Meme coins are the latest sensation sweeping the burgeoning cryptocurrency sector. They have become extremely popular than some mainstream altcoins, given the volatility associated with them in the crypto markets. The high volatility associated with such coins has seen them become increasingly popular for price speculation among forex traders.
Simply put, meme coins are cryptocurrencies that accrue their value from price pumping with the help of social networks. High-profile personalities touting them as the next big thing has been the catalyst behind their popularity and growing importance.
While mainstream cryptocurrencies have been created to address issues such as enabling fast transactions, most meme coins are not created with a specific use case or inherent value. Consequently, most of them are inherent fundamentals and are more community-driven.
Below are some of the biggest meme coins.
Dogecoin (DOGE)
Arguably the biggest in terms of popularity and market value, Dogecoin’s edge stems from being the first meme coin launched in 2013 as a fun-loving alternative currency. A loyal community of retail traders, fans, celebrities, and high-profile personalities continues to pump the coin’s popularity.
Dubbed as the joke currency, Dogecoin has become a hit in social networks whereby it is used for tipping purposes. However, it is relentless tweets from Elon Musk that seem to be propping the altcoin. The Tesla chief has already confirmed that he is working with the Dogecoin team to enhance its transaction speeds.
A confirmation that Tesla accepts Dogecoin for some merchandise has only gone to affirm its credibility away from social networks. Nevertheless, the coin is not for the faint-hearted as it is extremely volatile due to the pumping and dumping that comes into play.
Shiba Inu (SHIB)
Shiba Inu is relatively new as it came into being in 2020. It is often dubbed the Dogecoin Killer, competing for the same audience. The meme coin has been gaining traction partly because of its listing in high-profile exchanges like Kraken. Companies like AMC accepting the coin as a mode payment have also gone a long way in driving its use case.
Amid the increased use cases, Shiba Inu is one of the biggest meme coins because of the engagement it continues to attract. The coin does not have any tangible utility or use cases from other high profile or mainstream cryptocurrencies. The coin continues to generate strong interest from millennials and GEN Z.
Consequently, it can be extremely volatile, ideal for anyone looking to profit from the wild price swings that come into play.
SafeMoon (SAFE)
Launched in March of 2021, SafeMoon is another meme coin taking the crypto space by storm and worth considering in forex trading. Over the short period, the coin has appreciated by more than 1 million percent, affirming the pumping around such coins.
The coins growing popularity stems from a unique feature that allows people to hold the coin for the long term. In return, it boasts of a 10% fee on every transaction, which will enable holders to earn some passive income on the side.
While most meme coins are usually the result of a pump and dump in the market, SafeMoon also comes backed by many projects. For starters, it includes SafeMoon wallet, a non-fungible token exchange and other features.
The meme coin also enjoys a cult-like following in social networks, which explains the explosive rally last year – ideal for speculation in the forex market. The prospect of the coin blowing up is always high.
Dogelon Mars (ELON-USD)
Dogelon Mars is a meme coin running on the hype of Dogecoin. The ERC-token has sought to position itself with serial entrepreneur Elon Musk from whom it draws inspiration. The cryptocurrency project is piggybacking on Musk’s ambitions to venture into Mars.
It has garnered so much attention partly due to its association with some of the biggest trends on Twitter. Its relationship with Dogecoin and Elon Musk has also gone a long way in shining more light on it.
With Musk growing interest in such coins, Dogelon has continued to draw attention in social networks as it is touted as the next big thing similar to Dogecoin. The project’s developers seek to make the coin an interplanetary currency in line with Musk’s ambitions for Mars.
Samoyedcoin (SAMO)
Samoyedcoin is a meme coin that has carved a niche given its ability to enable speed transactions and robust scalability. The dog-inspired coin is scarcer on the supply front as it burns three times. Its association with Solana has been one of the catalysts behind its growing popularity. The coin seeks to grow Solana’s ecosystem by appealing beyond its core.
The coin is attracting people who aren’t into cryptocurrencies most of the time. The meme coin is backed by a blockchain that boasts all the upsides from high scalability to high speed and low fees. It is also a fun altcoin to trade, given the hype it enjoys in social networks and other trading platforms.
MonaCoin (MONA)
MonaCoin is another meme coin worth considering for any forex trader looking to speculate on price volatility in the cryptocurrency sector. It is different from the others as it is more of a coin than a token coming with its blockchain.
It comes with specific logic for storing data. In addition to trying to profit from price fluctuation, the coin can also be mined. Consequently, it is possible to generate passive income from the meme coin.
While the coin came into being in 2014, its development team remains anonymous. Amid the anonymity, it was one of the most expensive meme coins, having clocked highs of $4 in 2021
Taboo Token (Taboo)
Amid the growing popularity of Non-fungible tokens in the tokenization of real-world assets, Taboo Token is increasingly standing out in the meme crypto space. The token is the native currency of Taboo, a non-fungible token and streaming media project.
The project specializes in highly exclusive content. It seeks to become the playboy of blockchain, specializing in models that are not porn stars. The network is powered by the Taboo token, which enables frictionless based transactions.
