Meme coins have recently become a huge part of the crypto world. What started with DOGE as a joke has now taken the entire crypto community by storm.
Names like Shiba Inu and Dogecoin have become some of the most prominent crypto coins. These coins frequently draw inspiration from internet memes and pop culture references, which fuels their meteoric rise.
Names like DOGE, SHIB, and FLOKI have recorded 24-hour growth of 14,000%, 3,000%, and 4,000%, respectively, in 2021. Therefore, the high-risk, high-return nature of these coins pushes investors to often turn to meme coins, especially on the verge of a bull run.
With the crypto market eyeing a major breakout, crypto traders are also searching for the next 100x gem.
Although household names like Ethereum and Bitcoin dominate the crypto market, meme coins like SHIB, PEPE, and BONK can also create ripples. Traders looking to make quick money frequently prefer these tokens.
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PEPE, a coin inspired by the frog meme, currently boasts a market cap of $2 billion. The meme coin witnessed a 30% surge in the past 7 days alone. According to PEPE coin price prediction, the coin might close the year around $0.0000017.
Similarly, the Solana-based meme coin BONK has secured $1.8 billion in market cap. Its indirect association with Solana enables the meme token to stand out from the competition.
SHIB is the second-most popular meme coin after Dogecoin, which Shiba Inu originally aimed to overthrow. With a market cap exceeding $15 billion, SHIB is one of the most promising coins, with several real-world use cases and partnerships. Moreover, the SHIB coin price prediction sees the DOGE-killer could reach around $0.0000250 by the end of 2024.
While coins like SHIB are accustomed to gaining 300% value in a few weeks, it is worth noting that crypto coins are inherently volatile. Their volatile nature becomes even more explosive when it comes to meme coins, as they usually do not offer real-world value.
Their lack of underlying utility makes meme tokens highly prone to market sentiment. While fishing for the next 100s gem is immensely challenging, several factors make the search viable. Robust community support, a positive market outlook, and an in-depth project roadmap with distinct future developments all point toward a promising market performance.
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However, the factors can fluctuate quickly, so solely relying on them can be tricky. Therefore, there is no formula to identify the next meme coin gem. Dealing with such tokens can be significantly risky, so investors must tread cautiously.
The basic principles traders should adhere to are conducting extensive research, understanding the risks, and only investing a limited amount of money. Responsible investing is crucial, especially when it comes to volatile assets like cryptocurrencies.
