Choosing the right coin to invest in is one of the most difficult aspects of cryptocurrency trading, especially as the market for meme coins becomes more saturated over time.
So, how do you choose the best meme coin for your next investment? Don’t worry, we’ve got you covered with this article, which lists the top 5 meme coins to watch for in 2023.
But, before we get into the list of best meme coins, let’s first define meme coins and why they’re so popular.
What are meme coins?
Meme coin is a type of currency that start as a joke but quickly became popular among investors. They have no real value and are based on internet memes.
Meme coins differ from cryptocurrency primarily in their utility. Cryptocurrencies such as Bitcoin and Ether were created to address real-world issues with centralised economics. Meme coins, on the other hand, were created for fun and were previously dismissed.
Because anyone can create cryptocurrencies, there are more of them than ever before, resulting in the birth of coins such as Shiba Inu (SHIB), Monacoin (MONA), and many more.
As per CoinMarketCap.com, the total number of meme coins in November 2022 will be 328.
Meme coins have gained massive popularity in a short period of time, owing primarily to the support of celebrities and crypto influencers. Not to mention that social media and Reddit are largely responsible for generating hype for these coins.
For example, Facebook CEO Mark Zuckerberg posted about a meme token called AquaGoat, which caused its value to skyrocket by 300% in just a few hours. Another example is Elon Musk tweeting about ELONGATE and DOGE, which led to huge profits for both coins.
Another reason for meme coins’ success is their built-in community. As a result, they are not required to create a user base, which can be the most difficult task for newer cryptocurrencies. These built-in communities give meme coins an advantage over other cryptocurrencies that vie for attention.
Finally, meme coins are both entertaining and financially beneficial. Why would people not invest in them, when they are willing to invest in almost anything that works the best their attention?
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Toon Finance Coin (TFT)
The first on our list is a decentralized token that debuted four months ago as a meme coin. It got its name from the cartoon characters who inspired it.
Over a billion Toon Finance coins are currently available, with half of them sold in a pre-sale as of October 10th.
Toon Finance is gaining traction for a number of reasons, and investors are eager to invest in it.
No other cryptocurrency project has ever produced a DEX platform as adaptable as Toon Finance’s.
The team is currently working on the release of 10,000 NFTs, each represent a unique toon character. Investors will be able to buy these adorable little NFTs from the official website with relative ease.
Along with the NFTs, lots of new new characters will be added to the Toon Finance metaverse, where investors will be able to trade or use them for P2E.
Toon Finance has successfully developed a distinct, dependable, decentralized exchange that allows users to trade coins easily in a secure and trusted environment. This decentralized exchange, like ShibaSwap, has the ability to push Toon Finance coins to new heights.
A cross-chain bridge is also required to facilitate seamless communication and interoperability between two blockchain networks, allowing data exchange between them. Toon Finance’s Space bridge will allow users to easily connect apps, protocols, and assets.
The game industry will rely heavily on the metaverse. Toon Finance is introducing a number of NFTs that can be used in this metaverse or saved for future investments. To play Toon Finance’s Space Grounds video game, players will need to use NFTs.
A coin can only thrive if it provides value to its users. The fact that Toon Finance provides value to its users in a variety of ways ensures its success.
Toon Finance’s image on CoinMarketCap.com and Crypto.com, two of the largest and most influential crypto spaces, is a major achievement that the company’s team recently revealed. This has given the project more exposure and credibility.
This coin appears to be in good condition, and it is expected to have a significant impact on the entire cryptocurrency market in the near future.
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Dogecoin (DOGE)
Billy Markus and Jackson Palmer, two software engineers, created the Doge coin in 2013. They made it as a joke inspired by “Doge” internet memes, but they had no idea it would become the “original” meme coin in a matter of years.
Dogecoin did not make any significant profits in the first few years, but by the end of 2020, it had gained popularity after Elon Musk praised it in his tweets.
Its value skyrocketed in May 2021, reaching a high of $0.73.
Dogecoin has no supply limit and works on Scrypt technology with a one-minute block time. Because the supply is infinite, you can mine it whenever you want. This coin was first used as a reward for posting quality content on platforms such as Reddit and Twitter. As of November 2022, there are more than 130 billion DOGE in circulation, with a market cap of around $20 billion.
Tesla recently announced that it would begin accepting DOGE payments. Elon Musk also decided to back DOGE by trying to incorporate it into his SpaceX project.
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Shiba Inu (SHIB)
With the success of Dogecoin, many other coins attempted to match its popularity, with Shiba Inu being at the forefront. It was founded in 2020, and its mascot is a Japanese hunting dog.
