Ever since its 2013 boom, the crypto industry has continued to witness numerous kinds of projects. One of the categories of projects that have, in recent times, stormed the industry is meme coins. In the past years, scores of memecoin-oriented tokens have emerged, thereby providing investors with wide investment alternatives. Meanwhile, the coins are usually driven by their respective community. The community of memecoin projects is built around social media and other community-oriented sites including Discord, Reddit, Telegram and many more.
It is worthy of note that holders of meme coins sometimes get rewards as a means of promoting the projects. These tokens are volatile just like other forms of cryptocurrencies and their prices are influenced by situations in the broader market. Also, the price performances of meme coins, sometimes, depend on the sentiment of the community about the tokens. This article aims to critically examine the top 10 memecoin cryptocurrencies to look out for this year. However, before proceeding to that, it is imperative to explain the concept of meme coins.
What are Memecoins?
Worthy of note that meme coins are those crypto projects that came into existence as a joke. The inspiration behind the emergence of these tokens is usually a viral internet meme or joke. Identifying memecoins is not tedious as they mostly have humorous names. As noted earlier, memecoin projects derive their values through the activeness of their communities. Meanwhile, they also respond to the situations in the broader market. The manner in which the recent BTC price rally impacted the prices of dogecoin, shiba and other memecoins bear testimony to this.
Growing popularity of meme coins
Without any doubt, the popularity and adoption of this category of cryptocurrencies has continued to soar. Dogecoin and Shiba Inu for instance have enjoyed remarkable mainstream adoption by investors, thereby amassing billions as market cap. Amid the growing adoption of these projects, this article will analyze the top 10 for investors to look out for.
DogeCoin
Dogecoin has shown some flashes of what investors should actually expect from the project in 2023. Heading into the new year, many expected the token to bounce back and reward holders accordingly. Gaining support from Elon Musk alongside the eventual takeover of Twitter that emanated late last year boosted investors’ hope in the token.
In return, Dogecoin has been able to maintain its lead as the largest meme coin. However, the use cases of the token haven’t helped either. The largest meme coin is struggling for relevance due to its limited use cases.
Presently, the lack of enough utility is a notable factor that has limited the growth of the coin. Also, the growing attention on AI tokens shifted attention from most projects in the crypto space. DogeCoin is inclusive and investors haven’t paid much attention to it like before.
Despite these heavy challenges, DogeCoin has been able to forge ahead and remain relevant in the market. It is believed to have a host of positive positions that can aid its growth. The Meme coin market is very much at a growing stage. Many expected DogeCoin to usher this sector into a new era. Luckily, the coin has been able to keep up with the pace of the fast-growing crypto market.
Shiba Inu
Shiba Inu has emerged as one of the most notable meme coins around. Today, the project is the major competitor to Dogecoin, the largest memecoin by market cap. Occasioned by its mainstream adoption and popularity, it boasts of over $8 billion and more than 2 million holders. This is why Shiba Inu has earned its title as “Dogecoin Killer.”
It came into the limelight in late 2020. The developer of Shiba Inu described it as an experiment in community governance and decentralization. Presently, the memecoin remains compatible with Ethereum, thereby aiding its usage as a payment option.
The developers of Shiba Inu plan to come up with a metaverse game to expand the utility of the tokens. With the game, users will be able to spend their Shiba token. Also, the popularity of the memecoin grew following the unveiling of Shibarium layer 2 scaling protocol. According to its team, the protocol is geared towards expanding the development of the Shiba ecosystem by accelerating transactions and ensuring lower fees.
Floki Inu
Floki Inu unlike DogeCoin has been put to good use, gaining support from the SHIB community. Though the token as well hasn’t gained any endorsement from Elon Musk. At a time, the Tesla boss came out to debunk rumors about his ownership of the token. Though Musk admitted to being a big fan but he doesn’t hold any SHIB presently.
The token serves as a utility token to the Floki Ecosystem. Accordingly, Floki Inu placed itself among other top meme coins owing to the efforts of its team toward the growth of the project. The continuous effort to growth the Floki Inu ecosystem has paid off for the token.
Investors are beaming with hope considering how the coin has grown over the years. However, investors should keep a close eye on the meme coin and monitor the advancement of its ecosystem. As a utility token, the growth and advancement of Floki Inu ecosystem.
A positive point investors can take into consideration in Floki Inu is how the project is aiming to merge utility and meme. In the long run, Floki is aiming to engage in numerous collaborations and develop use cases for its native token. Therefore, if the team behind the project can stay true to this course Floki Inu can be one of the meme coins to watch it for in 2023.
Tamadoge
Over time, Tamadoge has established itself as one of the leading meme coins in the crypto market. Its native protocol is enveloped with a metaverse-based gaming system that relies on the token as a source of power. The game runs a play-to-earn technique, making it possible for players to collect the token as rewards for their participation. As of the time of writing, gaming titles on the ecosystem include Super Doge, Rocket Doge, To The Moon and Tama Blast.
Beginners willing to participate in the games must first mint their Tamadoge NFT pets and consequently use them to compete with other players. As players proceed with the games, they earn points which become calculated at the end of the month. Worthy of note that the player with the highest points receives a token reward.
