Meme coins in the world of cryptocurrency refer to a type of cryptocurrency that is based on memes or humorous content that is popular on the internet. Their existence often begins as a joke or parody of cryptocurrencies. However, meme coins can also be traded like cryptocurrencies on various exchanges easily and have their own advantages compared to other types of crypto.
I will describe several meme coins that I think have high potential for trading. Among the meme coins that I will mention, there is 1 meme coin which is considered to have the potential to enable someone who owns the coin to gain high profits within a few decades. He is a famous billionaire named Elon Musk.
The following are meme coins that I think deserve to be ranked no. 1 to no. 5:
1. Dogecoin ($DOGE)
Dogecoin is a cryptocurrency like Bitcoin and Ethereum, but has no real utility associated with this coin. This coin was only launched as a joke against Bitcoin which was popular in 2013.
The reason I put Dogecoin in first place is because it has very varied uses. From various surveys regarding the use of Dogecoin, I took 2 main uses that are often mentioned in the community, namely:
a. Medium of Exchange
Dogecoin is currently used as a medium of exchange for payments, especially for small transactions because of its relatively small value. Fast block times allow payments to be made more quickly and efficiently. Apart from that, Dogecoin is also used in various relatively easy donation and fundraising efforts. Some efforts include donations of up to $50,000 for water crises in developing countries. Dogecoin can also be used for payments at certain hotels, adult films, electronic goods, and even cars.
b. Speculation
Dogecoin can basically be used as a speculation coin. The price is highly volatile and is mainly influenced by news on social media as well as endorsements from celebrities. An expert Dogecoin trader will know when is the right time to buy and sell Doge based on the latest trending news.
2. Shiba Inu ($SHIB)
Sometimes Shiba Inu is still seen as a 'memecoin', but some people believe that this crypto is now seriously establishing its existence in the crypto world. Shiba Inu aims to be a successful decentralized and spontaneous community, and wants to revolutionize against centralization. They believe that 'collective decentralization' could significantly change the way things work today.
A clear example occurred during the sudden surge of Gamestop and AMC in 2021, where ordinary traders dared to bet against Wall Street. Even though both sides ultimately suffered heavy losses, this shows that small people can defeat big people if they unite in one community and with the same goal. The only drawback lies in the central bureaucracy of the stock market, so this kind of event rarely occurs.
3. Pepper ($PEPPER)
PEPE is a meme coin that relies on the appeal of memes in the cryptocurrency world. The goal is to create value and usage by relying on the popularity of memes in the community. Like most other meme coins, PEPE attracts interest from a large and active community, which plays a role in determining the price and future of the project. Despite following fun meme trends, investing in such assets carries high risks due to volatile market volatility and their speculative nature.
Many communities have their own reasons why PEPE can grow. Well, I've summed it all up and found the exact reason why this meme coin is so popular. From an active community, innovations in Meme Coin, potential uses, experiments in crypto, and connections to popular culture.
4. Dogwifhat ($WIF)
Dogwifhat is one of the "meme coins" that often appears in the crypto world. Coin memes like this are often created for fun or as a parody of more serious cryptocurrencies. Dogwifhat is inspired by a popular internet meme and largely has no clear intended use outside of the meme fan community.
Technically, Dogwifhat uses blockchain technology like most other cryptocurrencies. However, its value is not based on fundamentals or actual use, but rather on speculation and popularity among its fan community.
This coin often experiences high and unstable price fluctuations due to the lack of fundamental support. Many people invest in meme coins like Dogwifhat in hopes of making quick profits from large price changes.
5. FLOKI ($FLOKI)
FLOKI (FLOKI) is one of the many “meme coins” that have appeared in the crypto market, taking its name from the legendary Norse dog, Floki. Like most other meme coins, FLOKI is also known for its presence which was triggered by the social media phenomenon and its popularity among certain communities.
Technically, FLOKI is based on blockchain technology, which is the common foundation for almost all cryptocurrencies. Blockchain enables transparency and security in transactions, although FLOKI's value and stability is based more on market speculation than real-world utility.
The reason why many people are interested in investing or trading FLOKI often has to do with the hope of making profits in a short time. This speculation is driven by a social phenomenon, where fame and popularity on social media can increase demand and therefore, prices.
Overall, the meme coin provides an interesting picture of how social media and internet trends can influence the crypto market. But, don't forget that investing in these meme coins can be very risky and volatile, as their value is often driven by speculation rather than strong fundamental factors. A good understanding of the market and awareness of price fluctuations is essential for anyone wishing to get involved in meme coins.
