Dogecoin, Shiba Inu, and other top meme coins of 2023 – Meme coins are the latest trend in the never-boring crypto-scene. Elon Musk, one of the world’s richest people, and his infamous tweet from April 2nd, 2019, around the “pretty cool” Dogecoin “might” being his “fav” (= favorite) cryptocurrency started this development. Since then, the world of meme coins has exploded, and many investors are scrambling to get in on the action.
Despite their popularity, however, meme coins are not without their risks. Some experts have labeled them as “scams” and “get-rich-quick-schemes,” and warn that their value may not hold up over time. Nevertheless, the lure of quick profits is too much for many investors to resist, and the meme coins that will explode in 2023 are sure to attract a lot of attention.
So, what are the best meme coins to invest in? Read on to find out about our meme coins list for 2023.
What exactly is a Meme coin?
Meme coins are cryptocurrencies with no inherent utility (except being means of exchange), themed around memes on the internet. Memes are usually humorous and entertaining pictures or videos shared in and going viral on social media networks. Yet, some “meme coins” can also be inspired by popular phrases or expressions in the crypto community.
Meme coins have become a leading phenomenon in the crypto-space over the last years. In fact, new meme coin projects have mushroomed, their only appeal being – or rather the claim – that they are “people-focused”, instead of the sometimes more technical focus of blockchain platforms like Ethereum, Cardano, Polkadot and others. Many investors are wondering which ones are the best meme coins to invest in. While some are skeptical of their long-term value, others see meme coins as a lucrative opportunity for quick profits. However, as with any investment, it’s important to do your research and approach meme coins with caution. It’s possible that meme coins may return to earth as gloom overtakes the crypto market, so it’s important to be prepared for the risks involved.
What is the appeal of meme coins?
The real appeal of meme coins, however, is a result of the intergalactic rise of the parody coin Dogecoin. The price of Dogecoin has increased by over 10.000 % alone between January 1st and May 4th 2021.
After incessant tweets by Elon Musk, popular mainstream media was happy to jump on the bandwagon and write questionable articles with headlines like “Dogecoin’s price has risen more than 100 times faster than Bitcoin’s in 2021”, “Dogecoin up 12.000 % since January” and many others. However, the popularity of meme coins can be highly unpredictable and subject to sudden changes in market sentiment in 2023. While the hype around meme coins like Dogecoin has died down somewhat since their early meteoric rise, many investors and crypto enthusiasts are still interested in finding the next big meme coin that could explode in value. This has led to the creation of numerous new meme coins, some of which have already seen significant price increases.
The implication is clear: “Buy the next big meme coin and you will make riches overnight”. A dangerous and misleading proposition. Ultimately, the appeal of meme coins is a mix of their humorous and entertaining nature, their perceived accessibility and inclusivity, and the potential for high returns. While investing in meme coins can be tempting, it’s important to do your own research and approach it with caution.
The 5 most popular and well-known Meme coins
Since the unstoppable rise of Dogecoin, meme coins have mushroomed with projects trying to be the “next big coin” to throw Dogecoin off its throne. In an increasingly less transparent jungle of meme coins, these 5 coins/tokens do stand out due to their market capitalization and level of adoption.
Dogecoin
Started in 2013 by software engineer Billy Markus, Dogecoin began as a parody of Bitcoin. Its prominent meme/symbol features the infamous Shiba Inu doge meme. The term “doge” is intentionally mistyped from the actual word “dog”. Unlike Bitcoin, Dogecoin has no maximum supply (hard cap), its inflation rate of currently around 3,85% per year is set to decrease over time.
Dogecoin is an open source, decentralized peer-to-peer network using the proof-of-work (PoW) consensus mechanism. Dogecoin is not Turing-complete and is not capable of hosting and executing smart contracts (like e.g., Ethereum blockchain). The coin has no other utility than the transfer of money.
The Dogecoin blockchain is highly centralized with 53% of all mining power being concentrated in just 4 big mining pools. If you are interested in buying Dogecoin check out Buy Dogecoin article on our website.
