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Top-5 Meme Coins in 2023

The lack of practical application and value based solely on hype has not prevented many coins from breaking into the market leaders for a long time. Meme-coins are even among the top 10 cryptocurrencies in terms of capitalization.

But not all meme coins are equal. We have gathered 5 of this category's biggest, most promising and most exciting coins.

Dogecoin

The progenitor of all meme-coins, even a decade after its launch, Dogecoin remains the undisputed leader of this segment of the cryptocurrency market. Dogecoin showed that the idea of meme-coin is quite viable and led to the emergence of a whole range of so-called "dog" meme-coins, which use the image of a dog (usually of the Shiba Inu breed) as their symbol.

However, it is not only the fact that Dogecoin started with it that is in Dogecoin's favour. What is worth only the consistent support of the coin in social networks by the famous businessman Elon Musk. In the last 2-3 years, Musk has become almost the primary driver of Dogecoin (and some other similar coins) growth.

Dogecoin's capitalization is over $11.7 billion as of mid-November 2023. This ranks Dogecoin ninth among all cryptocurrencies.

Shiba Inu

This meme coin was launched in 2020 by Ryoshi and was not just inspired by Dogecoin but positioned as its rival from the start. Issued on the Ethereum blockchain, the token relied on many of the same pillars to drive the hype as Dogecoin, from using a dog theme to social media endorsements from Elon Musk.

Unlike most meme-coins (including Dogecoin), Shiba Inu boasts a full-fledged ecosystem, including its decentralized exchange ShibaSwap and even a Layer-2 solution for scaling Shibarium.

However, the expanded functionality was insufficient to dethrone the "king of meme coins". Shiba Inu ranks 19th in cryptocurrencies by capitalization, surpassing Dogecoin. However, $5.1 billion in market capitalisation is not a bad achievement.

Floki Inu

Another meme-coin with its ecosystem, Floki Inu, significantly expands its definition of "meme-coin". This asset has a clearly defined practical application: the Floki Inu ecosystem includes the Valhalla game, an NFT marketplace, a platform for content placement and a whole set of DeFi products that allow you to earn money from Floki Inu staking. At the same time, the token is issued in two blockchains simultaneously — Ethereum and BNB Chain.

In other words, Floki Inu is more of a traditional cryptocurrency "masquerading" as a meme-coin. But despite this, Floki Inu will not be able to break into the market leaders in the foreseeable future — its capitalisation is only slightly above $315 million.

However, Floki Inu keeps its user base quite confident and stable, so we should not expect a collapse of the ecosystem in the near future, which is already an achievement by the standards of meme coins.

PEPE Coin

PEPE Coin is the most successful "newcomer" in the meme-coin segment. The token entered the market in the spring of 2023 and achieved the highest growth among meme-coins of this year, both in terms of market capitalization and the number of token holders.

In addition, Pepe the frog, used as the token's symbol, although very popular in the crypto community, has not yet become a cliché, unlike the "dog" theme.

The developers of PEPE Coin did not create a developed ecosystem for their brainchild, focusing instead on mechanisms for creating and maintaining token scarcity and encouraging user activity. And these measures are bearing fruit — the asset's capitalisation has held steady at around half a billion dollars for several months, demonstrating atypical stability for meme coins.

Bone ShibaSwap

Bone ShibaSwap (BONE) is an exciting example of how a meme coin can exist in the ecosystem of another meme coin. BONE is the control token of the decentralized exchange ShibaSwap, which operates in the ecosystem of the aforementioned Shiba Inu.

On the one hand, it's a fully functional token that can be used in DAO voting, used to pay commissions on the exchange, and even allows you to earn staking in one of a dozen DeFi apps.

On the other hand, Bone ShibaSwap is entirely dependent on its "parent" asset, Shiba Inu. This means that its value is supported solely by community activity and the hype periodically fuelled around the whole ecosystem and its components.

BONE's capitalisation is relatively small — about $150 million. However, it is 20 times higher than a year ago (and the token has been traded since September 2021). Besides, as long as the Shiba Inu ecosystem is alive, this token is not in danger of dying.

Necessary disclaimer

Although meme coins can show impressive market performance, it is essential to remember that investing in them involves an extremely high risk. Strictly speaking, the risks associated with meme-coins are higher than those of "functional" cryptocurrencies of comparable capitalization. So you should decide to invest in one or another meme-coin only after thoroughly analyzing the market, and indeed, you should not invest in meme-coins an amount, the loss of which will be painful for you.

© BestChange.com – , updated 02/16/2024
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