The original idea behind Bitcoin and other cryptocurrencies was to make transactions more convenient, secure, and fast, benefiting society. However, in the last few years, memecoins have become popular. These coins carry nothing useful but are associated with jokes and popular memes.
Such coins often grow by thousands of percent soon after launch. Here are the top memecoins we found promising at the end of 2024.
Shiba Galaxy ($SHIBGX)
Shiba Galaxy is a clone of DOGE and SHIB, whose main idea is to create a decentralized ecosystem with elements of GameFi and Web3 with a dog in the logo. Its roadmap includes plans for decentralized finance (DeFi) features, NFT integration, and community-driven initiatives that could enhance its value proposition.
Since its launch, Shiba Galaxy has seen impressive growth, similar to other memcoins. Rumors and media mentions have impacted the token price greatly, leading to a surge in investor interest that may (or may not) be repeated.
Investors are mainly attracted to SHIBGX’s innovative approach to governance and reward systems. Shiba Galaxy fosters a sense of ownership among its users by allowing holders to participate in decision-making. This could lead to increased adoption and sustained growth, making it one of the top member coins for 2024.
Shiba Inu ($SHIB)
Shiba Inu was launched on the Ethereum blockchain in August 2020 by an anonymous creator named Ryoshi after the first wave of Dogecoin's popularity. The meme token quickly caught the crypto community’s attention, especially when Elon Musk and Vitalik Buterin began mentioning it. The latter is known to have received half of the memecoin issue from the SHIB development team, which was almost immediately burned. Since its launch, members have increased in value by more than 1,673,425%.
MPEPE ($MPEPE)
Mpeppe (MPEPE) stands out from other memcoins because of its integration with the Telegram platform and the launch of a gaming ecosystem.
Unlike many members that focus solely on speculation, MPEPE is looking to integrate DeFi into its gaming platform and is also preparing to launch a casino where users will be able to place bets using MPEPE tokens. This makes MPEPE an interesting project against the backdrop of other memecoins that are often nothing more than an opportunity for speculation.
PEPE ($PEPE)
Launched in April 2023 on the Ethereum blockchain, PEPE cryptocurrency is dedicated to Pepe and Frog memes. Interestingly, the frog's creator, Illustrator Matt Fury, described himself as a fan of Dogecoin.
Just 24 hours after its launch, the price of the meme-coin skyrocketed by more than 900%. Since its launch, the value of frog-themed assets has increased by more than 9.100%. As a result, early investments eventually turned into millions.
PEPE's deflationary model, in which tokens are periodically burned, adds an interesting dynamic that can drive up the value over time. As more people become aware of PEPE's potential and its community-driven initiatives gain traction, it can become one of the hottest meme coins.
Dogecoin ($DOGE)
DOGE, one of the first memecoins, was launched in 2013. It is based on an Internet meme depicting the Shiba Inu dog. Programmers Jackson Palmer and Billy Marcus created an open-source coin with their blockchain based on a fork of Litecoin.
The project quickly gained popularity, thanks in part to the tweets of Elon Musk, who repeatedly mentioned cryptocurrency in his posts on social networks, sparking a rapid rally in memcoins. At one point, DOGE could even be used to pay for Tesla electric cars. Since its launch, DOGE has increased in value by more than 27,920%, and we cannot remember the DOGE rally.
Many traders are used to the fact that almost every bullish move in the cryptocurrency market is preceded by a rise in DOGE. As a result, many people hold 0.5-2% DOGE in their portfolios, trying to take profits when Dogecoin has already risen 50-100% while other assets have not.
Risks of investing in memecoins
investing in memecoins is a double-edged sword: potential high gains go hand in hand with the chance of falling for a fraudulent scheme. The memecoin market is characterized by a lack of objective data and frequent manipulation by large token holders.
Memcoins are 50 times more volatile than bitcoin, commonly known as a high-risk asset. People also often buy memecoins based on the token’s name alone or sell them for no reason. And if you think that this is it - we need to remind you about automated systems that execute transactions much more quickly than manual traders and are made to compete and take your money.
Risk management strategies
Memecoins are high-risk and high-reward, so you must carefully manage your risks. Here's how:
- Portfolio diversification: It is recommended that investments are spread across different assets to reduce the likelihood of total capital loss. This is particularly important in a highly competitive and oversaturated Memcoin market.
- Use of stop losses: Setting orders to automatically close positions when a certain level of loss is reached helps to limit losses.
- Set transaction limits: Traders should set maximum transaction sizes in advance, based on their financial capabilities and level of acceptable losses. It is recommended not to exceed 1% of total capital per trade.
- Emotional discipline: Stick to predetermined rules and avoid making impulsive decisions during the trading session.
Conclusion
New memecoins are being created faster than ever because of investors’ financial nihilism, many of whom have lost faith in traditional assets such as real estate, as they have ceased to serve as a good haven for capital and have become subject to inflation.
Fast growth rates and speculation make memcoins an investment tool with a high potential for huge profits; however, the strong dependence of these coins on market sentiment and high volatility even in the cryptocurrency market makes them a hazardous asset class that requires a special approach.
However, keeping an eye on these top memecoins can benefit those interested in diversifying their portfolios or playing roulette, but not visiting a casino.
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