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Meme coins, a strange subset of cryptocurrencies, are inspired by internet memes, and inject humor and novelty into digital assets. With their playful origins and unexpected paths, meme coins embody the playful spirit of internet culture, offering both entertainment and investment opportunities. A prime example is Dogecoin (DOGE), which emerged in 2013 as a satire on the cryptocurrency craze – and quickly gained traction thanks to its vibrant community and viral appeal on platforms like Reddit.
In this article, FBS financial market analysts explore the meme landscape, dividing it into two broad categories – the “good” and the “bad and the ugly”. Experts look at the inception of memcoins and assess the potential impact of these assets on the broader cryptocurrency market.
The good
Several projects have emerged as noteworthy contenders within the meme coins, demonstrating their reliability and dedication to the LGBT community.
Trading volumes for the largest coins
As previously highlighted, Dogecoin stands out as the leader of the meme cryptocurrency, boasting the largest market cap in the industry. However, other than Dogecoin, there are other notable participants worthy of attention such as Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK).
Shiba Inu (SHIB)
Shiba Inu (SHIB) emerged in 2020. Unlike Dogecoin, the creator of the Shiba Inu remains anonymous and is only known to the cryptocurrency community as RYOSHI. Interestingly, the creators of SHIB did not reserve any coins for themselves, ensuring that all buyers entered the market equally.
Shiba Inu (SHIB)
Despite a quiet start, SHIB gained significant momentum in March 2021 when Elon Musk’s tweet expressing interest in a Shiba Inu puppy inadvertently boosted the coin’s popularity. This led to SHIB becoming one of the top 20 cryptocurrencies by market cap, with its value rising by 2,000 percent in just five days and more than 27 million percent between January and October 2021. In October 2021, an unknown major buyer spent $1.2 million on… SHIB. Symbols. To maintain its value, the creators of the Shiba Inu created an ecosystem consisting of three tokens, SHIB, LEASH, and BONE, and a decentralized exchange, ShibaSwap. Technically, the Shiba Inu operates as an ERC-20 token on the Ethereum blockchain.
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Pepe, a green frog with a turbulent history, first rose to prominence among American far-right political groups before being reincarnated in April 2023 as the most popular currency. Despite the PEPE cryptocurrency craze, the original artist behind the Pepe character claims that he did not profit from the cryptocurrency iteration. With a total supply of 420 trillion PEPE tokens, a reference to the marijuana-related meme “4.20,” its market capitalization reached $1 billion within three weeks of launch. In just over a month, this cryptocurrency has seen its value increase by a staggering 10,000-fold.
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Floki (Floki)
In June 2021, Elon Musk announced on Twitter that he would name his pet Shiba Inu “Floki”, leading to the creation of the Floki Inu coin. When Musk announced on September 12 that his family had acquired the dog, FLOKI tokens were already circulating on the market.
Floki (Floki)
Over the past year, Floki has grown by 287%, reaching a market cap of $1.54 billion. Despite challenges such as regulatory scrutiny in some regions, Floki’s commitment to real benefit and global philanthropy has kept investors interested.
Bonk (bonk)
Bonk is the first “dog” meme coin created on the Solana blockchain. Exactly half of the initial issuance was distributed to the community via airdrop, a move aimed at supporting the Solana ecosystem following the sharp decline in the value of the token. In fact, the introduction of BONK has sparked activity within the ecosystem, giving rise to new memes, token burning events, the creation of NFT collections, and more.
Bonk (bonk)
BONK tokens include a massive 100 trillion token trove, a significant portion of which is allocated to support the Solana ecosystem, including NFT projects, DeFi users, and developers.
In 2024, most major cryptocurrencies rode Bitcoin’s momentum, but their gains were much greater. For example, while Bitcoin is up 71% since February 1 to a new record high of $73,589 on March 14, BONK is up 254% from February 1 to March 5.
The bad and the ugly
After considering the “good” and “bad” examples of meme coins, FBS analysts suggest delving into the behavior of elusive meme coins such as WSB Coin (WSB), SafeMoon, and BULL. They highlighted the prevalence of fraudulent projects in this area. Such cautionary tales serve as a stark reminder of the importance of conducting thorough research and due diligence before venturing into the volatile world of cryptocurrency investing.
