The rise of Dogecoin which took place in early 2021 led to the proliferation of meme coins. These are cryptocurrencies that have no specific use, but are born a little for fun, a little for speculation.
The popularity of meme coins
“Meme” is a word that indicates imitative behavior, which ends up being fun and viral. Dogecoin was born just like this: an imitation of Bitcoin with the face that is a meme, in fact, of a Shiba Inu dog breed.
From 2013 until a few months ago, Dogecoin seemed unique on the market, so much so that it was worth a few thousandths of a dollar and was essentially stable. Also carried along by the “meme stock” pumped up by the reddit group WallStreetbets, Dogecoin has soared in price and has given birth to numerous imitations.
Meme coins have become so important in the crypto sector that even Coinmarketcap reserves them a dedicated section of its website.
From here we can see what is the top 10 of meme coins currently on the market, sorted by market cap.
Top 10 meme coin
At the top of the table there is obviously Dogecoin (DOGE), the most “elderly”. As previously mentioned, Dogecoin was born in 2013 making the verse to Bitcoin. Actually it is a fork of Litecoin.
The rise in his popularity came thanks to ironic tweets from Elon Musk. After the first sarcastic posts, however, the Tesla CEO gave the impression that he wanted to marry the project. This raised the price, in the same months that the pumps organized on Reddit on the stock market. Dogecoin got its ATH on May 8, 2021 in $ 0.73. In one year it grew by 9,400%. even if it is now worth 25 cents (-64% from the historical record).
Shiba Inu (SHIB) is defined as the Dogecoin Killer, but unlike DOGE, it does not have its own blockchain and relies on Ethereum. He uses the muzzle of a rather angry Shiba Inu as a symbol.
In recent days, its price has risen so much that it has even surpassed Dogecoin’s market cap. Currently, the decline brings it back out of the top 10 of the largest capitalized companies and behind DOGE, in 11th position. It has lost 44% since the ATH on Oct 28, and is now worth 0.00004947.
To find another meme coin, you have to leave the top 100 and get to the 110 position where it is Dogelon Mars (ELON).
Dogelon appears to be the synthesis of Doge (coin) and Elon (Musk). It actually aims to be the first interplanetary cryptocurrency. The symbol, needless to say, once again sees the face of a Shiba Inu.
It had its ATH last June, worth 0.00003263, now it has lost 94%.
Samoyedcoin (SAMO) is at Coinmarketcap’s # 4 position as a meme coin, and at 249 by market cap. It has a dog symbol in the logo Samoyed. The crypto was created to mimic Solana, whose ecosystem it aims to grow. In his way.
On October 29, it hit its all-time high of $ 0.24. It has since lost 44% and is now worth 14 cents.
Hoge Finance (HOGE) is at Coinmarketcap position 351. Hoge also uses a dog in his brand. To see the official website, Hoge is an ERC20 token that aims to be a DeFi protocol and does not disdain not even the NFT sector. While calling itself a meme coin, it boasts that it has completed a Certik audit to demonstrate its solidity.
Last March he hit his ATH at $ 0.0009, now worth about $ 0.0004, half that.
Tiger King (TKING, position 405) is an ERC20 token inspired by the Netflix docuseries of the same name. This token also aims to be a utility in the world of NFTs and DeFi.
However has lost 99% of its value ($ 0.14) from the ATH of October 11 last year. Who knows that it wasn’t the vicissitudes of the other coin inspired by Netflix that dragged it down, Squid Game (SQUID).
At location 455 is Piazza MonaCoin (MONA). It is considered a meme because of its symbol, the ASCII character MONA, but it was actually born with the purpose of become the cryptocurrency of Japan, as early as 2013. It’s powered by a community that enjoys creating use cases for it.
It is worth $ 1.55, a long way (-92%) from the glories of the first speculative bubble of 2017, when it hit its ATH at $ 20 in December.
Cum Rocket (CUMMIES), at position 595, is not a real meme coin, but a coin, or better a token, with which to buy NFT and adult content.
In this way, the creators intended to overcome the restrictions that the porn world usually encounters when it comes to making payments. On May 5th, he touched his ATH at 28 cents. It has since lost 85% and is now worth only $ 0.04.
Doge Dash (DOGEDASH), in position 650, is inspired by Dogecoin, but it is nothing more than the coin of a game inspired by Super Mario and Sonic. The aim of the game is to run and collect as many coins as possible, which end up directly in the buyer’s wallet at the end of the 10th level. He’s a creature of the Grammy-nominated creative director Paul Caslin.
It is in full rally phase: it reached its ATH last November 2, at $ 0.0009, since then it has lost 14%.
Safemoon Inu (SMI), CMC position 647, is the perfect synthesis between Safemoon and Shiba Inu, which also blends the logos perfectly. In addition to being a meme, it is also a ERC20 token with NFT and gaming utilities. One such game, Moonlight Voyage, was developed thanks to Enjin. Its developers are confident that SMI is designed to go beyond the moon.
His ATH reached him on October 30th at 0.00012. It has since lost over 60%.
Meme coin, no fun games
What do all of these tokens have in common? Aside from a dog’s face as a logo in most cases, tall are distinguished by their volatility. Some of these projects have peaked by then lose even 99% of the value.
Therefore, anyone who approaches these tokens must know that despite the definition of meme, they are not a game and may not be fun at all.