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The recent approval of the first spot Bitcoin exchange-traded fund (ETF) in the US has renewed investor enthusiasm, and we are likely to witness a surge in altcoins, including meme coins.
Benefiting from Bitcoin’s influence, meme coins have experienced a substantial price increase in the recent days, surpassing the gains of more widely recognized altcoins.
For investors wanting to take advantage of this excitement, here are four top meme coins to think about buying now while the mood is positive.
4 best meme coins to buy now
As rumors about the upcoming bull market circulate in the crypto space, many investors are looking at meme coins, a lively but risky part of the cryptocurrency world.
As we look at the crypto scene this year, several notable meme coins are picking up speed, each with distinctive features. This article highlights four meme coins – Bonk, Pepe, Dogecoin, and Shiba Inu – that might soar in 2024.
Bonk (BONK)
Let’s examine Bonk Coin more closely. At present, Bonk Coin’s market cap is $862 million, and it has been actively traded with a volume of $279 million in the last 24 hours. Over this period, Bonk experienced a 12% decrease in its value.
Looking back at its performance earlier in the year, those who invested at the start of the year have seen substantial profits, ranging from thousands to potentially millions of dollars. However, Bonk Coin is not just an aesthetically pleasing meme.
It operates on the fast and efficient Solana blockchain, providing practical use through integrations with decentralized exchanges (DEX) and NFT marketplaces. The community surrounding Bonk remains lively, fueled by meme contests and airdrops, maintaining a high level of energy and creative ideas.
Introducing PooperScooper!
PooperScooper is a community developed wallet organizer that allows users to quickly "Scoop" all unwanted assets into $BONK (via https://t.co/79O6asL8Pz swaps) to efficiently purge airdrops and adverts that clutter your wallet.
How does it work?… pic.twitter.com/xWQqLxCptu— BONK!!! (@bonk_inu) January 12, 2024
Currently, Bonk’s market cap is slightly below $1 billion. Considering past trends and anticipating a bullish market, there’s an expectation of a significant 5x return on Bonk Coin. This outlook makes Bonk an attractive option for investors seeking potential growth in the upcoming bullish market.
Therefore, among alternative cryptocurrencies, Bonk Coin emerges as my preferred choice. For valuable insights on the top memecoins worth considering for purchase, take a look at our available guide here.
Pepe (PEPE)
Let’s talk about Pepe, the second memecoin in our discussion. Currently, Pepe has the chance for considerable growth, potentially reaching 100x, 200x, or even 300x from where it stands now. Looking at how Dogecoin performed in the last bull market provides an interesting comparison.
Initially, many thought Dogecoin was inactive or “dead,” but things changed when the new bull market started. Elon Musk’s endorsement played a significant role, causing Dogecoin to gain momentum and increase in value.
Applying a similar idea to Pepe, often considered the ultimate meme coin, it currently holds a market capitalization of $519 million. Given the pattern seen with Dogecoin’s revival, there’s a belief that major investors could become interested in Pepe. A possible 10x rise could push its market cap to $5 billion, a feasible target.
Despite Pepe’s trading volume being relatively low at $153 million and its total supply remaining constant, historical data reveals that Pepe has the potential to soar to a market cap of $1.5 billion, roughly a 3x increase from its present state. Additionally, a return to its highest value could result in a 3.5x increase.
Pepe is currently available on different exchanges, such as Binance, MEXC, Gate.io, and KuCoin. Notably, it is not yet listed on Coinbase. If Coinbase were to add Pepe to its offerings, the potential increase in trading activity could be significant, making it even more interesting for investors.
Dogecoin (DOGE)
Let’s take a closer look at Dogecoin, the third memecoin in focus. While it’s considered one of the top 10 cryptocurrencies, some people argue that it might be priced too high. However, what makes Dogecoin stand out is its connection to one of the most influential people globally, Elon Musk.
Musk openly supports Dogecoin, even dedicating it to his son, which adds an interesting aspect to consider. Currently priced at $0.08, Dogecoin saw a slight 3% decrease in the last 24 hours.
The interesting possibility here is the chance for Dogecoin to increase by 10 times in the upcoming bull market. Although some skeptics question its ability to reach a $100 billion market cap, looking at the broader market dynamics reveals exciting possibilities.
Anticipating a significant influx of funds, estimated between 7 to 10 trillion dollars in the next bull market, driven by events like the introduction of a Bitcoin ETF, makes the potential for Dogecoin to see significant growth more realistic.
The expectation of future ETFs, including XRP and Ethereum, could also contribute to more money flowing into the crypto market. Notably, big players like BlackRock and Fidelity are already actively acquiring Bitcoin. With Dogecoin’s current market cap at $11.5 billion, a 10x increase would push it to around $110 billion.
While this return might seem ambitious to some, considering the broader market dynamics, the influence of key figures like Elon Musk, and the increasing involvement of institutions in the crypto space, it becomes a more realistic possibility.
Shiba Inu (SHIB)
Let’s take a closer look at the fourth memecoin, Shiba Inu, currently holding the 17th position. Shiba Inu has substantial potential, and some experts believe it could see a significant 10x increase, reaching a market cap of $50 billion.
The Shiba Inu ecosystem includes features like ShibaSwap and the native Shiba Inu token, adding significant value to the overall cryptocurrency scene. Despite the current market conditions, which might not be in a bullish phase and could be considered a bear market, Shiba Inu’s potential is still noteworthy.
The ecosystem, community, and network of Shiba Inu are often not fully recognized. As market sentiment and overall conditions improve, Shiba Inu has the potential for a significant increase.
It’s essential to acknowledge the value it brings to the crypto space, even in the current phase where the broader market might not be at its most favorable.
Looking at historical data, Shiba Inu reached an all-time high around $0.00008845, with a market cap of about $40 billion. Considering this, a $40 billion market cap, roughly an 8x increase from the current position, seems achievable. Experts are optimistic that Shiba Inu could potentially achieve a 10x surge from its current position.
Analyzing the trading dynamics, Shiba Inu has a 24-hour traded volume of 292 million and is listed on various prominent exchanges such as MEXC, Bitget, Binance, and even Coinbase. This broad availability across exchanges increases its accessibility and the potential for significant price movements.
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