WSB Coin (WSB)
A notorious meme coin scam involving a broker from the popular trading subreddit r/WallStreetBets was recently exposed. The group introduced a meme coin dubbed WSB Coin (WSB), claiming to be the official currency of Wall Street Bets, and launched it on May 2. Promoters of the WSB token have pledged to reserve 10% of the subreddit’s coins, with no allocation to the development team. However, just two days later, an administrator allegedly dumped the allocated tokens onto the market, resulting in a stunning drop in the value of the token.
WSB (WSB) currency chart.
Moon sword
Saif Moon Chart
Bull symbol
The cryptocurrency community was rocked by a recent scam uncovered by ZachXBT, a popular blockchain detector. The scheme involved an imposter posing as Ansem, who deceptively promoted a fake pre-sale of “BULL” tokens in the comments section of legitimate posts by the real Ansem. This dual tactic resulted in significant financial losses, with one unfortunate victim reportedly losing $1.2 million. Despite ZachXBT’s efforts to warn others, scammers brazenly stole an additional $250,000 from unsuspecting individuals shortly after the initial alert. The scam continued across multiple accounts, targeting innocent investors and illegally profiting from the frenzy surrounding meme coins. Scammers took advantage of the hype around meme coins and tricked people into buying the non-existent BULL token.
Future of currencies meme
The path of memes appears uncertain but interesting, influenced by market trends, regulatory shifts, and investor sentiment. As cryptocurrencies gain mainstream momentum, meme currencies benefit from increased interest but face challenges due to their speculative nature.
FBS analysts stress that community strength and ecosystem development are pivotal in determining the longevity of the meme, while the evolving regulatory landscape poses potential hurdles. Despite the uncertainty, memecoins remain attractive to high-risk investors.
Dowland TREMP and Geo BODEN
External events, such as the upcoming US presidential election, can fuel hype around meme currencies associated with candidate names, opening up speculative opportunities. For example, investors may focus on tokens such as Doland Tremp (TREMP) and Geo Boden (BODEN). Considering that these crypto assets were built based on the popular and rapidly developing Solana network, they also represent interesting investments, given their low capitalization.
Doland Tremp (TREMP) and Geo Boden (BODEN) symbols.
Dujoyfat (WIF)
An interesting coin to consider is Dogwifat (WIF). It has become one of the most prominent coins on Solana and recently became the third largest meme coin by market cap, surpassing Pepe (PEPE) on March 29.
Supported by a community dedicated to developing the project, WIF has attracted attention as a cryptocurrency worth following. In particular, the community offered to place the project’s logo on the Las Vegas field and created a donation link that raised $650,000.
Dujoyvat (WIF)
Book of Memes (BOME)
Also, an interesting coin to consider is Book of Memes (BOME), the latest Solana-based meme coin developed by mysterious crypto artist Darksfarm1 on Of memes. Our digital heritage.
Launched on Binance at $0.00005, BOME has risen more than 57,000% in three days, reaching an ATH of $0.0286. It’s been a whirlwind, with a market capitalization of over $1.5 billion. BOME is currently priced at $0.01171, and its volatility highlights the excitement and difficulty of trading new tokens.
Book of Memes (BOME)
Takeaways from FBS analysts
Despite the hype surrounding meme currencies, it is important to recognize their unpredictability and high risks. In the past month alone, 12 of the 27 meme coins launched on Solana were abandoned after pre-sales, resulting in users losing 180,650 Sol ($26.7 million). Shockingly, one project didn’t even have time to get a name before its demise.
While memecoins are promising, prudent investors must first inform, conduct thorough due diligence, and tread carefully in the volatile market landscape.
Predicting which meme coins will see upward or downward movement is almost impossible. However, the prevailing view is that meme cryptocurrencies capture a significant share of the gains, while mainly strong coins see relatively smaller gains. These dynamics offer potentially favorable investment prospects for those willing to accept the higher risks of investing in meme currencies.
In short, investing in meme currencies requires caution and thorough research. While some projects may hold potential for growth and societal value, others have fallen victim to scams or rapid consumption. It is important for investors to stay informed of market trends and regulatory changes and to engage in prudent risk management practices. While meme currencies offer speculative opportunities, we urge readers to tread carefully, prioritize transparency, and exercise diligence in their cryptocurrency investments.
About FBS
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Queen Gekko
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