Meme coin prices rising indicate that the season for meme coins is coming, drawing a lot of new investors into the market.
What is meme coin?
“Meme coin” refers to cryptocurrency values that are often impacted by popular culture, myths, memes, and social media posts. Based on essential elements like technology and stable economic conditions, this coin differs from many others.
Frequently, anonymous teams produce meme coins, which are then shared on social media platforms through pictures and videos. A few well-known meme coins are Bone, Pepe, Floki, Dogecoin, and Shiba Inu Coin. On the other hand, investors must be well aware of the risk and volatility associated with the value of meme coins.
The birth of meme coin
Memes were first created using Dogecoin (DOGE tokens), and they are currently the most popular project in this space. In December 2013, a picture of a Shiba dog served as the project’s inspiration.
At first, cryptocurrency was merely a joke, a pun on the term “dog,” and it was produced in small quantities. The community soon became interested in and supportive of the idea. Furthermore, through messages on Twitter, billionaire Elon Musk contributes significantly to the growth and popularity of Dogecoin (X). Elon’s post in August 2021 sent the price of the DOGE token skyrocketing to its all-time high (ATH).
Characteristics of meme coin
- Memes and online phenomena: Memes, which include pictures, videos, and gifs, are frequently the source of meme coins. Meme enthusiasts are encouraged to enter the cryptocurrency market by this origin, which plays a significant role in social media attention and virality.
- Marketing via social media: Reddit, Twitter, Discord, and other social media platforms are frequently used to promote meme coins. Memes’ worth can be significantly impacted by social media sharing and interaction.
- Efficient and inexpensive creation: Certain meme coins are produced efficiently and inexpensively. Due to this, numerous new ideas might arise quickly and without the need for significant resources.
- Meme coins’ value is not determined by technological factors: the technology or project basics are not the basis for their value. Rather, value frequently reflects interest and attention from the community that is mostly generated by media and emotional reasons.
- Celebrity influence: The backing of well-known figures in the cryptocurrency world frequently has an impact on meme coins. The value of meme coins will fluctuate in response to posts, tweets, and activities.
- High risk: The instabilities and absence of a solid foundation of meme coin make it very risky. Before engaging in any trades, investors should exercise caution and gain a thorough understanding of the market.
Some meme coin seasons
Memes took off in 2021, with Dogecoin emerging as the first cryptocurrency backed by a number of well-known individuals, including Elon Musk and Mark Cuban. Dogecoin saw a climb from $0.0002 in December 2013 to $0.73 in May 2021, the highest price in history (ATH).
The meme coin season will continue in May 2023 with the release of Pepecoin (PEPE), which takes its cues from the “Pepe the Frog” meme. In a little more than two weeks, PEPE surged by around 16,000%, sparking a wave of meme coins among cryptocurrency users.
The first half of 2023 saw a significant price growth for other meme coi including WOJAK and LADYS. Due to this, a lot of investors hurried to purchase and sell meme coins in order to profit greatly.
Market indications from meme coin season
Since Bitcoin led the upward wave in early March, analysts have noticed early indications of a “altcoin season” and a “meme coin season.” The value of the two meme coins, Dogecoin (DOGE token) and Shiba Inu (SHIB token), has increased significantly during the last seven days, by 35.97% and 159.3%, respectively, according to CoinMarketCap statistics. Nearly all other ventures in the same field have shown significant growth.
Investors with high profit expectations are drawn to meme currencies due to their growth, particularly those with limited cash or those who have never heard of meme coins. These days, the rise in popularity of meme currencies encourages communication on social media platforms like Reddit, Twitter, Telegram, and Discord. The development team of the meme coin project is driven to launch a number of initiatives and programs soon, along with lucrative incentives.
Some investors think that the emergence of the meme coin season is mostly due to Pepe’s (PEPE token) reappearance. If forecast, a significant wave of price modifications in March and April will be well received by the market.
