What Are Meme Tokens?
Meme tokens are a type of cryptocurrency. But these cryptos come with a quirky undertone, unlike some serious projects such as Ethereum or Bitcoin. They make us laugh and bring some life into the exciting but rather serious world of crypto, and that’s one of the critical reasons for their popularity.
But meme tokens are usually not a genuine form of currency or a project with otherworldly utility. Don’t get me wrong, some are, and many could be, but if we remove the entertainment aspect, most meme tokens don’t provide any fundamental value or utility.
Do people still love them? Yes.
But do they buy them? Also, yes.
Photo illustration: Freepik
Meme tokens are all the rage, starting from the OGs such as DOGE to newer projects such as PEPE. And if you’re wondering why people buy it, here are some reasons why some investors are actively scouting for the next big thing in the meme token world:
- Cultural relevance: As you already know, memes are a significant part of internet culture. By including popular memes and all the references that go hand in hand, meme projects capitalize on this cultural relevance. Look at it this way – when a meme goes viral, you will see it on every corner of the internet, be it Instagram, Twitter, or a Discord channel. Similarly, meme-driven trends can spread like fire because they trigger nostalgia and familiarity and are already widely adopted by the general public.
- The fear of missing out: Another reason why meme coins sell so well is that they are often associated with the potential for high returns. The idea, or rather a dream, that people can become a multi-millionaire with minimal crypto investment, and of course, the fear of missing out, urge some investors to get their share of meme coins. And coin by coin, over 50% of the supply is gone.
- It doesn’t have to be risky: Do you know how many people want to invest but don’t want to own only 0.00012 BTC or ETH because, let’s face it, it doesn’t look that good on paper? But if they invested the same amount of money they used to buy 0.00012 BTC, they would have gotten many coins. In other words, meme coins allow you to start exploring the crypto market without a significant financial commitment. After all, the majority of meme tokens are worth less than a penny, and someone would only need a few dollars to start.
Note: Articles on WebMind are not and should not be taken as financial advice. Investing any money comes with risk, and no one can guarantee any monetary gains.
What Are the Top Meme Tokens?
New meme tokens are emerging daily, but we can still single out the most influential ones.
Dogecoin: Created as a tribute to the DOGE meme, Dogecoin is one of the first meme tokens to enter the market. Since its inception, it has gained a significant following and transformed into a bellowed asset of many crypto enthusiasts. According to Yahoo Finance, Dogecoin’s circulating supply sits at around 139.27 billion, with a market cap of $10.164 billion at the time of writing. It’s no secret that the project’s blend of humor, strong community, and accessibility has made it one of the most beloved assets in the crypto ecosystem.
Shiba Inu: Built on ETH, just like most other meme tokens, Shiba Inu launched as a Dogecoin rival. It’s also known as DogeKiller, but despite the efforts, it will never surpass the great Doge. It’s the second-largest meme coin by market cap and has an impressive supply of one quadrillion tokens. Its supply is one of the primary reasons for its popularity, as no other project before ShibaInu dared to go that high.
Pepe: In the past few weeks, Pepe took over the crypto world and made a name for itself with its impressive market cap of $1 billion. Similarly to Doge, Pepe is a meme token represented by Pepe the Frog. It was launched in the middle of April 2023 and is already breaking records in the crypto space. At some point, it went up almost 600%, and people still put a considerable amount of money into this memeable asset. Still, it’s worth noting that the team behind Pepe is anonymous, and it’s possible that the founders will surprise us with a sudden rug pull. Not throwing shade at Pepe, but be careful should you decide to invest.
Most meme coins are built on the Ethereum network. However, once the meme craze began, new tokens began slowly emerging on other networks.
How to Invest in Meme Tokens?
We promised to keep it short, so we won’t bore you with details. If you want to invest in popular meme tokens, your best bet is a crypto exchange. You can either go for a centralized exchange such as Binance or Coinbase or dive deeper into the DeFi space by choosing PancakeSwap, or Uniswap.
It would help if you always kept in mind that meme tokens are highly volatile. Like any other investment, think twice before pouring money into the next viral token.