SafeMoon
SafeMoon is an altcoin launched in March 2021 on the Binance Smart Chain (BSC). Branding itself as “community-driven”, the project wants to discourage pump-and-dump-behaviour and encourage long-term-holding (“hodling”) by charging a 10% transaction fee, half of which goes to existing SFM hodlers and the other half used to supply market liquidity.
SafeMoon became infamous for hitting trending hashtags on Twitter on April 20, as users incessantly tweeted about the coin to attract new holders. SafeMoon has drawn a lot of criticism for its token economics which is set to favor existing hodlers at the expense of newcomers to the project. To learn more about investing in SafeMoon check out Buy SafeMoon.
Shiba Inu Token
Shiba Inu is a crypto-currency and ERC-20-token launched by the anonymous developer “Ryoshi” in August 2020. 50% of all initially minted tokens were sent to Ethereum founder Vitalik Buterin to give thanks for his creation. Inspired by Dogecoin, Shiba Inu seeks to replace Dogecoin in usage and popularity. Shiba Inu (SHIB) is merely an exchange utility token, there is no smart contract utility or capability in the network.
Despite lacking utility, it has attracted enormous price action in Q2 2021, following the enormous publicity around Dogecoin. The maximum supply (hard cap) is 1 quadrillion SHIB, roughly half of that (~ 498 bn) are currently already in circulation. SHIB cannot be mined. Check out Buy Shiba Inu if you are thinking about buying this meme coin.
Mona Coin
MonaCoin is a cryptocurrency launched in 2013, it is based on a cat-like creation called Mona, an ASCII character-based meme popular on the Japanese social community “2 channel”. Launched as part of the Mona project, the token was created by “Mr. Watanabe” whose real identity remains unclear to this day.
Mona Coin is a Litecoin hard fork, it uses the Lyra2RE hashing algorithm and creates blocks every 15 minutes. It has a hard cap (max supply) of 105.120.000 tokens. Mona Coin is particularly popular in Japan where many online and retail stores accept it as a form of payment. There is no smart contract utility, it is a pure means of exchange. To learn more about how to invest in this coin check out our web page Buy MonaCoin.
Dogelon Mars
Dogelon Mars is a digital currency and ERC-20-token that was launched on April 22, 2021. Its meme shows a Shiba Inu dog in suit and tie, mimicking Elon Musk, the self-proclaimed “Dogefather”. 50 % of all created 1 quadrillion ELON tokens were sent to Vitalik Buterin as a thank you for developing the Ethereum blockchain. ELON has no utility other than being a means of exchange.
Further skepticism is appropriate, given that its creator claims to be called “Elon”. Practically all information about the project is displayed on a single page of info on the project’s website where it envisions to be used to pay crypto-enthusiast who fell victims to scams, rug pulls and fake tokens. For investments in Dogelon Mars it is recommended to check out Buy Dogelon Mars on our website.
Top 3 new Meme coin Projects in 2023
While it is a must to know the best in the meme coin game, it is also necessary to keep up to the newest trends when it comes to meme coins. As many investors believe that meme coins can be worthy of attention during their peak, here is the list of some of newer meme coins that have gained popularity in 2022/2023:
HOGE Finance
HOGE Finance is a decentralized finance (DeFi) token that was created as a joke in 2021, but has since become a serious contender in the meme coin space. HOGE has a deflationary token omics model that incentivizes holders to hold onto their tokens, as a portion of every transaction is burned. This has led to significant price increases, with HOGE reaching an all-time high of over $0.09 in February 2022.
Shiba Floki
Shiba Floki is a meme coin that was created in homage to both Shiba Inu and Elon Musk’s dog, Floki. Shiba Floki has gained a lot of attention on social media, particularly on TikTok, which has helped to drive its price up in 2022-2023.
BabyDoge
BabyDoge is another meme coin that has gained a lot of popularity in 2022. Like its namesake, Dogecoin, BabyDoge has a cute and playful image that has helped to attract a large community of supporters. The BabyDoge community has also been actively involved in charity efforts, which has helped to bolster its reputation in 2023.
Unique Risks and Rewards – Are meme coins worth a shot?