Shiba Inu was created as a meme coin in August 2020 by a pseudonymous founder named “Ryoshi” Celebrities such as Elon Musk and Vitalik Buterin have expressed interest in the token.
It was nicknamed the DOGE killer and fast grown in popularity, especially among Chinese investors.
SHIB is built on the Ethereum network and can be used in close collaboration with smart contracts. Shiba Inu is also compatible with a large network of Decentralized Finance and can be found on a variety of exchanges and trading platforms.
Because of these factors, many investors believe Shiba Inu is a better investment than Dogecoin. This token is also easily integrated into other crypto ecosystems.
Shiba Inu is a mining algorithm based on Scrypt. It is one of several dog-themed tokens, including Dogecoin (DOGE), Alaska Inu (LAS), and Alaskan Malamute (ALAM) (LASM). Investors who missed out on investing in DOGE switched to SHIB.
The token has a limited supply of one quadrillion tokens, half of which are locked in Uniswap liquidity and the other half was given to Ethereum creator Vitalik Buterin, who burned 90% of it.
The digital token was initially priced at $0.00000000051. Later in October 2021, the token’s value reached an all-time high of $0.00008, representing a 15,000,000% increase.
However, Shiba Inu is still available for a fraction of a cent. According to CoinMarketCap.com, the current value of SHIB is $0.000010, which means that for $100, investors can obtain up to 8 million Shiba Inu tokens.
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Monacoin (MONA)
MonaCoin is a one-of-a-kind meme coin that can be bought in Japan with Bitcoin or Japanese yen. It was also the first cryptocurrency developed in Japan and has one of the country’s largest communities. For block approval, the crypto is based on the Lyra2RE (v2) Proof-of-Work algorithm. MONA rose to fame after being featured on the WBS network TVTokyo, which proved how the land was bought using Monacoin.
Monacoin was created by a man who goes by the name Mr. Watanabe and remains anonymous to this day.
Miners receive 25 tokens for every 90 blocks processed, with block creation taking one and a half minutes and mining difficulty differing with each block.
MONA’s primary application is tipping in gaming communities. It is a very community-oriented project because, despite being developed by monacoinproject, the crypto is controlled by users who use its client applications on their computers. Furthermore, several stores and online retailers, such as the Bitcoin Mall in Japan, accept MONA as payment.
One characteristic that sets it from other meme coins is its acceptance in the country where it was created, Japan. Monacoin is a currency unit that is widely accepted in the country’s stores and online merchants. It can also be bought at ATMs all through country using Japanese Yen.
Monacoin has been approved by the Japanese Financial Service Agency, which adds credibility to the product. However, the token’s volatility remains similar to that of other meme coins.
Monacoin reached an all-time high of $16.45 in 2017, after which it has only decreased in value.
There are 105 million MONA available worldwide. MONA is currently trading at $0.45 in November 2022.
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Tamadoge (TAMA)
Tama is a native token of the Tamadoge ecosystem, which includes NFTs and play-to-earn games. Many people believe that the emblems on the official TamaDoge screen were motivated by Dogecoin.
Tamadoge is an innovative meme coin that has already taken the market by storm. TAMA, a coin similar to Dogecoin but with several other distinguishing features that make it a highly promising investment option, is looks set to become one of the top meme cryptos.
The game is based on the Ethereum blockchain and is a peer-to-peer P2P platform. It’s also one of the newest meme coins. Anyone is welcome to participate and win prizes. To take part, players must purchase NFTs with unique dog imprints as well as other gaming assets.
TAMA tokens serve as the ecosystem’s transactional coin. The goal is to keep the Tamadoge alive by breeding, feeding, and trying to fight other users; otherwise, they will turn into Tamaghosts.
At the end of each month, those with the most points receive TAMA tokens.
The project’s vision is to create an augmented reality known as the metaverse, which would entice not only investors but also gamers to invest in Tamadoge.
The cryptocurrency also has a metaverse called the Tamaverse, which will feature several projects that will help investors expand their portfolios.
The project was released in July 2022 and received a lot of attention during its first presale, which sold out in just eight weeks.
The token is currently trading at $0.074, which is 200% higher than its list price. The token peaked at $0.089, nearly 900% higher than the early presale price.
Tamadoge is expected to be a highly profitable long-term crypto project in which to invest.
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Disclaimer:
The information in this article is solely the author’s opinion and does not constitute investment advice; it is provided solely for educational purposes. By using this, you acknowledge that the information does not constitute investment or financial advice. Before making any investment decisions, do your own research and consult with financial advisors.