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According to experts and analysts, we once again remind you that cryptocurrencies are a risky asset that should not occupy more than 5% of your investment portfolio.
Be careful in investing in cryptocurrencies. Otherwise, you may lose your funds if you act carelessly and without proper expertise and knowledge. Assess risks wisely.
Meme Coins have taken over the world! That’s a fact. It is not for nothing that today we are seriously discussing what prospect awaits the owners of Meme Coins and which coins are worth buying. Let's go through the basics again to remember what these Meme Coins are, how they appear, and why they are so popular!
As you remember from our previous blog about Meme Coins in general, the word "meme" means a funny image, video, or piece of text that is usually copied, changed, customized, and then quickly spread by Internet users. Meme Coins, or memecoins, are cryptocurrencies inspired by Internet jokes and memes.
Instead of investment tools, crypto investors usually buy Meme Coins to be part of a particular community, shortly saying – for fun. Especially if investors have a lot of money, they can spend on fun, of course. Simultaneously, the most popular target for meme coins is pure speculation.
In the case of Meme Coins, we must understand that they are designed precisely as Bitcoin or Litecoin. The only difference is that Meme Coins exist to viruses, hone in, and speculate. The value will depend only on how strong the impulse is for a viral reaction, the popularity of the asset on the Internet, and the support from media influencers and celebrities.
All the Meme Coins started with one, the first and only Dogecoin or DOGE. The DOGE coin was based on a popular meme: a dog of the Shiba Inu breed with the postscript "doge" in 2013. It went viral; everyone wanted to obtain at least one DOGE in their investment portfolio.
The biggest coin shot was also associated with Tesla and Elon Musk. We wrote about this here - where you can refresh your memory and plunge into the relationship history of the founder of SpaceX and crypto. Elon continuously promoted Dogecoin and boosted Dogecoin to a market cap of $88 billion in May 2021, making it an authentic pop culture phenomenon!
Meme Coins Popularity Consists of:
Volatility. Their primary basis is hype and popularity. Some say these coin types are even more volatile than the leading cryptocurrency – Bitcoin! The price of a Meme Coin can rise to 1000% only per week, and hundreds of percentages can appear in just one or a couple of days. This also means that you will risk 1000% more because of the same amount of assets loss. All the above means that the rewards can be even more massive than the risks. This attracts cryptocurrency-profit-diggers.
Long-term profit. They have long-term growth. Dogecoin gave its owners more than 1600% of its profit last year. Still, Shiba Inu, another popular memecoin, let one guy increase his funds from $8,000 in 2020 to $5,7 billion in 2021 by just being in the wallet!
Mania, provided by the Internet. Every time they visit Twitter, Reddit, or other social media, they see different hyped coins, try to buy them, become sad when the price goes low, and get depressed. It could lead to harmful consequences.
The Most Perspective Meme Coins in 2023
Tamadoge or TAMA
Tamadoge is a gaming metaverse where you upgrade your character and get TAMA coins when achieving the results. It looks like the classic Tamagotchi model, which is why its name is so familiar. The coin can be bought directly on the project website through Metamask or TrustWallet. The minimum investment amount is 15 USD. So far, the coin is only available on pre-sale for 1 USD for 44.44 TAMA.
Practical utility because it's not just the coin copy but also a game built on the principles of the metaverse. The platform can attract not only speculative capital but also user capital. Thus, the more players join the game, the greater the chances for a rise in the coin's value.
Trend fitting because the GameFi sector is one of the fastest-growing and most promising segments. This is a great additional growth driver.
There is high competition because there are over 2,000 blockchain-based projects, where most involve gaming. Competing with the other largest and more popular schemes is difficult, mainly if the NFT is engaged.
Late launch, in the 4th quarter of 2023. For almost a year, the cryptocurrency market can be completely reformatted. For investors, buying TAMA is a pretty long-term, high-risk investment.
The price of TAMA for the moment of writing this blog is $0.02694.
Vita Inu or VINU
Vita Inu is probably part of that short list of the memecoins that really can be named victorious. Its price rose during the ICO, showed high volatility during the entire time frame, and is still growing, even when 90% of other memecoins are stable and steady at their historical lows. The Doge dog, as you may notice, is the symbol of the startup. Of course, they used that breed because it is crucial to be known at the beginning of the launch.
Vita Inu is a metaverse created to spend time pleasantly and usefully, make new friends, and learn more about the cryptocurrency industry. After the full launch, users of this meta-universe will be able to use Vita Inu social network to play mini-games and receive rewards, make payments within the system, and work with NFTs.
Complete ecosystem development because it is easier to use one digital space for different purposes, like an entertainment platform, a decentralized exchange, an autonomous DAO community, or a digital space with an entrance through VR technologies.
