number of meme currencies. Several of these, including Bonk and Shiba Inu, are well-known among cryptocurrency investors and are readily available on the top P2P exchanges.
However, investors have lost money as a result of some meme coins. There are excessive dangers associated with investing in meme coins since it is impossible to forecast market movements, particularly in the near term.
8 Methods to Spot New Meme Coins
Our crypto specialists have experimented with hundreds of techniques to find new meme currencies and have selected the top eight:
- The community leads it: Meme coins frequently become well-known due to online communities, forums, and social media sites.
- It’s getting a lot of attention on social media: Meme coins are most likely those that are being heavily pushed through memes and internet forums without any apparent core value.
- It serves no use: The majority of meme currencies seem to be more concerned with marketing or user entertainment than they are with having a clear technology or function.
- You have no idea who is behind: Meme coins might not be transparent about their development team, or they might have an anonymous team instead of a doxxed staff. Investors may be wary of an undocked team.
- It is highly erratic, and its cause is unknown: Meme coin values are typically erratic for unclear reasons since excitement and conjecture drive them more than their true worth or usage.
- It is focused on the short term: They frequently place more focus on short-term profits than long-term sustainability since they’re frequently built on transient phenomena, like memes.
- It’s vital to remember: Not all coins with unusual branding are meme coins, and some meme coins could eventually develop usefulness.
Do I Need to Buy Meme Coins?
We go over the reasons why investors might want to think about meme coins in the below section:
Meme Coins Might Bring in a Lot of Money
Meme coins have caused some of the greatest changes in the cryptocurrency market despite their lack of use. These abrupt price changes frequently result from the curiosity sparked by helping internet groups.
For instance, Dogecoin’s price increased by almost 7,000% in 2021, from around $0.009 to $0.68. By the end of the year, Dogecoin’s price had fallen to about $0.17 from its all-time high of $$0.7316. The price fell below $0.06 as this decline persisted long beyond 2022 and 2023.
But once the second cryptocurrency bull run got underway in the first quarter of 2024, the price started to rise once more. In March 2024, $DOGE hit $0.2, rewarding holders.
dogwifhat is an even more extreme example; driven by a dedicated community, it rose from lows of $0.06 to highs of $3.53. That represents a rise of almost 5,780%.
Meme Coins Are Supported Widely by the Community
Investors should look for meme currencies with strong community support while looking for the next big thing. As we’ve discussed, the price movement of a meme currency may be greatly influenced by the community.
Community members have the power to make a token go viral, inspire others to invest, and disseminate the word about the currency. That being said, meme coins that have the potential to blow up may be found on social media sites and online discussion boards like Reddit.
Comparing New and Large Cap Meme Coins
You could be debating whether to remain with large-cap currencies like Dogecoin and Shiba Inu or invest in newer coins like TON-based or Polygon joke coins. Your decision is based on your investing objectives and risk tolerance.
Well-established meme currencies have a track record and are more stable. Although their development potential is slower, they are less erratic. High gains are possible with new meme currencies, but the danger is also larger. There are benefits and drawbacks to both strategies.
The Cons of Purchasing New Meme Coins
Although there is a chance for enormous profits, investing in meme coins carries some risk.
- Lack of utility: With a few notable exceptions, the majority of meme currencies have no practical uses. A new meme’s worth is frequently determined only by the craze that circulates on social media, which can fade almost as fast as it emerges.
- Exceptionally volatile: All cryptocurrencies are erratic to some extent, but meme coins are more so since they primarily depend on the excitement of the community and social media buzz.
- Possible frauds: A lot of meme currency initiatives have ended up being scams.
- Limited details about the development team: Unlike respectable cryptocurrencies, which are often supported by recognizable development teams, meme coins may not be transparent about their development team or may have an anonymous team.
- Absence of regulation: Compared to more established cryptocurrencies, many meme coins operate in less regulated environments, which provides an ideal platform for bad actors to manipulate markets and commit fraud.
- Inadequate security measures: A lot of meme currencies begin without strong security measures since they are far more focused on marketing than security. This exposes them to security lapses and hackers, endangering the money of investors.
When searching for the next big meme currency to add to their portfolio, investors need to exercise great caution. They may be able to profit from cryptocurrency meme coins if they can purchase and sell them at the appropriate times.
However, they can also lose every penny they put in. The best course of action would be to concentrate on cryptocurrencies with solid foundations that should hold their value over time.
What Affects a Meme Coin’s Price?
Supply and demand have an impact on cryptocurrency prices, just like they do on any other type of investment. The top five elements that affect a meme coin’s price are:
Gaining Popularity on Social Media
Meme coin price increases are mostly caused by becoming popular on social media, which is frequently encouraged by excitement and FOMO. A meme coin’s visibility and trade volume grow when it becomes popular online, which frequently causes its price to climb quickly. Interest and investment may be amplified almost instantly by influencers and viral posts.
Keep an eye out for popular meme coins on sites like Reddit and X to take advantage of this. Track growth and sentiment with social media analytics tools like Brand24 and Hootsuite.
It might be beneficial to make early investments in meme currencies that are becoming popular online. But constantly weigh the danger, because the enthusiasm can evaporate fast and cause steep drops in value.
Overall Market Performance
The price of meme coins is heavily influenced by the overall performance of the market. Meme coins frequently enjoy greater profits when the overall crypto market is upbeat because of heightened investor confidence and speculative trading. On the other hand, these currencies can see more severe drops during bad markets.
Track indexes such as the performance of Bitcoin and the entire cryptocurrency market capitalization to evaluate and profit from market movements, since these frequently determine the mood of the market. Use cryptocurrency tools for trend analysis and real-time data, such as TradingView.
Meme coins can yield maximum gains if you buy during uptrends and think about timing your exits, but you must use caution while managing your risks because of their extreme volatility.
Trade Listings
A meme coin’s exposure, accessibility, and legitimacy are all improved when it gets listed on the top cryptocurrency exchanges; this frequently leads to a spike in price because of increased trading activity.
Keep up on exchange news and upcoming listings to capitalize on this. Join the online communities of the main platforms and subscribe to their newsletters.
You can potentially profit from early price surges by purchasing related meme coins early on and being among the first to learn about impending crypto listings.
Token Burning Events
Token burning events are essential to the rise in meme coin prices since they decrease supply and raise the currency’s scarcity. If demand stays constant or rises, this shortage may result in increased pricing. These kinds of things usually happen with deflationary cryptocurrencies, which use methods like token burning to increase value.
By monitoring official coin announcements on social media or specialized cryptocurrency news websites, investors may keep tabs on these developments. For instance, Coinradar lets you look for different cryptocurrency events.
Consider purchasing tokens before declared burns and selling them after the event to take advantage of any price increases to benefit from token burns. To ensure that your judgments are well-informed, always confirm the burn’s size and its historical effect on the coin’s price.
Celebrity Approvals
Celebrity endorsements draw a lot of interest and money, which drives up the price of meme coins. Price increases often result from well-known crypto influencers and KOLs (Key Opinion Leaders) publicly endorsing a meme coin.
Investors may take advantage of this by keeping an eye on the social media accounts of celebrities and cryptocurrency influencers. Keep an eye out for abrupt spikes in the number of followers or mentions of particular currencies.
It can be advantageous to move swiftly on these recommendations but to prevent passing hype, it’s critical to evaluate the endorsement’s potential impact and sincerity.
Conclusion
Our choice for the greatest meme coin to purchase in 2024 is Pepe Unchained, even though Dogecoin now has the largest market capitalization. Token holders can benefit from this new meme coin due to its Layer 2 scaling approach. But we always recommend our readers to do their research before making any investments.
