Despite the extraordinary rise of blockchain-derived assets, one fact stands above the others: cryptocurrencies are awfully dangerous investments if you want to call them that. True, cryptos have made many people millionaires during the crazy post-pandemic period. Nevertheless, you want to keep your wits about you because you can easily lose your shirt. This is no more true than in the subsegment known as meme coins.
By now, you’re familiar with the concept of meme stocks, or publicly traded securities that have garnered intense interest on social media. Well, meme coins follow the same concept except that the underlying medium happens to be virtual currencies. But everything else is largely the same, from the rabid buying pressure to the promotion of warlike narratives, such as holding the line against the bears.
To be sure, benchmark blockchain assets like Bitcoin (CCC:BTC-USD) have commanded the most attention from mainstream media sources. But it’s the meme coins that speculators within the crypto complex are celebrating. True, BTC reached unbelievable heights in 2021 — and could possibly deliver a six-figure price point in 2022. But meme coins have offered a way for regular folks to become unfathomably wealthy.
Currently, speculative digital assets like Dogecoin (CCC:DOGE-USD) and Shiba Inu (CCC:SHIB-USD) generate their fair share of media coverage. Thanks to the excitement and the fear of missing out — or FOMO to use crypto parlance — some of the wackiest, nonsensical coins and tokens have flourished. Naturally, this inspires even more FOMO for those who have yet to take the plunge in meme coins.
But you’ve got to remember that sometimes, as people keep betting on the same horse, the profitability potential of getting it right decreases. I’m not trying to take anything away from DOGE and SHIB — they have their place in crypto speculation. But if you want to really crank up the dial on high-risk, high-reward ventures, you should check out these meme coins.
- Dogelon Mars (CCC:ELON-USD)
- MonaCoin (CCC:MONA-USD)
- Hoge Finance (CCC:HOGE-USD)
- Doge Dash (CCC:DOGEDASH-USD)
- CumRocket (CCC:CUMMIES-USD)
- SafeMoon Inu (CCC:SMI-USD)
- Loser Coin (CCC:LOWB-USD)
Before we dive in, let’s get one thing clear if you didn’t get the message from the first paragraph: cryptos are terribly risky and meme coins are especially so. Often, people aren’t paying attention to the applicability or utility of the underlying blockchain platform. Instead, they’re just speculating and that’s how you should treat this sector — purely a gamble and nothing more.
Dogelon Mars (ELON)
Among the meme coins not named Dogecoin or Shiba Inu, Dogelon Mars is the biggest by market capitalization. At the time of writing, the token’s total value is $719 million, which puts it at 128 in terms of crypto ranking. With nearly 15,000 cryptos available, that’s a very solid achievement.
As you might guess, Dogelon Mars is heavily influenced by Elon Musk of Tesla (NASDAQ:TSLA) fame. Your typical eccentric genius, Musk is all about disruption and changing long-established paradigms. Therefore, it’s no surprise that he’s been a major proponent of cryptocurrencies, even becoming an unofficial spokesperson for Dogecoin.
From what I can gather, the team behind Dogelon takes its greatest inspiration from Musk’s space ambitions, particularly his dream to colonize Mars. ELON the token is marketed as the first interplanetary currency. We’ll see about that. For now, it’s done a remarkable job becoming one of the top-rated meme coins.
Supposedly, you might hear that ELON is charting a bullish pennant formation. Whatever the case, don’t bet too much on meme coins as they literally can go anywhere.
I wouldn’t call myself InvestorPlace’s resident crypto expert. For that honor, Tom Yeung, CFA, deserves the most credit, having been responsible for some amazingly profitable ideas. However, I do consider myself the equivalent of the crypto sector’s culinary critic, something like Anthony Bourdain for Bitcoin (may God rest his soul).
Having lived through the wild ebb and flow of the blockchain, I have a perspective on the subject that few have. In that sense, it’s only right that I occasionally dabble in meme coins, the seedier side of the crypto complex. While I do own Dogecoin, the acquisition was made years ago. With MonaCoin, I deliberately took a wager with its meme-ilicious trading sentiment.
You know what? Despite the stomach-churning twists and turns, MonaCoin has performed quite well for me. To be clear, MONA is far riskier than the established meme coins, featuring a time-of-writing market cap of $108.5 million. Interestingly, as of this moment, it’s the caboose of the nine-figure market cap meme or meme-ish cryptos.
Since July of this year, MONA’s been charting a series of higher lows. Not sure if that means anything but it might be worth investing further.
Hoge Finance (HOGE)
Leading off the meme coins with eight-figure market caps, Hoge Finance is an intriguing concept. It started off as a community-driven decentralized finance (DeFi) token with a capped and deflationary supply, per information from Coinmarketcap.com.
