ICO Rankings Blog

Meme tokens have been relatively popular over the past year and make up an interesting part of the cryptocurrency ecosystem. 

Where most credible cryptocurrencies have a focus on some kind of technological advancement or financial solution, meme tokens are just basically memes and internet jokes turned cryptocurrency.

Although they started as playful, meme tokens became notable enough to attract capital from players. In this article, we will explore the top memes tokens by market capitalization and dive into what makes them popular and their performance.

What Are Meme Tokens?

A meme token is a type of digital currency that begins as an internet joke. This usually means they have no underlying value or utility and are only popular because people in their community talk them up, get people to post about it on social media. 

While their origins might have been created with fun, some meme tokens have gone on to garner large market capitalizations which has captured the attention of both retail and institutional investors.

The Top Meme Tokens

Dogecoin (DOGE)

Dogecoin (DOGE) is the pioneer of meme tokens. The well-known Shiba Inu dog meme that adorned Dogecoin was first made as a joke in 2013 by software engineers Jackson Palmer and Billy Markus. 

Although it started off as a joke, Dogecoin soon amassed a large following and received celebrity endorsements from the likes of Elon Musk. It is a proof-of-work (PoW) coin, without liquidity constraints that trades with higher volumes than most alts. 

Dogecoin is still the most popular meme token and also has a market cap of $23.9 billion as it stands now.

Shiba Inu (SHIB)

SHIB was born in 2020, inspired by Dogecoin and created by anonymous person Ryoshi. They quickly emerged as one of the rising stars on Shiba Inu - self-branded "Dogecoin killer". 

Being an Ethereum-based token, Shiba Inu harnesses the powerful smart contract functions capable of uplifting beyond Dogecoin. 

It is the third-largest meme token with a market cap of approximately $20.8 billion after Shiba Inu was only supported by its DEV work this year.

PepeCoin (PEPE)

Launched in 2023, PepeCoin (PEPE) is a more recent addition to the meme token field. It started as a popular Pepe the Frog meme and soon elephanted in the cryptocurrency community. 

PepeCoin is an Ethereum-based ERC-20 token. Market capitalization to has reached nearly $3.5 billion, making it one of the leading memes tokens in a space yielded to play out over 36 months.

Dogelon Mars (ELON)

Dogelon Mars (ELON) is another meme token inspired by Dogecoin and Elon Musk. The token melds Dogecoin's base with the appeal of space exploration, an oft-discussed theme in Musk's tweets. 

The Dogelon Mars community is about having fun and keeping the engagement high while still helping out for a cause. It has a high market capitalization and is loved by many of the meme token aficionados.

Baby Dogecoin (BABYDOGE)

Baby Dogecoin (BABYDOGE) is a fast, high ROI Token in the vein of Poocake and Boobcoin that promises transaction speeds up to 100 times faster than traditional tokens while introducing better deflationary economics. 

Established in 2021 on the Binance Smart Chain (BSC), Baby Dogecoin has reaped well from its proximity to and partnership with the popular exchange, Binance. 

Even though recently released, it has gathered a great number of followers and decent market capitalization.

Floki Inu (FLOKI)

Floki Inu was inspired by Elon Musk's Shiba puppy Floki. The token aims to build a more extensive ecosystem that includes an NFT marketplace, DeFi apps and educational content. 

Floki Inu has captured a major market share for meme tokens primarily due to its true community-focused approach and an aggressive roadmap.

Samoyedcoin (SAMO)

Another popular pet-inspired meme coin is Samoyedcoin (SAMO). It is a meme coin on the Solana blockchain, which has been appreciated for its fast transaction speeds and cheap fees. 

Samoyedcoin aims to be more than just a meme by integrating with various DeFi applications on Solana. Its innovative approach has earned it a place among the top memes tokens by market capitalization​.

MonaCoin (MONA)

MonaCoin (MONA) is a Japanese meme token inspired by the ASCII art character, Mona. This is one of the first meme tokens, as it was created in 2014. 

MonaCoin is mined using Proof-of-Work and has been embraced by the Japanese community. The stability of their market cap comes from their cultural strength and the fact they were early to market.

Factors Driving Meme Token Popularity

Community Engagement

Meme tokens are community-driven. Reddit, Twitter and Telegram represent key platforms in their development. These tokens are crowned by communities producing viral campaigns and memes which feed an organic demand for the token.

Celebrity Endorsements

Endorsements from top celebrities or influencers can send the price and hype of meme coins to high places essentially with rat poison II trying Satoshi's game. For example, tweets made by Elon Musk on Dogecoin has caused significant price surges as well as media attention.

Accessibility

The entry threshold for most meme tokens is generally low. This accessibility promotes massive adoption, especially for inexperienced traders who want to get in the crypto space with little money.

Speculative Investing

Speculative investors hungry for fast profits are drawn in by the unpredictable nature of meme tokens. The wild price action can result in massive profits (or losses), making them attractive for high-risk, high-reward playbooks.