But because some of the biggest cryptocurrencies are controlled by “whales,” traders also need to be aware of the meme coins’ worth. Large investors may be able to easily manipulate the token’s value as a result of these dramatic fluctuations. As per Pyor’s data, whales possess the following percentage of tokens:
- BABYDOGE: 99.7%
- MEME: 96%
- SHIB: 75.03%
- FLOKI: 69%
- DOGE: 54.08%
- PEPE: 47.6%
- BONE: 42.24%
- WIF: 22.67%
- TRUMP: 19.89%
- BONK: 14.3%
Outstanding meme coin projects
Dogecoin (DOGE token)
A meme coin called Dogecoin was created with the Shiba Inu in mind. The project was first made available in December 2013 and was inspired by Litecoin. In the meme coin space, DOGE token has emerged as one of the most significant and prominent coins.
Elon Musk, the CEO of Tesla, frequently tweets that Dogecoin is the favored cryptocurrency. Many become interested in Dogecoin as a result and invest in it. The price of the DOGE token is $0.1661, up 8.22% from the previous day. Dogecoin’s 24-hour volume is $3,070,000,000, down 5.64%, based on statistics from CoinMarketCap. The project’s capitalization increased by 8.24% to $23,820,000,000.
Shiba Inu (SHIB token)
A meme coin that runs on the Ethereum network is called Shiba Inu. August 2020 saw the project’s launch by Ryoshi, an unnamed developer. The Shiba Inu, a Japanese dog breed, served as the platform’s inspiration. The project team came up with the concept for Shiba Inu after they started using the Amazon Smile program to raise money for abandoned Shiba puppies.
The price of SHIB coin is $0.00003417, up 8.57% from the previous day. Shiba Inu’s 24-hour volume is $3,530,000,000, down 27.79%, based on statistics from CoinMarketCap. The project’s capitalization increased by 8.57% to $20,130,000,000.
Pepe (PEPE token)
Inspired by the widely recognized green frog meme on the internet, Pepe is a meme coin developed on the Ethereum network. PEPE, according to the development team, is a project that goes beyond dated tokens like Shiba Inu and Dogecoin.
On March 7, at 3:30 p.m., Binance Futures debuts the 1000PEPEUSDC perpetual contract, which has a 50x leverage. Base asset Pepe (PEPE) and settlement asset USDC make up the 1000PEPEUSDC perpetual contract.
Bonk (BONK token)
Bonk is a meme coin designed to become a real Web3 community currency. To help users of the Solana system make money and grow its own network, Bonk creates a variety of apps, including token swapping, staking, NFT, and more. By integrating a broad environment, BONK’s utilities are centered on building a robust community. Right now, nine different chains comprise the project’s roughly 131 integrations.
With a daily gain of 9.41%, the price of the BONK coin is currently $0.00003171. CoinMarketCap statistics shows that Bonk has experienced an 8.64% spike in 24-hour volume, totaling $736,360,000. $2,070,000,000 was the project’s capitalization, a 9.65% rise..
Dogwifhat (WIF token)
Inspired by a dog donning a hat, Dogwifhat is a meme coin developed on the Solana blockchain. According to the project team, the WIF token represents the advancement of upcoming transactions in addition to being entertaining. The platform is dedicated to decentralization, doing away with outside interference and granting the community primary governance.
On March 5, at 9:00 p.m., Binance lists Dogwiphat and begins trading for spot trading pairs. With a 21.59% daily gain, the WIF token is currently trading at $2.17. Dogwifhat’s 24-hour volume is $530,357,160, down 25.86%, based on statistics from CoinMarketCap. The project’s capitalization increased by 21.56% to $2,171,776,468,.
>>> What is HLG token? The Holograph digital asset platform
Conclusion
Meme coin is expected to draw in a lot of big-money investors as it has been developing rapidly lately. People should conduct thorough research before choosing to participate, though, as this money carries some hazards.
Betomon is a website that reviews, analyzes and knowledge shares about safe and stable financial investment projects on the theme of crypto forex blockchain… Projects to make money online for free
Visit the website betomon.com or register to receive the latest information here.