Also interesting is this factoid: “HOGE is one of the first DeFi memecoins to successfully complete a Certik audit. No critical, major, or medium findings were found. As of this writing the skynet security score is 90.” And as of this writing, HOGE’s skynet security score is 87. So if you’re looking for fundamental stability in your meme coins, Hoge Finance could be your ticket.
Unfortunately, all this talk about aiming to be a deflationary asset hasn’t done HOGE much good recently. In the past 24 hours, the token has dropped over 16%, correlating with broader market fears about the omicron variant of the novel coronavirus. In the trailing week, HOGE has dropped 31%. That’s one of the steepest declines among top-ranked meme coins.
Given how bearishness tends to beget more bearishness, I’d hold off for a few sessions. But once the token settles, you might want to consider throwing some sofa change at it.
Doge Dash (DOGEDASH)
When the Covid-19 pandemic first hit us and sparked shelter-in-place orders across multiple jurisdictions, more than half of Americans turned to video games to bide their time. It’s no surprise that we did. Blossoming from a niche hobby of nerds to a legitimate multi-billion-dollar industry, gaming was always going to be big business. The pandemic merely accelerated the inevitable.
Interestingly, iconic classics like Super Mario Bros. are still popular to this day. Perhaps it’s due to their intuitive simplicity and universal appeal. Whatever it is, Mario-inspired competitions abound, which bodes exceptionally well for Doge Dash.
According to Coinmarketcap.com, “DogeDash is designed to bring Crypto Gaming to a mainstream audience. Inspired by the 90’s side-scrolling classics Mario and Sonic, the aim of the game is simple… Dash as fast as you can through all of the 10 levels whilst collecting coins along the way. Successful players who complete all levels will be rewarded with the collected coins direct to their wallets.”
Making a case for one of the most entertaining meme coins, DOGEDASH could enjoy a surge of grassroots support again.
One of the main challenges when writing about cryptos is that the underlying platform is not the only thing that’s decentralized. Indeed, as a truly global enterprise, the blockchain features a decentralization of morality. In other words, what you might find patently offensive, another person from another part of the world might not see what the big deal is.
But if you are offended with what I’ll just call the Rocket — which caters to mature audiences only — feel free to skip ahead.
Naturally, as an exceptionally controversial blockchain project, Elon Musk has been instrumental in boosting its price and its profile. For this meme coin, I’m going to ask you to Google it yourself to avoid confusing the search algorithms with unwanted associations.
Still, Musk has legitimate reasons for supporting the Rocket. First, society has become much more progressive and inclusive, acknowledging that intimacy issues and even gender itself are not binary constructs. So there’s room for appreciating all occupations as valid expressions of human behavior.
Second, the fabric-free industry is a massive multi-billion-dollar powerhouse. Therefore, it only makes sense that the blockchain will facilitate novel solutions for it. As well, with the burgeoning metaverse, fabric freedom could legitimately enjoy its own go-to virtual currency. The Rocket could be it.
SafeMoon Inu (SMI)
I’m not even going to pretend that I understand the underlying concept behind SafeMoon Inu. Per Coinmarketcap.com, “SafeMoon Inu is a community driven meme & gaming token. The Anti-PaperHand system distributes 2% of every transaction to holders. This incentivizes all hodlers [hold on for dear life] and rewards people that stay on board. The project launched on May 13, 2021, by the early community members based all over the world.”
However, the development team makes it clear that SafeMoon isn’t just another token making up the ranks of meme coins. Rather, the community has built a crypto gaming platform called SMI Play, which incorporates a play-to-earn business model. With so much emphasis nowadays placed on the virtualization of everything, I can see how SMI has potential, even if I personally don’t get it.
What I do understand is that this digital asset commands significant grassroots interest. Over the past 24 hours since the time of writing, the token has gained nearly 15%. Also, SMI is well off its late October peak, which might attract extreme discount divers. I think SafeMoon is ironically dangerous but it might be worth some of your loose change.
Loser Coin (LOWB)
Perhaps the most self-aware and ironic of the meme coins, Loser Coin gets right down to the brass tacks. Apparently, “two poor guys from China, one is a father of two kids from a village, the other one is a programmer living a miserable life by working 60 hours a week,” launched the Loser Coin project.
I’m not sure if the underlying ethos is meant to be cathartic with those who have suffered disappointments in life but it sure reads that way. “Loser Coin’s goal seems to be contrary to many meme cryptocurrencies and their promises of Lambos, yachts and prices pumping to the moon. Instead, Loser Coin wants to unite all the losers in the world and preach that ‘sometimes you have to lose to appreciate the taste of a victory.’”
Oh boy. Well, interestingly enough, while so many other meme coins suffered double-digit losses during the trailing week, Loser Coin only shed 6.4%, a relative victory. Moreover, LOWB gained 13.6% over the past 24 hours.
Of course, anything can happen in the unpredictable crypto ecosystem. Still, if you want to contribute to a decentralized charity, this might be it.
On the date of publication, Josh Enomoto held a LONG position in BTC, DOGE and MONA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.