High speed of transaction processing and practically no commissions. The problem of the scalability of the platform does not threaten yet.
The low unit cost of one Vita Inu. Even though the coin has repeatedly shown a growth of 200% in total and even more in a concise time frame, the price is still not so high. However, it may mean a considerable pump, so don't worry.
Slow development of the platform. The Vita Inu platform hasn't been launched yet.
The price of Vita Inu for the moment of writing this blog is $0.00000001482.
Battle Infinity or IBAT
Battle Infinity is a metaverse platform that offers to earn on the PTE (Play-to-Earn) model. The platform concept's first stage includes launching several fantasy sports games. The users will have the opportunity to create their own teams, participate in competitions, and receive rewards for the best results!
The Battle Infinity ecosystem will include six products with a decentralized exchange. The platform is developed on the Binance Smart Chain blockchain.
Scalability, because the platform will let users have tools that will allow them to do almost anything related to fast off-chain token turnover, NFT, and more.
Interest from investors; they were so curious that the pre-sale ended ahead of schedule.
The narrow direction because Battle Infinity has a chosen niche, while its competitors offer a more expansive game selection.
Slow development. Although the coin was presented at the beginning of 2022, the developers of Battle Infinity haven’t shown the working ecosystem or even a part of it. Thus, the startup lags behind competitors.
The price of Battle Infinity for the moment of writing this blog is $0.002671.
Dogechain or DC
This project was successful enough because of the 1000% rise in 4 days! That was insane for the whole market. The main thing is that the piece level after that growth didn’t return to the listing times, and that’s a good sign.
Dogecoin copies the top memecoin Doge, but with the utility function, because the project helps to create the bridge between Dogecoin and DeFi and NFT platforms. It also expands the options for transactions in the DeFi area. Dogechain is hosted on the Polygon network.
Recognition of the coin on significant stock exchanges, such as PancakeSwap, Uniswap, CEX exchanges KuCoin, and Gate.io.
Connection to Dogecoin because it supports the interest in Dogechain investments by many people, including severe investors and traders.
The age of the project because the price usually goes up on the first enthusiastic investors, but the 2800th place in the rating and the youth of the Dogechain project can’t be a good guarantee for the fast rise.
The price of Dogechain for the moment of writing this blog is $0.001265.
P.S. other coins can be great to invest in; however, we’ve already mentioned them in one of our previous blogs. We didn’t want to repeat it, but those coins are initial. Thus, they will still play a massive role in the whole memecoins market.
Risks of Investing in Memcoins
- Buying the "air," the coin that has no value and cannot be sold in the future, will cause the loss of your assets and disappointment in the whole industry.
- Scam. There are two scam scenarios: the developers sometimes turn off the site and delete accounts, or they apologize and say they do not have money to develop the platform further and pay considerable percentages to the investors.
- The price drop. Cryptocurrency memes are of interest primarily to speculators, who, after listing, immediately drain the coins and collapse the course.
- Pump risk. The price of any memecoin can be artificially promoted using the Pump and Dump strategy. A decline inevitably follows this growth.
4 Steps To Follow When Investing in Crypto Memecoins
- Weigh the risks.
- Analyze startup.
- Do not rush to trust advertising.
- Diversify risks.
Is It Still Worth Investing in Meme Coins?
The more you read, the more you understand that Shiba Inu or Dogelon Mars are the coins that will only bring you a short satisfaction and relation to a particular community. Yes, you can get profit from Meme Coins, but simultaneously, they may become your absolute nightmare if the price goes down.
There aren't so many Meme Coins you really can rely on. For every Dogecoin, another Meme Coin is not as successful and leaves its investors heavily underwater. Even DOGE and SHIB fell to 91% and 84%, respectively.
Also, remember about the volatility and another issue – a small group of people often holds many Meme Coins with a large concentration of coins. IntotheBlock, for example, says that about 48% of DOGE are in control of only seven crypto wallets, but 69% of SHIB – are in 15 wallets. This means that large investors can manipulate the market with this strong position or change the price of the coin by only cashing out the holdings.
The FOMO, or the "fear of missing out," plays a significant role and provides the total media hysteria about the Meme Coins. Thus, when you buy the coin, also be ready to sell it as soon as the media coverage diminishes. Or opposite.
There are no advisors here – you decide whether to risk or not. We hope you'll find the right decision for your situation for sure!
Where to Buy Meme Coins or Another Cryptocurrency?
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Join Wisebitcoin and be up-to-date with worldwide events and their affection for the cryptocurrency market! We hope to become a great partner in your crypto journey! And also, read Wisebitcoin. We have a lot of great and exciting blogs there!
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