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It seems that the memecoin mania is doing an encore round. Several newly launched tokens – all memecoins – have quickly gotten attention from the crypto crowd. Among them is Bacon Coin, which exploded within a few hours of launch on Uniswap.
DEXTools shows that the token went up by 1700%. Does that make it the best memecoin to buy right now?
BACON – A Memecoin Capitalizing on Bacon Memes
Bacon arrived straight to Uniswap and, within hours, became the top gainer on DEXTools. It moved forward, leveraging the power of memes and the thirst that investors have for low-cap cryptos capable of making quick gains.
The token’s trajectory led to hourly gains of 1700% for those who were able to invest early. While it should be surprising since Bacon is a memecoin, this trend has been getting common ever since the memecoin mania hit in 2023.
Bacon Coin’s DEXTools’s chart shows that Bacon went by almost 1800% before the chart created a common Doji candlestick pattern which has now led to the token’s retrace. But for a brief period, it was the biggest gainer on DEXTools.
However, the current price chart is not showing a rapid retrace but a sideways trend, which means there are those trying to replicate the feat one more time.
That replication could be possible if BACON can capitalize on the Bacon memes that it talks about so much. However, we haven’t come across any Twitter page where we could see where these memes are available. What we have found on Twitter, however, are copycat pages talking about the same memes.
You can check out our list of best memecoins for other alternatives.
Why Did BACON Rise So Quickly?
Ever since the last memecoin mania led by PEPE got over, there have been quite a few attempts by quite a few tokens to replicate the rise. From SPONGE to NOMEME to Copium, the list of tokens that have gotten the same level of traction within a short period of time is growing.
Bacon is the same. It has the same principles – enticing the community with memes and leveraging the community’s thirst for memecoins to grow in value.
Other than talking about memes, Bacon Coin has no inherent value. However, its simple description that says, “NO TAXES, NO TEAM TOKENS, PURE CRISPY BACON MEMES. BACON IS LOVE, BACON IS LIFE! NO.1 BACON MEMECOIN.” was enough to help it move up quickly.
However, that alone doesn’t make it a good investment.
Is Bacon Coin a Good Investment?
Bacon Coin’s recent rise within a short time might make it a good investment for short-term investors. However, that would depend on how long the community is able to keep up the steam.
Also, while the token has a verified contract, there are some factors that don’t put it in a good light.
For instance, it has retrievable ownership, and its balance is modifiable. The same modification also applies to tax. That means the current “no tax” policy of Bacon coin can be removed whenever the developer feels like it.
Other factors that give Bacon coin a low trust score include the fact that it has implemented trading cooldown, is antiwhale modifiable, and allows an unlimited number of transactions.
Due to these factors. Bacon Coin currently maintains a trust score of only 71%.
Bacon Coin Alternatives
Even though Bacon coin’s recent rise seems attractive, it looks more like a “spur-of-the-moment” investment rather than something you can park your money into for the long term. But there are alternative memecoins that make much better investments.
Wall Street Memes is a community-centric crypto project that has already amassed a massive following of more than 1 million across multiple social media platforms.
This token has been inspired by Wall Street Bets, a Reddit group that engineered Gamestonks, an event that pumped Gamestop’s stock value massively.
Wall Street Memes uses the same principles but infuses them with memes. It has a massive Twitter following (over 250k followers) that interacts with quirky memes related to the financial sector, like this one:
It's that simple pic.twitter.com/bQiXdk5HKp
— Wall Street Memes (@wallstmemes) June 28, 2023
Also, Wall Street Memes is one of the few memecoin projects that Elon Musk has interacted with on multiple occasions.
Due to the combined impact of memes, community, and the ability to get Elon Musk’s attention, Wall Street Memes’s recent presale has been going well.
WSM has raised more than $11 million in the presale round and is currently available for purchase at $0.0304.
Want to know more about this project? Check out this video by Jacob Crypto Bury that he made when WSM crossed $10.5 million during the presale.
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