Social Media Influence

The influence of meme tokens would never have reached its peak without the aid of social media platforms. 

This sort of meme-ification and jokes around them quickly spiral out for the tokens, obviously because they end up being speculative bubble, it literally encourages investments as well. Buzz on social media often converted into financial business in the real world.

Risks Associated with Meme Tokens

Volatility

Otherwise, as you probably know because of their existence entirely to manipulation the meme token are nothing if they're not volatile. 

Notable for their extreme volatility that causes them to change in value within minutes on the whims of social media trends and speculative trading. Such volatility can lead to huge financial losses on the part of investors.

Lack of Utility

Most meme tokens have little to no utility or real world applications. They have no intrinsic business or technology play; their value pretty much come from community hype & market speculations.

Regulatory Uncertainty

The race to dig at the bottom of a pile is merely an artifact from these developing democracies, and the very nature has attracted regulators. 

Meme tokens, by their very speculative and volatile nature could be ripe for regulatory clampdown as well legal challenges or shutdowns.

Market Manipulation

Meme tokens generally have a low market cap and high trading volume, thus making them prone to manipulation in the markets. 

Whales (big holders) have the power to manipulate prices at an extremely high level and such pump-and-dump cases damage retail investors.

Why Meme Tokens Matter

Although meme tokens begin as a bit of fun their impact on the cryptocurrency market is substantial. 

Their engaging nature usually with fun accelerates this bringing in a lot of new investors into the crypto space. 

Meme tokens also showcase the strength of community in crypto, as these assets shift value based on social interaction and audience.

The Future of Meme Tokens

The fate of meme tokens is an uncertain one, but the demand for them is real and shows no sign of disappearing in future. 

Meme tokens are driving adoption of cryptocurrency; they make it easy to scam many new people entering the space. 

They also help foster new use cases for blockchains in creative ways, allowing cryptocurrencies to do more.

Conclusion

Meme coins are a rather interesting and extremely entertaining part of the cryptocurrency market. These coins range across the spectrum from Dogecoin, to Floki Inu. 

While to the majority of traders they might not always be taken seriously, their market caps and devoted followers does testify that a very real ripple effect is happening). 

Given the rapid evolution in this space, to expect these meme tokens to vanish completely would seem naive - and counterintuitive as they enrich market diversity.

Investors who focus on the top memes tokens by market cap will get an interesting snapshot of this volatile marketplace, which is packed with surprises. 

On the lighter side, or in terms of light-hearted entertainment and focusing on community involvement along with play-to-earn opportunities; meme tokens represent a window into what digital assets could be like heading in to the future.

Over the few years, the investment in cryptocurrency including Bitcoins, become most trending after the famous digital currency in the world. But smart investors thorough research before investing in any coin which must be altcoin with high returns. In this all-encompassing guide, we will explore the 10 best altcoins for your investment portfolio.

1. Ethereum (ETH)

Market cap: $389.2 billion

Today, there are over 26,000 crypto assets in circulation and a $2.5 trillion total market capitalization. This includes the $389+ billion currently available on the largest altcoin offering, Ethereum.

As opposed to Bitcoin, which is referenced to as a “decentralized currency,” Ethereum can be seen as a form of distributed computing network that provides the platform for users to run the dApps and host the smart contracts by the blockchain.

Walker Holmes, Metaverse platform MetaTope's vice president, says "ETH is a decentralized playground for builders to decide future blockchain tech developments and achieve this, where BTC is a store of value.”

One often criticized aspect of Ethereum is its high transaction costs, which is a point many critics like to make. Nevertheless, Ethereum has shown it is still around, as proven by a cadre of thousands of apps and other altcoins being built on its blockchain.

2. BNB (BNB)

Market cap: $82.5 billion

On the Binance exchange, BNB is a utility token that can be used to get discounted trades and pay trading fees. You can also utilize BNB for non-Binance cryptocurrency exchange transactions, like making travel reservations.

Some claim that BNB lacks the decentralization of other altcoins. However, since BNB began gaining popularity in 2021, the coin's value has also contributed to attracting investor interest in the exchange.

3. Solana (SOL)

Market cap: $79.3 billion

Solana is the blockchain behind apps, smart contracts, and decentralized finance. It uses a hybrid proof-of-stake and proof-of-history procedure to process transactions quickly and safely.

Among the fastest blockchains available is Solana. However, compared to Ethereum, it has also come under fire for being overly centralized and having a small number of validating nodes, according to Whitney Setiawan, a research analyst with the digital asset exchange Bitrue.

Holmes claims that although Solana has experienced outages and downtime, it is a scalable blockchain solution with extremely low fees.

4. XRP (XRP)

Market cap: $32.0 billion

In the case of digital technology and payment processing company Ripple Labs, the cryptocurrency XRP can be used to allow for the exchange of a range of traditional and cryptocurrencies. A Ripple Labs creation set up in 2012 may as well be a relic at this point in the rapidly changing world of cryptocurrency.

