Elon Musk’s Surprising Twitter Icon Change Sparks Interest in Dodge Meme Token and here are the best 4 Meme tokens to Invest in 2023
Meme tokens have recently become a popular topic of discussion in the cryptocurrency world. The most well-known meme token is Dogecoin, created as an homage to the famous Shiba Inu Doge meme. Since its inception, there has been a growing interest in meme tokens and their potential implications for the digital asset industry. As such, understanding what a meme token is and what it can be used for is essential for anyone considering investing in this new type of token.
On Monday, March 3rd, Elon Musk made headlines after changing the Desktop Twitter Icon from a blue bird icon to Shiba Inu which caused a surge in Dogecoin to more than 30% within an hour of posting. Musk posted an image of the change on Twitter.
The reason for the change was still unknown, however, there was news circulating that Elon Musk is fighting legal action against Dogecoin investors after the token price crash following Musk’s tweets. The investors are demanding $258 billion in damages. Elon Musk’s lawyer argued that you can’t sue someone for posting tweets. Meanwhile, Musk posted a conversation on Twitter.
So, let’s look at what Meme tokens are and the top Meme tokens in 2023.
What is a Meme Token?
Meme tokens are cryptocurrencies influenced by memes and internet jokes. Dogecoin, for example, was inspired by the Doge meme created from a photo of Shiba Inu which was promoted by influencers across the internet and reached its peak when Elon Musk started championing Dogecoin.
Dogecoin saw a huge spike in recent years and a lot of tokens were launched, most of them being Dogecoin imitators and themed around internet images, jokes, events, and animals.
Is Meme Token a Good Investment?
Most of the meme tokens are not based on a utility like other cryptocurrencies, they are focused on attracting community engagement. They perform based on market hype and are often promoted by influencers, and celebrities to pump the prices.
Investing in cryptocurrencies is risky as it is a volatile market. Investing in meme tokens is highly speculative as their market may spike suddenly and maintain a low phase for a long period. Proper research is needed to invest in them as it is a double-edged sword.
Before buying any cryptocurrency including meme coins, check the below list
- Have a look at their company’s whitepaper, their goals, and their development team’s experience in crypto projects.
- Avoid if the developers hold most of the tokens as there may be a chance the developers may sell off their tokens when the prices spike which leads to rug pull.
- Need to diversify the investments to be safe.
- Get control of your emotions like fear of missing out (FOMO) and greed while trading.
- Be watchful of the latest news and trends in the Crypto market.
- Do your research and have a fundamental knowledge of cryptocurrencies.
- And last, never invest more than you can afford to lose.
Top 4 meme tokens to invest as per Market Capitalization:
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- FLOKI
- Bone ShibaSwap (BONE)
Dogecoin: DOGE is an open-source peer-to-peer digital currency used to make transactions. Dogecoin was created by Jackson Palmer & Shibetoshi Nakamoto. The coin was introduced as a joke, inspired by Shiba Inu, a Japanese breed of dog, however, it gained popularity instantly through the tweets of Elon Musk.
Dogecoin is termed as a tipping currency on Reddit and Twitter, to reward content creators. It can perform transactions fastly and with low fees. There is no limit to the number of tokens to be mined. You can also receive free Dogecoin through communities and also from the Dogecoin faucet.
The current price of Dogecoin is $0.09691 with a market cap of $13,447,843,738 at the time of writing.
Shiba Inu: SHIB was named after the Japanese dog Shiba Inu, which has millions of followers and this interest made it a popular coin. SHIB is considered the “DOGECOIN KILLER” as per the SHIBA INU website. Shiba Inu is listed on Shiba Swap (a decentralized exchange). Lots of investors slowly started buying the tokens after Coinbase listed Shibu Inu on their platform.
The prices surged in October 2021 and became the most valued meme coin. Due to its increasing popularity, Shiba Inu has been accepted as payment by retailers including restaurants. Shiba Inu is expanding its ecosystem by entering into metaverse and Non-fungible Tokens (NFTs).
The current price of Shiba Inu is $0.00001128 with a market cap of $6,645,842,030 at the time of writing.
FLOKI: Floki is inspired by Shiba Inu named after Elon Musk’s dog and is the utility coin of the Floki ecosystem. It is termed the people’s currency. Floki has a global community called Floki Vikings. Floki is on a mission to build a state-of-the-art school first on every continent. As of now, Floki has opened schools in Guatemala, Ghana, Laos, and Nigeria.
Floki can be bought on 40+ exchanges. It has the lowest fees on DEX. Floki is built on Ethereum (ETH) and Binance Smart Chain (BSC).
The Floki ecosystem includes:
- Valhalla- Earn NFT Metaverse
- FlokiFi- Decentralized Finance
- Flokiplaces- Merchandise and NFT marketplace
- University of Floki- Crypto educational platform
- NFTs- Floki NFT collection
The current price of Floki is $0.00003672 with a market cap of $327,120,998 at the time of writing.
Bone ShibaSwap: Shiba Swap is a decentralized cryptocurrency exchange that allows users to swap cryptocurrencies without any third party. BONE is the reward token in the Shiba Swap ecosystem and users can stake their tokens to receive rewards. With the announcement of the Shibarium to use Bone as a gas token, its value spiked up. Recently, $Bone was added with the $DAI stablecoin.
The current price of Bone ShibaSwap is $1.11 with a market cap of $254,573,589 at the time of writing.
In conclusion, by understanding the risks involved and carefully researching the investment, investors can make informed and strategic decisions when investing in meme tokens. Taking into account the expected growth of popularity of meme culture as well as the potential future value of meme tokens, investors may find that there is great potential for profit in this market.
Cryptocurrencies are a volatile market, do proper research while investing in any cryptocurrency including Meme tokens.
