2021 is the year of emerging cryptocurrencies. While major tokens have seen their all-time highs and significant investor adoption, it has been tokens that have stolen the show. Two meme cryptocurrencies, Shiba Inu and Dogecoin, entered the top 10 cryptocurrencies by market capitalization in 2021 and are now comfortably in the top 15.
In addition to coins with the dog symbol, many other meme coins are also popular among cryptocurrency enthusiasts. This blog will talk about meme coins and what are the top 5 meme coins to know.
What Are Meme Coins?
Meme coins are cryptocurrencies created on the Internet using memes or jokes inspired by social media. dogecoin was the first meme coin (DOGE) to be developed. It was created in 2013 as a parody, inspired by the popular Doge meme.
Although meme coins are popular, they are considered low-quality investments as they provide no real value to the user. As a result, they are very volatile and largely community-driven. Meme coins gain popularity due to active online communities and celebrity participation and are very popular among Generation Z and millennials. At the time of writing, there are over 250 meme coins on the market, and by the time you read this article, there will probably be many more.
Top 5 Meme Coins That Became Succesful
Shiba Inu (SHIB) is an Ethereum-based altcoin developed by an unknown individual or group known as Ryoshi in August 2020. Its logo is a Shiba Inu, a breed of Japanese hunting dog. Although the coin is widely considered an alternative to Dogecoin, it is also known as “Dogecoin Killer.”
By October 2021, the value of Shiba Inu had increased more than 10 times, making its market valuation higher than that of its main competitor Dogecoin. In addition, the Shiba Inu token environment supports projects such as the NFT Art Incubator and the creation of Shibaswap, a decentralized exchange.
Computer engineers Marcus and Palmer created Dogecoin on December 6, 2013 as a “memory coin.” They were also among the early adopters of Bitcoin. Dogecoin has grown in popularity and has a large following, even though it started as a joke.
It has the support of many famous people, such as Elon Musk and Snoop Dogg. “Doge is barking at the moon,” Musk said in April, expressing his commitment to Dogecoin. Following Elon Musk’s tweet, many people bought large amounts of Dogecoin (DOGE), causing the price to jump from a 24-hour low of $0.062 to $0.078, an increase of 20 percent.
The Pepe Crypto Coin (MEME) project aims to exploit the fame of the frog “Pepe.” As the NFT market grows, the company plans to develop a Pepe-centric market as well. In recent years, Pepe has become one of the most recognizable memes on the Internet, and has been for half a decade.
As a result, Pepe meme fans around the world have begun to create their own collections. In addition, thanks to the opening of the Pepe Swap Exchange, token holders can now obtain BNB by trading other BSC tokens.
SAMO is a fun, community-oriented cryptocurrency based on Solana. It was inspired by Dogecoin and created by Anatoly Yakovenko (co-founder of Solana) and Sam Bankman-Fried (CEO of Alameda Research).
The SAMO community is already strong, even though it is only a few months old. They offer all the advantages of the Solana blockchain (high scalability, high speed, and minimal costs) while being an attractive currency that can be traded seamlessly.
Dogelon Mars (ELON) is a small-scale cryptocurrency based on the Ether network. It is a cryptocurrency that has the ambition to become the first interstellar currency. ELON is the proprietary currency of the Dogelon platform, which will be launched on April 23, 2021.
Dogelon Mars will join the DeFi (decentralized finance) and NFT circles in the coming days. They plan to launch the xELON token, which will mark the beginning of its journey into the DeFi universe. Within the Dogelon Mars ecosystem, xELON will act as an interstellar currency, making ELON a valuable token in many ways.
If this trend continues, we expect to see other meme currencies emerge and attract attention. With the emphasis on real-world use stronger than ever, investing in the popular meme currencies mentioned above may be a good idea in the short term. Most importantly, these coins can circulate in the billions and trillions, making them more viable for everyday payments. In comparison, other popular cryptocurrencies, such as BTC, have a supply limit of only 21 million coins.
If you are looking for long-term market returns rather than investing in individual tokens, you can invest in a basket of concept-based cryptocurrencies. With Coin Sets, you can get expertly curated and managed baskets built for long-term returns.