Meanwhile, Tamadoge remains a deflationary token, making it very attractive to investors. It possesses two billion supply and can be purchased on numerous exchanges like OKX, MEXC and many more.
Dogelon Mars
Enjoying a price surge at the start of the year, Dogelon Mars is placing itself in the conversation of top Meme tokens. In 2023, the meme coin has shown some impressive performances. This highlight of the coin’s performance and its status in the meme coin market is a strong pointer to attract investors attention.
Dogelon Mars is attempting to imitate the success of other top meme coins like DogeCoin, Shiba Inu, and Floki Inu. To some extent, the price projection of Dogelon Mars can be dependent on the above-listed meme coins. Likewise, there is a huge possibility that the token may not soar as high as its listed peers. Nonetheless, the coin is likely to enjoy a good price trend that’ll shift attention to it.
Baby Dogecoin
Baby Doge surfaced due to an effort from Doge meme online community. The project is aiming to address the shortcoming of Doge by offering improved speed. In 2023, the coin is projected to enjoy a good run by rewarding users.
The growth may not be as massive as investors anticipated due to the stern competition in the meme coin market. Despite the competition, Baby Doge’s performance will be better compared to most of its peers.
More so, Baby Dogecoin’s value has unhurried traction compared to other meme coins like Dogecoin and Shiba Inu. Keeping the coin for most of 2023 and beyond can yield more returns compared to its rivals. This projection is possible because the tokenomics Baby Dogecoin frowns against pumping, dumping, and selling.
Volt Inu V2
Volt Inu V2 found its way into this list as a result of an exhaustive analysis. According to market projections, Volt Inu V2 is expected to perform well in 2023 compared to some meme coins. Volt Inu as a highly deflationary token is bound to grow more due to some deflationary techniques and additional revenue generation.
To pose a good return in 2023, Volt Inu will depend heavily on the atmosphere of the crypto market. The price upturn of crypto assets will push the coin to soar, placing it in a better position due to its deflationary techniques. Consequently, projecting Volt Inu among top performing meme coins.
SamoyedCoin
SamoyedCoin also ranks well in our list of top meme coins to look out for this year. According to findings, the coin is usually issued on the Solana network, thereby making its transactions fast and efficient. Worthy of note that SamoyedCoin adopts Samoyed, a dog breed that appears similar to a wolf as its mascot. Over time, transactions relating to SamoyedCoin have proven to be more cost-effective, faster and energy-driven than Dogecoin and Shiba.
In recent times, its team has been working round the clock to expand the ecosystem of the project. Recently, the team developed the SamoyedCoin NFT collection. According to findings, holders of the NFT collection will be eligible to claim exclusive benefits on the network. Meanwhile, it is worth mentioning that SamoyedCoin remains deflationary, thereby driving its attractiveness to investors. Although token is yet to enjoy mainstream popularity and adoption like Dogecoin and Shiba, it is tipped to attain greater heights in the distant future.
Banano
Certainly, Banano remains in the list of top meme coins with great potential. According to findings, it possesses the capacity to carry out transactions within seconds with no fees. No wonder, the project has emerged as the favorite of investors making small transactions. More so, the project allows users to get its token for free by playing games on its website. Some of the games include BananoBet, Dice and many more. Apart from playing games, users can also earn the token by exploring JungleTV, a video-sharing project. Although Banano is still yet to record massive adoption, it possesses the potential to attain greater heights.
Monacoin
Monacoin makes our list of top meme coins to look out for this year. Launched in 2014, the token possesses an open-source decentralized framework. Although the token is yet to feature on as many exchanges as possible and its adoption has not been as huge as expected. But, its attributes make it a token with a promising future ahead.
According to findings, Monacoin came into the limelight as a hard fork of Litecoin. Its developer designed the logo of the project to complement a popular cat character in Japan. Today, Monacoin serves as a tipping or reward token on numerous mobile projects. Apart from serving as a payment mechanism, Monacoin is yet to possess another utility. But, as its developers work round the clock to expand its ecosystem, it is expected that the utility of the token will increase.
Conclusion on Top 10 meme coins
Meme coins have been around for a while serving as an investment option for crypto enthusiasts. In 2023, their position in the crypto space is under threat due to the recent price upturn of some virtual assets. Additionally, the growing value of AI tokens can as well have a negative impact on their prosperity.
Nevertheless, meme coins will manage to strive in the market due to sentiment and support from their communities. According to analytical projections, the above-listed tokens are top meme coins investors should take note of. The listed tokens emerged due to their recent price performance and their potential of posing good returns. Also, after a stern analysis, the listed tokens are likely to enjoy a promising run in 2023.
However, investors should avoid depending on this piece as financial advice. The volatile nature of the crypto market can come into play at any time, affecting the tokens under review. Going by that, these coins can fall off the predicted height.
Instead, investors should endeavor to carry out independent research, study market trends, and monitor their respective progress. Lastly, a wrong move or investment choice can result in a permanent loss of funds. Therefore, investors must be careful before making any financial decision.