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.  

Let’s dive into the top memecoin picks for June 2024

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. 

How to invest in memecoins – step-by-step guide 

If you have come this far then you might want to understand how memecoins are purchased. If you are a beginner, then Jupiter exchange could be the right place for you.  (Please DYOR before you invest through any platform)

Lets say you want to invest in a Solana based memecoins then you would need to create your wallet and fund it with SOL first.

One of the most popular wallets for Solana is Phantom. You can download the Chrome extension or download the app on your phone.

After downloading create your wallet. Set up your password and write down the seed phrase of your wallet on a paper.

Do not store your passwords and seed phrases in a digital format.

Next up, you can buy SOL from a crypto exchange or on ramp crypto solutions. Make sure you fund it with atleast 10 USD.

 

If you have a better risk appetite you can go up to 30 or 50 USD. (weigh your risk appetite before you invest in any cryptocurrency)

Once you have funded your SOL wallet you can simply visit Jupiter and swap your Solana with the memecoin of your choice.

Keep a track of your investing. Make sure you book your profits sooner than later.

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.

Trending