Meme coins come with a unique set of risks and rewards. Most cryptocurrencies are rather volatile and risky, meme coins are the extreme version of this. The allure of meme coins is their massive price increase like Dogecoin that gained over 10.000 % in a couple of months. However, the risks are enormous and plenty:
Exaggerated claims and best-case scenarios
Firstly, the insane price increases frequently discussed around meme coins actually are over-exaggerated best-case scenarios (between bottoms and all-time-highs) that don’t apply to practically a single investor of these coins. It tends to lead users astray with false hopes as the majority actually buys at much higher prices and often ends up losing money instead of even making small gains.
High volatility
The enormous volatility poses great risk of horrendous losses. During Elon Musk’s infamous SNL performance on May 8th 2021 alone, the price of Dogecoin plummeted by over 30% in just a little above 1 hour.
Lack of futility eliminates all fundamentals
All presented meme coins are merely a way to exchange money, there is no ecosystem or smart contract-capability that could give the tokens some inherent value based on the size and growth of the actual speaker system. This also makes abrupt price loss more likely.
Fake sense of community
Meme coins like to talk a lot about being “community-driven”. This is a lofty and laudable goal but far from reality. Typically, there is less of a community but rather a bunch of users seeking to encourage more users to buy the coin to increase the value of their own token. Real communities are found in real crypto projects with network effects and inherent utility like e.g., Ethereum or the BAT token.
Lack of transparency
Most meme coins lack transparency. This is less about the sometimes-anonymous development team but creators not showing proof of statements like the correctness of smart contract code or how many tokens the creators actually own.
Risks of rug pulls and manipulation:
Many meme coins bring the risk of “rug pulls” – a phenomenon where the founders of a project run away with investor’s money quickly after a project is launched. The creator’s first get many investors to buy their token and then suddenly sell all of their tokens at a high price. The investors are left behind with nearly worthless tokens that have dramatically plummeted in price. A more complex version of this is to remove token liquidity from liquidity pools with decentralized crypto exchanges, which can leave investors with no option to sell their tokens.
The phenomenon of investing in memes:
Only the irrational hope of enormous price increases can explain why some people would put big investment into meme coins. The trend of turning investment into entertainment is highly troublesome. People must remember they put their hard-earned money and – in some cases even life’s savings – into the strangest of schemes: How could this possibly go right?
For every one “Dogecoin millionaire” there are thousands of latecomers that have lost money they can’t afford to lose.
Conclusion
Meme coins have gained a lot of attention and popularity in the crypto-space thanks to their entertaining and unique nature. While some meme coins have real potential and use cases, many are simply created for quick profit and lack substance. Unfortunately, the rush to invest in these coins has led to numerous tragedies, with many individuals losing their life savings.
Despite this, it’s important to remember that the crypto-space is also home to countless innovative and game-changing projects that have the potential to revolutionize various industries. While the current focus on meme coins may distract from these more substantive projects, it’s important to continue to support and invest in them.
Ultimately, the popularity of meme coins highlights the fun and creative potential of the crypto-space, but it’s important to approach these investments with caution and critical thinking. By balancing the entertainment value of meme coins with a commitment to real innovation and substance, we can ensure a bright future for the crypto-space.
FAQ
What are meme coins?
Meme coins are cryptocurrencies themed around memes on the internet, with no inherent utility except as a means of exchange.
Why are meme coins popular?
Meme coins have gained popularity due to their association with humorous and entertaining memes, as well as the potential for large profits if the price of the coin increases.
Is it safe to invest in meme coins?
Investing in meme coins carries a high level of risk, as their value is often highly volatile and subject to market manipulation. Investors should only invest money that they can afford to lose.
How can I research meme coins before investing?
Before investing in meme coins, it is important to research the project, the team behind it, and the community’s sentiment towards it. Investors should also look for red flags such as anonymous developers or lack of transparency.
Should I invest in meme coins?
Investing in meme coins can be extremely risky, and investors should only do so if they have a high tolerance for risk and have thoroughly researched the project. It is generally recommended to only invest in meme coins with money that you can afford to lose.