However, over the last ten years, many other coins have come and gone, but Ripple Labs and its XRP coin have remained well-known throughout the cryptocurrency community.

XRP Ledger is the first decentralized exchange with a customizable tokenization protocol. In addition to being open-source, it is believed to be more environmentally sustainable than other cryptocurrencies, which could also work in its favour.

5. Dogecoin (DOGE)

Market cap: $26.3 billion

In 2013, what is said to be the first meme coin, Dogecoin, was made as a joke. Despite, the facts, it has turned into a popular cryptocurrency in no time because of its strong community and creative memes.

Richard Gardner, CEO of financial software provider Modulus Global added: DOGE has some very big backers, but it is still designed to be inflationary, rather than deflationary like Bitcoin.

A decentralized app developer for 0VIX Protocol, which facilitates the lending and borrowing of cryptocurrencies, named Garry Krugljakow, weighed in on the price of altcoins by saying, "Since altcoins haven't quite established themselves for real-world use, they can swing to incredibly low or high price levels due to market volatility."

6. Cardano (ADA)

Market cap: $20.7 billion

Cardano turned to a proof-of-stake consensus — the technology that uses less energy and eliminates the need for solving energy-intensive puzzles that occur on competing platforms like bitcoin — from the start. This allows for fast transaction times

Cardano is a thought leader and in this category, Charles Hoskinson is a bit of a polymath who, when it comes to proof of stake consensus gives everyone an education in that technology from the top of the mind down. Cardano (ADA) Cardano (ADA) is a blockchain solution that boasts better security and more affordable fees than many of its competitors.

Blockchain network provider and consultancy LedgerByte CEO Daniel Logvin said that the altcoin made too many promises but has not proven themself.

 7. Avalanche (AVAX)

Market cap: $17.7 billion

Avalanche, created as a layer-one blockchain for dApps and other networks, has developed into one of the primary competitors of Ethereum, the most popular altcoin globally. Specifically, the AVAX network aims to overtake Ethereum as the preferred blockchain for smart contracts. The more recent blockchain aims to achieve this by increasing transaction output without compromising scalability.

Like Ethereum, Avalanche aims to resolve the well-known blockchain trilemma of security, scalability, and decentralization, as articulated by Vitalek Buterin. According to the blockchain trilemma, developers can only be as productive with the other two elements if they give up at least one of those three. In the course of its development, Avalanche uses three interoperable blockchains in an attempt to resolve the trilemma.

8. Toncoin (TON)

Market cap: $17.2 billion

Toncoin is a Layer-1 blockchain created in 2018 by Telegram's encrypted messaging app. Originally called "Telegram Open Network," it is now known as "The Open Network."

When TON was first released, it made it simple for in-application clients to complete transactions inside the Telegram app. But it has developed into a proof-of-stake network that is driven by the community and maintains incredibly quick processing and validation times.

9. Shiba Inu (SHIB)

Market cap: $15.5 billion

In 2020, the Ethereum-based meme coin Shiba Inu was created. "Ryoshi," an anonymous developer of SHIB, claimed that the coin's purpose was to test the sustainability of an organization operating without a central leader.  Shiba Inu is proving Ryoshi's hope is achievable, with prominent figures in the cryptocurrency space, like Elon Musk and Vitalek Buterin, quickly lending their support.

In October 2021, Shiba Inu slightly overtook Dogecoin as the most valuable meme coin in the world based on market capitalization. In addition, because of the coin's popularity among cryptocurrency investors, a few specialized merchants have begun to accept it as payment. However, wait to use SHIB to pay for your dinner. The Shiba Inu community's coordinated social media campaign to convince McDonald's to accept the coin as payment ultimately failed.

10. Bitcoin Cash (BCH)

Market cap: $12.4 billion

This peer-to-peer electronic cash system seeks to develop into a decentralized and permissionless international payment network. The world's oldest cryptocurrency, Bitcoin, has an alternative in the form of Bitcoin Cash.

Eight years after the original Bitcoin blockchain went live, Bitcoin Cash was created through a hard fork in the network. It was released in 2017.

Pros and Cons of Altcoins

Examine some advantages and disadvantages.

Pros

• Can enhance the framework that Bitcoin created
• Wide range of tokens
• Availability of DeFi applications
• Possibility of significant price increases

Cons

• Lowered market share
• Not accessible on every exchange
• Can quickly lose value

Conclusion

To sum it up there are a multitude of ways to invest in cryptocurrencies other than Bitcoin in the world of Cryptocurrency. The latest technological advancements have revolutionized the cryptocurrency world, and at present will one of the top altcoins like Ethereum, Binance Coin, Cardano, and others are helping you to diversify your portfolio and prepare to scale and experiment in the digital economy that is changing faster than anyone can keep up.

Wise investments require thorough research and knowledge of what is happening in the industry so that you are investing in up-to-date research and understanding the trends and advancements. Cheers to your investment journey!