Honestly, there is no defined explanation for the term Meme coins; they are basically derived from the Memes that are viral on social media these days. It is a well-known fact that meme coins do not have any major use cases, and they just trend on the basis of viral news on the internet.
So, the main question that most people wonder is, “Are Meme Coins a Safe Investment Choice?” Is it risky to invest in Meme coins, as they do not have any use case? Let’s find out the answers to all these questions and much more in this article!
Without wasting time, let’s begin:
The Rise of Meme Coins
When we hear mem coin, the first name that flashes in our mind is ‘Dogecoin.’ It was created in 2013 by Jackson Palmer and Billy Markus. Dogecoin was started merely as a joke, but its journey so far has been nothing but amazing.
The name Dogecoin struck the right cord for the internet generation, and it immediately became a trend. The craze of Dogecoin was not short-lived, and it kept on increasing over the years, leading to the rise of various other meme coins such as Shiba Inu, Dogelon Mars, Pepe Coin, and whatnot!
But with every great thing, there is always something that people need to be cautious about. Since these meme coins do not have any major use cases, investors need to be more cautious while investing their hard-earned money in them.
Are meme coins a risky gamble?
Yes, meme coins are a risky gamble. Most meme coins do not have use cases (that is why they are called ‘memes’). In most cases, such altcoins are driven by hype and social media trends. As an investor, you should approach them carefully and consult with a financial advisor before investing in meme coins.
Meme Coins to Invest in 2023
If you want to invest in meme coin, consider the following:
Shiba Inu is also known as the “Dogecoin killer.” Despite its high supply, it experienced substantial growth in 2021 and created an ATH of $0.00008845 in October. However, after that, it has been in a downtrend. But the good thing is that experts are projecting further gains in the long term. Based on our SHIB predictions, it could hit $0.0001204 in 2030, which will be a huge gain from the current SHIB price.
It is comparatively a new memecoin. Dogelon Mars gained attention from its branding and the similarity of its name with Elon Musk. Dogelon Mars was launched at a value of $0.00000005, and it reached an ATH of $0.00003263 in July 2021, soon after its launch.
Again, in November 2021, it tried to create a new ATH but could not cross the $0.000002184 mark. Later, it kept on with a significant downtrend. However, based on our ELON predictions, it may reach $0.00000151 in 2030, so you should look for long-term growth.
Dogecoin remains a popular meme coin. It is the leader in the meme sector. Experts have mixed opinions on DOGE. It grew more than 1000% with the support of Elon Musk in 2020-2021. Experts are bullish on the token, and many Dogecoin price predictions suggest that the token could touch $0.57 in 2030.
Unlike Bitcoin, Meme coins do not have any limited supply. They have an unlimited supply, which also affects the demand for these coins. Cryptocurrencies are already so volatile, but these meme coins are even more volatile than altcoins.
So, before investing in these coins, it is very important to conduct your own detailed research. Investing in meme coins can be a good idea, provided you move ahead with caution and not just follow the rat race. Investing just in FOMO can be a bad investment decision.