This article is about meme coins that started as internet jokes and have become a significant segment of the cryptocurrency market.
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"It's the currency of the future, an unstoppable financial instrument that will take over the world," that's how Elon Musk explained Dogecoin three years ago.
If we go back to 2021, the "Year of the Doge”, it was a time of sharp price increases and market capitalization for meme crypto coins like Dogecoin and Shiba Inu, so it only made sense that few questioned Musk's comment.
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At that time, investments in the meme cryptocurrency duo reached their peak, with token prices increasing by over 60,000,000% compared to the previous year. Playful dog-themed cryptocurrencies gained public recognition, particularly from Elon Musk and Mark Cuban, the owner of the Dallas Mavericks basketball team and Landmark Theatres. That is how by 2022, Doge had become one of the most sought-after cryptocurrencies.
However, unlike other cryptocurrencies like BTC, meme tokens do not have any inherent utility - they do not solve any problems or enable peer-to-peer (P2P) payments. Moreover, they are often not backed by anything, so the price of such coins depends solely on hype.
Nevertheless, there are currently over 300 meme tokens available on the market. Their capitalization volume reaches approximately $20 billion daily, with a trading volume of $500 million.
Right now, the world is filled with political problems, inflation, economic concerns, and higher interest rates - which is why many investors and traders are turning to cryptocurrencies, even meme coins. Experts say that when "serious" cryptocurrencies like Bitcoin aren’t moving much, people tend to get more interested in these less traditional coins.
In addition, any new and inexperienced investors are drawn to things they already recognize. Conveniently, meme coins are full of familiar images like popular dog breeds, Pepe the Frog, and Pikachu. People often pick these coins because they find it funny or like the memes behind them.
Meme coins are based on jokes, memes, and popular internet pictures. Even though they don’t have real value on their own, they work like other digital currencies, using blockchain technology and special coding methods. Some, like Dogecoin, can even be mined. We’ve previously shared more detailed info about them.
However, many memecoins became popular in the market primarily due to the active support of celebrities, influential investors, and opinion leaders, which increases their price. For example, at the beginning of 2021, Mark Zuckerberg posted an image on social media with the caption, "My goats: Max and Bitcoin”. Following that, the meme coin AquaGoat saw its price increase by 300% in just a few hours.
Meme cryptocurrencies do not have any inherent purpose, unlike other cryptocurrencies for the most part, as they primarily serve as a means of payment and speculation in the market (buy low, sell high).
In general, the public sees these coins as a joke and a relief from complex financial processes, without placing much expectation on them. The price of these coins is unpredictable - they can experience sharp increases or decreases without objective reasons, seemingly out of nowhere.
Nevertheless, memecoins have undeniably gained popularity in the crypto market.
Furthermore, some meme cryptocurrencies are slowly growing and forming digital communities and ecosystems, which allows them to be used as useful investment tools. Now, we will discuss the prospects and “usefulness” of memecoins mentioned in the top list of the most popular and high-market-cap meme cryptocurrencies.
Dogecoin, in short, can be considered the very foundation for the history of all memecoins. Dogecoin was created in 2009 based on the popular internet meme Doge, which featured an image of a Shiba Inu dog with funny captions.
The authors of Dogecoin are programmers Billy Markus and Jackson Palmer - they wanted to make something similar to “Bitcoin" but for a wider range of users as a fun version of it.
Four years after its creation, the coin was successfully launched. It gained significant attention from major investors like Elon Musk around 2014. Since then, numerous other meme cryptocurrencies, such as Shiba Inu and SafeMoon, have been inspired by it as the first “dog” coin.
The memecoin was initially used on platforms like X (formerly known as Twitter) and Reddit for payments related to text and visual content creation. Currently, Dogecoin is actively used for transactions across the network and for online purchases of goods and services. Moreover, anyone has the ability to mine Dogecoin by joining a mining pool.
At the time of writing this article, the market capitalization of DOGE stands at $11.5 billion, with the coin itself priced at $0.08.
This memecoin debuted in the summer of 2020, providing a fun and distinctive alternative to Dogecoin. However, Shiba Inu is inspired not just by the popularity of the first meme cryptocurrency, but also by Japanese culture, as seen by its design and symbolism.
The currency was launched using the Ethereum blockchain, which enables the use of smart contracts to provide further security to the project.
Furthermore, the developer of SHIB remains unknown. The only known information is the anonymous developer's alias, Ryoshi. It's worth emphasizing that the memecoin attracted substantial criticism in its first year since some said it mimicked Dogecoin, and the inventors remained unidentified.
Despite the criticism, the meme money has developed and grabbed the interest of several organizations and investors. Furthermore, the project did not restrict itself to a single currency - instead, the founders established a comprehensive ecosystem with numerous tokens (SHIB, LEASH, and BONE).
