In the world of crypto, there’s always new innovation happening. From DeFi and DEXs, all the way to NFTs. It seems like it just doesn’t stop.
But among all this another culturally integral aspect of crypto has emerged in the past few years. We’re talking about meme tokens. As the name suggests, meme tokens are digital coins that are inspired by internet memes. These tokens have gained immense popularity in recent times due to their unique appeal and potential for quick profits.
But can it be called an innovation? Well, we’ll leave it to you to decide. In this blog, we’ll explore what meme tokens are, their pros and cons, how to buy them, and also look into some popular meme tokens.
- Meme tokens are created as a joke or to represent a popular meme and they inherently have no intrinsic value.
- They usually play into popular culture, making them attractive to a younger demographic of investors.
- Since they are traded mostly on decentralized exchanges, they usually end up having lower liquidity, which can result in high slippages.
- Some of the biggest meme coins like DOGE and SHIB have reached billions of dollars in market cap and the newer ones like $PEPE and $LADYS also seem to be well on their way to hitting that goal.
What is a Meme Token?
A meme token is a cryptocurrency that is created as a joke or to represent a popular meme. These tokens are often inspired by internet phenomena like viral videos, celebrities, or other cultural references.
Unlike traditional cryptocurrencies like Bitcoin or Ethereum, meme tokens have no real-world value and are purely speculative.
Pros and Cons of Meme Tokens
Before investing in meme tokens, it’s best to weigh the pros and cons of these types of tokens and asses the risk accordingly.
- High potential for quick profits: Meme tokens are often traded at a low price and can experience a sudden surge in value, leading to quick profits for investors.
- Pop culture appeal: Meme tokens tap into the zeitgeist of popular culture, making them attractive to a younger demographic of investors.
- Fun and engaging: Meme tokens can be entertaining to follow, as their price movements often relate to viral trends and internet memes.
- High volatility: Meme tokens are highly speculative and can experience sudden price swings, making them a risky investment.
- Lack of fundamental value: Meme tokens have no intrinsic value and nearly have no utility, making them vulnerable to market manipulation and crashes.
- Limited liquidity: Meme tokens are often traded on decentralized exchanges, which have lower liquidity and can lead to high slippages.
How to Buy Meme Tokens?
Meme tokens can mainly be bought in TWO ways:
- Centralized Exchanges (CEX)
- Decentralized Exchanges (DEX)
CEXes are traditional cryptocurrency exchanges that are regulated and offer higher liquidity, while DEXes are decentralized exchanges that are peer-to-peer and offer lower platform fees.
With Krystal Wallet, you can leverage the best prices from top DEXs and purchase most of the popular meme coins out there.
You can take a look at the liquidity pools of the tokens you intend to purchase to see if you will be able to cash out when needed.
To buy these tokens, you’ll need to create a wallet and fund it with crypto. Once you have crypto in your wallet, you can trade it for meme tokens on a CEX or DEX.
Popular Meme Tokens (OGs + Trending)
Dogecoin is arguably the most famous meme token, created in 2013 as a joke based on the Shiba Inu dog meme.
Despite being initially created as a joke, Dogecoin has gained a massive following and has been supported by high-profile figures like Elon Musk. He even changed the Twitter logo to DOGE’s logo for 24 hours. As of May 2023, its market cap is $10 billion.
Shiba Inu (SHIB)
Shiba Inu is another meme token inspired by the popular dog meme. It was created in 2020 and has quickly gained popularity due to its low price and the social media hype around it. Its market cap as of May 2023 is $3 billion.
Pepe coin is the latest addition to the growing popularity of meme coins. Inspired by the “Pepe the Frog” meme and the artist behind it, Matt Furie, this token has taken crypto by storm! The token has a circulating supply of 420 trillion and the market cap has reached close to $1.2 billion!
Turbo Token (TURBO) is a revolutionary meme token featuring a futuristic toad mascot. Turbo Token is created by Rhett Mankind in 2023 after following instructions from GPT-4, with a start budget of $69.
“I gave GPT-4 a budget of $69 and asked it to make the next great meme coin.”
TURBO reached a market cap of $50 million a few weeks back.
Milady Memecoin (LADYS)
It’s a meme token inspired by a popular NFT collection Milady Maker. The meme token, however, is not officially related to the project. It’s a self-organized meme token created by the community.
This token has been going absolutely berserk ever since Elon Musk tweeted a meme using the imagery of a Milady NFT. The token reached a market cap of close to $50 MILLION after surging by over 5000%.
- Meme tokens have emerged as a popular trend in the world of cryptocurrency, driven by their pop culture appeal and potential for quick profits.
- While they can be entertaining to follow and offer opportunities for investors, they also come with high risks due to their lack of intrinsic value and volatility.
- When investing in meme tokens, it’s important to do thorough research and understand the potential risks involved. As with any investment, it’s important to diversify your portfolio and invest only what you can afford to lose.
About Krystal Wallet
Krystal is the simplest web3 wallet for everyone. On a single application, access cutting-edge portfolio management & market insights tools, swap & bridge tokens, earn passive income and participate in token sales via its IDO launchpad, KrystalGO. Additionally, users earn points and rewards from in-app activities as part of its loyalty program.
Krystal currently supports DeFi services on 11 blockchain networks, including Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Aurora, Klaytn, Solana and Optimism. Explore Krystal today on mobile app (iOS and Android) and web app.