The Future of Meme Coins; 5 Coins to Watch Out for In 2022
February 7, 2022 (Investorideas.com Newswire) Without any doubt, 2021 was an amazing year for the crypto market. We saw a break out in decentralized finance (DeFi) and non-fungible tokens (NFTs), among other amazing introductions. The year also witnessed a lot of meme coin investing. The coins experienced massive growth throughout the year - thanks to the activities of retail traders and social media influencers.
For instance, Dogecoin experienced about 1,500% growth in price, and Shiba Inu grew by about 500%. Now that cryptos are down significantly, jumping on meme coin investing might be a great move for a smart investor. They are very cheap and yet can be very lucrative. If you are thinking of how to buy Dogecoin or some other meme coins to add to your portfolio this year, this article will be very helpful.
Here, we talk about what meme coins are and the top 5 coins that investors might need to have their eyes on this year.
What Is A Meme Coin?
Just as its name implies, a meme coin is a cryptocurrency inspired by an internet meme. Most of these coins came into being as mere jokes before they eventually became a big thing. A good example is Dogecoin which was inspired by a popular Shiba Inu meme. That was the same meme that also inspired the Shiba Inu coin.
Since these coins are created to just be jokes, most of them don't have any definite use case. They are just vibes and jokes to keep people engaged. That is why social media and influencer activities determine what their prices look like.
But How Are They Different From Mainstream Cryptocurrencies Like Bitcoin?
Although they are also categorized as cryptocurrencies, there is a big difference between meme coins and conventional cryptocurrencies like Bitcoin, Ethereum, and Litecoin. While these mainstream cryptos were created to be an alternative payment system, meme coins are created to help you make some quick cash. So far people still have interest in it; a meme coin will actually continue to help you make good money. These coins have no real-world application aside from being used on the market for trading purposes.
That means meme coins are not as valuable as mainstream cryptocurrencies like Bitcoin and Ethereum, they can be a profitable venture for investors looking to make some quick gain. Plus, meme coins are not as volatile as cryptocurrencies.
How Do You Determine the Price of Meme Coins?
It can be a bit tough to figure out if a meme coin will be bearish or bullish. Most of these coins have a large circulating supply and don't have a market cap. That way, they are relatively cheaper and easy to come by. Therefore, when trying to determine the future of any meme coin, you will have to consider the community behind the coin.
You can also tell if a meme coin is going to be successful if it has a strong league of influencers associated with it. And lastly, check what the coin can be used for. If a meme coin is useful as a currency in a popular online store, useful for video games, or an NFT, chances are that the coin will do well and hence a good place for investors to invest their money.
The Top 5 Meme Coins That Would Likely Explode In 2022
Going forward, if you have the intention of investing in meme coins this year, then here are the top coins you might want to add to your portfolio.
#1: The OGs - Dogecoin (DOGE) and Shiba Inu (SHIB)
These two coins undoubtedly enjoyed the market last year. And judging from the look of things, they don't seem to be done yet. Although the market seems to be resting right now, you can expect to see both DOGE and SHIB taking the forefront as things bounce back up again.
At a current price of $0.17, you can tell that DOGE still has some road to walk back to its all-time high of $0.75. The same goes for SHIB, which is presently selling at $0.00003262 compared to its all-time high of $0.000088. So, this year looks like a long walk for these two coins, and if you are planning to jump on the train, now is the right time to do so.
#2: Wakanda Inu (WKD)
The coin was created in November 2021 as Africa's first meme coin. Right from the time it was created, Wakanda Inu has been pulling good traction in the market. Though created about 2 months ago, the coin has increased by BOUT 20%.
That's a good one for a start. And the developers have promised that they've got some amazing developments going on in the background for WKD. So the market is definitely waiting to see the coin rise this year.
#3: Floki Inu (FLOKI)
FLOKI is another meme coin inspired by the Shiba Inu dog. The coin was created and named after Elon Musk's dog, Floki. Right from the time this coin was created, it has been enjoying good popularity and has so grown by over 1,800%. This coin looks really promising, and we are hoping it finds its way to the moon this year.
#4: Safemoon (SAFEMOON)
This is another meme coin created in 2021. One thing spectacular about SAFEMOON is its amazing community. Like Dogecoin and Shiba Inu, Safemoon also has a huge social media community backing it. Since one of the determining factors of the price of meme coins is the community behind it, Safemoon has the potential for 100% growth in 2022.
#5: Dogelon Mars (ELON-USD)
Throughout the year 2021, the Tesla CEO, Elon Musk, played a significant role in the meme coin community and tremendously contributed to the growth of a couple of them. Now, this coin is designed to replicate the success of the biggest meme coin as of the time of this writing, Dogecoin. If you are looking for meme coins that would likely find their way to the moon this year, you should look in the direction of Dogelon Mars. The coin has a lot of promising features!
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