It’s a surreal timeline by which fundamentals and the whole lot else that is sensible don’t seem to have a component in asset pricing. Essentially the most outlandish and weird notion usually succeeds, with no justification as to why. However, in contrast to fiction, it isn’t required to make sense in actuality. Meme cash are valued based mostly on how a lot folks worth them in essentially the most fundamental manner possible. They don’t declare to do something and admit that they’re solely there for the laughs. It’s possible you’ll spend all day debating the deserves of meme cash, or you may embrace the darkish aspect and revenue off of them. Let’s check out the highest 5 meme cash by market capitalization as of November 2021.
Round 2013, the earliest meme coin, Dogecoin, was launched by itself blockchain. Since then, the dog-themed token had confronted an uphill battle till the yr of the clown 2021, when it started to skyrocket, rising greater than 20,000% in a single yr!
It has been extensively promoted by Elon Musk, the world’s wealthiest man, who seems to have developed an obsession with the lovable pet and even used the DOGE token to assist a SpaceX mission. With over $30 billion market capitalization, Doge is ranked ninth total and first among the many present prime 5 meme currencies! It has an nearly limitless provide, however that’s a subject for an additional day.
2. Shiba Inu
Shiba, the 2nd largest meme foreign money on our record and the self-proclaimed DOGE killer, is one other meme and community-driven dog-themed token. “SHIB is an experiment in decentralized spontaneous group growth,” in response to its official description. The full provide of SHIB tokens is 1,000,000,000,000,000 (or 1 quadrillion). This mission is known as after a Japanese searching canine breed known as Shiba Inu. It’s based mostly on the Ethereum blockchain, has a market cap simply north of $27 billion, and is ranked quantity 9 on the all-assets record. It momentarily surpassed Dogecoin as the preferred meme-coin however is at the moment again in second place (presumably only for a short while!).
In March 2021, SafeMoon was launched with the motto, “Safely to the Moon”, impressed by the frequent expression “to the moon,” which suggests “to swiftly develop in worth.” John Karony, a former analyst for the US Division of Protection, is the present CEO of SafeMoon. SafeMoon swiftly surpassed a million cryptocurrency holdings after its inception. After a slew of superstar endorsements, together with rapper Lil’ Yachty, YouTuber Logan Paul, and sports activities blogger Dave Portnoy, SafeMoon’s value skyrocketed. With a present market cap of $3.56 Billion as of November 2021, it’s a meme coin in the identical vein as Shiba Inu is, nevertheless it hasn’t delivered on its guarantees. SafeMoon is the epitome of why establishing a product first is so necessary. Due to the token’s guarantees, traders purchased it, and now it’s dropping in worth. It’s a cautionary story for traders who’re susceptible to grandiosity.
4. Dogelon Mars (ELON)
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had large value swings, and a few really feel it nonetheless has house to broaden. This Ethereum-based mission makes use of the ERC-20 token customary, which means it’s going to use the Ethereum community for safety whereas additionally including its personal distinctive options to the token. This coin has a present market cap of $992 Million.
5. Kishu Inu
Kishu Inu, which debuted in August 2020, payments itself as a meme foreign money. Nonetheless, regardless of initially creating from the recognition of Dogecoin, it’s anticipated to achieve a substantial following of its personal. Due to this widespread technique, extra meme currencies are being created, which has helped them acquire reputation and a good standing amongst different meme cash. Kishu Inu has acknowledged that they wish to be the primary meme cash with real-world purposes moderately than counting on public relevance like many others. Kishu Inu is a deflationary foreign money that rewards traders who proceed to buy extra cash, and its market cap at the moment sits at a large $400M!
Because the development continues, we are able to anticipate to see extra of those altcoins emerge and acquire reputation. Because the emphasis on real-world use is extra dominant than ever, creators will also be anticipated so as to add in some utility options.
Disclaimer: Cryptocurrency just isn’t a authorized tender and is at the moment unregulated. Kindly make sure that you undertake enough threat evaluation when buying and selling cryptocurrencies as they’re usually topic to excessive value volatility. The knowledge offered on this part does not signify any funding recommendation or WazirX’s official place. WazirX reserves the fitting in its sole discretion to amend or change this weblog publish at any time and for any causes with out prior discover.