Since Bitcoin’s inception in 2009, the cryptocurrency space has grown exponentially as more and more projects have launched over the years. There are several altcoins that serve varied purposes, be it powering decentralized finance, funding NFT games, paying transaction fees on blockchains and exchanges, and many more. In the same fashion, there are some crypto tokens whose developers built them as a joke, or inspired by popular memes. Though they have no real-life utility, some of these coins still manage to rise in value, following the hype around them. These coins are called meme coins.
Definition of meme coins
The first meme coin came into fruition in 2013. It was inspired by a Japanese hunting dog breed, and the developers of the coin named it Dogecoin. A few short years later, the coin amassed a huge following and skyrocketed in value. This inspired a flurry of dog-inspired coins and several other meme themes from all over the globe. Some of these coins have managed to raise some hype and consequently some value, but others have remained basically worthless. Their lack of practical use cases makes them risky investment choices, but with great risk often comes great rewards.
Meme coins worth investing in today.
Launched in 2013, this was the first meme coin to grace the crypto market. Its logo is the Japanese Shiba Inu dog, as is displayed in the image above. Originally, Jackson Palmer, Dogecoin’s founder, created this coin as a sarcastic, fun-loving currency. The original supporters of this coin used it to tip their favorite social media content creators.
After the 2018 crypto winter, most cryptocurrencies rallied significantly the following year. As the saying goes, a rising tide lifts all dinghies. Dogecoin staged its first significant rally that year. In 2021, another explosive year for cryptocurrencies, Tesla CEO and billionaire Elon Musk threw his support behind Dogecoin and its developer team. He accepted the coin as payment for Tesla merchandise, and soon enough he earned himself the nickname the Dogefather. His unrelenting public support saw Dogecoin’s price skyrocket. Today, he sits on the Dogecoin board and helps developers improve the efficiency of their blockchain.
2. Shiba Inu
Launched in 2020, this is another dog-inspired coin that has been dubbed the Dogecoin killer. In 2021, it staged an impressive rally, rising in price by a whopping 47 million percent. It also recently got listed on a popular cryptocurrency exchange, Kraken, which speaks to its legitimacy. Popular companies such as Ask The Doctor and AMC Entertainment also accepted this coin as a means of payment.
Notably, the bankrollers behind SHIB, such as Bigger Entertainment, recently donated millions of dollars to decrease the supply of this coin. This shows that the coin has a dedicated team of supporters, and is likely to maintain its value if the hype it enjoys remains constant.
3. Floki Inu
This is yet another meme coin inspired by the Shiba Inu dog and associated with tech billionaire Elon Musk. In June, 2021, the Tesla and SpaceX CEO tweeted that he’d be getting a Shiba Inu pet dog which he’d name Floki. Pretty soon, the Floki Inu token was launched, hoping to ride the wave that would come with this new pet. True to its developer’s hopes, the tech mogul adopted his pet in September, and upon tweeting this news, the Floki Inu coin rallied more than 250,000%.
The team behind this project is involved in several humanitarian projects, such as building schools in underdeveloped countries, and battling food insecurity in partnership with the Million Gardens Movement. They are also developing an NFT gaming metaverse called Valhalla, and an education platform called Floki Inuversity.
4. Doge Dash
In 2020, the video game industry grossed about $57 billion that year, surpassing both the movie and music industries combined. Come 2021, several video games were launched on blockchains, popularizing the crypto play-to-earn gaming model. Doge Dash is one such game.
Designed in close likeness to the classic Super Mario Bros games of the 90s, Doge Dash is a suitable game for kids and adults alike. In it, users race through 10 levels of running as they collect coins. The coins and rewards they accumulate are then doled out to the gamers as crypto. This way, gamers earn from playing this popular game.
5. Kitty Inu
Since Dogecoin’s launch in 2013, most meme coins that followed were dog-inspired. Granted, most of them have enjoyed the hype and attention they’ve received from dog lovers from all over the world. The developers of our fifth meme coin recommendation saw a niche in the market, as there were hardly any cryptocurrencies to cater to the cat lovers.
Enter, Kitty Inu. This is a token hosted on the Ethereum blockchain, and it is used to power the play-to-earn gaming ecosystem. Game developers and creators of various NFT projects utilize this coin to engage their audiences. The developers of this token are on a mission to turn it into the leading decentralized finance (DeFi) protocol of the crypto age. At the moment, it is not possible to purchase Kitty Inu using fiat currencies. However, it can be purchased using most popular cryptocurrencies such as Bitcoin or Ethereum.
Meme coins are cryptocurrencies that came into being as a joke, or for no specific purpose. Usually, they are inspired by a popular internet meme, and they thrive on the hype behind that meme. Due to their lack of practical use cases, most of these coins seldom gain much value. However, a few of them have managed to rise drastically, even surpassing most investors’ expectations. However, trading cryptocurrencies is a highly risky endeavor, and our recommendations in this article should in no way be taken as investment advice.