Also, one of the project's biggest strengths is its community. Crypto fans, developers, investors, and traders connect on social media regularly, expressing their ideas and proposals for modifications, consequently growing the project's popularity.
At the time of writing, Shiba Inu (SHIB) has a market value of $5.2 billion, with the coin priced at $0.0000087.
Bonk (BONK) is the first meme coin based on the Solana Blockchain. Interestingly, the makers chose to stick with the popular "dog" theme, presenting a rival to Doge and Shiba Inu in 2022.
Unlike previous "dog" currencies, BONK's objective is to help the expansion of the Solana platform. The developers are working on the establishment of DEXs and DeFi.
BONK was launched by DexLab, a Solana-based decentralized exchange. When BONK debuted, it received little notice, but after roughly a year, it began to earn confidence and reputation among DeFi traders and investors.
One major benefit of BONK is its versatility. Its airdrop function enabled the currency to be transferred to a large number of wallets, making it simple for individuals to use for transactions and as a form of payment. BONK is already in use in a number of Solana projects, including Duel Casino and Aurory, and it can be exchanged or spent in a variety of applications and games.
At the moment of writing, BONK's market capitalization is $638 million, with the currency itself priced at $0.00001.
Pepe (PEPE) is a meme currency that debuted in April 2023 and soon becamefamous. The coin is inspired by the popular "Pepe the Frog" meme, which was developed in 2005 by American artist Matt Furie.
Pepe sprang to prominence in 2010, when memes depicting the figure became popular on the 4chan website (which has since been taken down). Since then, Pepe has become both a symbol and an online legend.
Pepe is commonly used in many online organizations and has a sizable worldwide following. This has definitely helped the memecoin become very popular in the market.
Pepe's price on exchanges increased more than 4,000 times after its inception. In the first month, a crypto investor paid around $250 to purchase 5.9 trillion Pepe coins, which ultimately became worth nearly $1 million. This enormous accomplishment drew even more attention to the currency.
At the time of writing, PEPE's market capitalization is $394 million, with the coin valued at $0.0000009.
Floki (FLOKI) is a meme currency that began in the summer of 2021, when Elon Musk tweeted about calling his Shiba Inu puppy "Floki." The crypto community rapidly launched Floki Inu, and its price skyrocketed by 3,500% in only 24 hours, making some early purchasers billionaires. The authors first dismissed the initiative as a joke with no long-term aspirations.
As Floki increased in popularity, it changed its name from Floki Inu to simply Floki in order to extend its coverage. The project now features Valhalla, a gaming metaverse, FlokiPlaces, a token and goods marketplace, and Floki University, an educational platform. The development team includes MTGY's Moontography and Jackie Sui.
Floki is now a multi-chain token running on the Ethereum and Binance Smart Chain blockchains. This suggests that users may just move tokens between the two networks for use and storage.
Floki also has a huge and active fan community, and it routinely ranks among the top coins for social interaction on sites like LunarCrush.
At the time of writing this, FLOKI's market capitalization is $267 million, with the coin valued at $0.000027.
Meme coins originated as internet pranks, but they've already matured into a pretty major component of the cryptocurrency market. Coins like Dogecoin and Shiba Inu have acquired popularity as a consequence of online culture and celebrity support. In contrast to more "serious" cryptocurrencies, these coins tempt investors with their amusing communities and accessible access, despite their lack of practical purpose. However, investing in meme currencies is risky. As they gain popularity, it is vital to understand how they function and the risks related. If you're contemplating investing in memecoins, be careful and stay in mind that they may be highly volatile.
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Meme coins are cryptocurrencies inspired by internet jokes, memes, or popular online images. They usually don’t have a real practical use but get their value from strong community support and celebrity shout-outs. For example, Dogecoin is based on the Shiba Inu dog meme, and others like Shiba Inu and Floki also come from similar internet culture ideas.
Meme coins can be very unpredictable and risky. Their prices often go up or down quickly depending on social media trends, celebrity mentions, and online buzz. If you’re thinking about investing, it’s important to be careful because their value can change fast without warning.
Bitcoin is seen as a “store of value” and has a clear goal as a decentralized digital currency. Meme coins, on the other hand, usually don’t have a real purpose or practical use. They’re mostly community-driven projects or fun takes on traditional cryptocurrencies, rather than serious financial tools.
Meme coins get their value mainly from social media hype, active communities, and sometimes celebrity endorsements. When a famous person talks about them or they become popular online, their price can jump. But if interest fades, their value can drop quickly too.
Some of the most popular meme coins are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK). Each has its own community and story, often tied to specific memes, and they continue to attract crypto enthusiasts and investors around the world.
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