What are memecoins?

Memecoin is a cryptocurrency inspired by internet memes and cultural phenomena. Compared to altcoins, memecoins are highly volatile in terms of their value as they are largely dependent on their community for support and promotion. You may come across posts on the internet saying this memecoin is the next 100x coin. Yes, these coins do offer multiple fold returns if one knows how to play the game.  

In this article we will look at memecoins that can generate 100x returns. (This is not a financial advice; please dyor)

Top memecoins for potential 100X gains

Dogwifhat (WIF)

A newer entrant in the memecoins pool, Dogwifhat has garnered a lot of attention in the crypto memes space. With its unique visual positioning of dogs wearing unconventional hats, the project has definitely made rounds at the crypto table. Besides its unique positioning, WIF has climbed the memecoin ladder largely because of strong community support and listing on major crypto exchanges around the world. The current trading price of WIF is closest to its all time high and analysts predict that the token could reach $5 soon enough. 

Bonk (BONK) 

Another stalwart in the memecoin world,  BONK’s entry pushed the meme market by a significant number. Supported by an active community, Bonk thrives on engagement through memes, playful narratives, and social media interactions, enhancing its appeal as a notable memecoin.

Bonk received even more attention when the project airdropped tokens to its community. The developers of the memecoin also stated that the project is foraying into gaming, betting, decentralized finance, and NFTs (Non-Fungible Tokens) A memecoin with such utilities is sure to offer 100x. 

Floki Inu (FLOKI)

Named after Elon Musk’s Shiba Inu dog, Floki Inu combines meme culture with serious ambitions, aiming to develop an entire ecosystem, including a gaming platform and NFT marketplace. It seems that the Dogefather has a lasting effect on memecoins. Once this meme was like any other project but today it is a well established crypto with use cases in both DeFi and NFTs. 

Floki is a multi chain project with its foot on both Ethereum and BNB chain. Which means users can bridge FLOKI from Ethereum to Binance chain easily. 

Cats In A Dogs World (MEW)

MEW is a cat-themed token launched on the Solana blockchain, aiming to challenge the dominance of dog-themed cryptocurrencies. MEW has seen a surge in popularity, with a significant 440% increase in value over a week, thanks to its unique positioning and mission to “shake up the status quo” in the world of memecoins. The token offers LP burning and airdrops, which adds to its appeal among crypto enthusiasts.

Doge (DOGE)

This memecoin needs no introduction. Doge (DOGE) is the OF of memecoins and is also advocated by the likes of Elon Musk. Originally created by Billy Markus and Jackson Palmer to make fun of the cryptocurrency world just to find itself as useful as a good well tested utility crypto coin. With a massive following and an actual utility of the coin, Doge actually holds potential to go 100x. 

 

Looking at the recent numbers, If we speak of numbers the last trading volume of Doge has seen an uptick of 9.16% in this week. Also, the market cap of Doge has soared from $10,119,376,913 to $23,341,769,328. Also, the memecoin ranks 8th on Coinmarketcap list. 

How to get started with memecoins investing?

If you are an absolute beginner, you can choose Jupiter

First, pick a crypto wallet. If you are interested in Solana based memecoins, then simply create a phantom wallet to add SOL. When you create your SOL wallet make sure you write down the seed phrase of your wallet on a piece of paper. Please do not store your seed phrase in a digital file.

Next, visit Jupiter and choose swap to buy the memecoin. The platform also allows you to place limit orders.

Next, keep an eye on how the memecoin is performing. Make sure you don’t hodl for too long. Enter at low price and exit with some profit.

Wrapping Up

Memecoins are highly volatile and are believed to be high risk high reward cryptocurrencies. Despite its volatile nature, memecoins have an impressive market cap of $ 60.31B which amounts to 2.35% of the total cryptocurrency market cap. Memecoins investing can be profitable if done in a strategic manner. However it is advised that you weigh the risks associated to memecoin investing and invest an amount that you can afford to lose.

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