It’s a surreal timeline in which fundamentals and everything else that makes sense don’t appear to have a part in asset pricing. The most outlandish and unusual notion often succeeds, with no justification as to why. But, unlike fiction, it isn’t required to make sense in reality. Meme coins are valued based on how much people value them in the most basic way imaginable. They don’t claim to do anything and admit that they’re only there for the laughs. You may spend all day debating the merits of meme coins, or you can embrace the dark side and profit off of them. Let’s take a look at the top 5 meme coins by market capitalization as of November 2021.
Around 2013, the earliest meme coin, Dogecoin, was released on its own blockchain. Since then, the dog-themed token had faced an uphill battle until the year of the clown 2021, when it began to skyrocket, rising more than 20,000% in a single year!
It has been widely promoted by Elon Musk, the world’s wealthiest man, who appears to have developed an obsession with the cute puppy and even used the DOGE token to support a SpaceX project. With over $30 billion market capitalization, Doge is ranked 9th overall and first among the current top 5 meme currencies! It has an almost limitless supply, but that’s a topic for another day.
2. Shiba Inu
Shiba, the 2nd largest meme currency on our list and the self-proclaimed DOGE killer, is another meme and community-driven dog-themed token. “SHIB is an experiment in decentralized spontaneous community development,” according to its official description. The total supply of SHIB tokens is 1,000,000,000,000,000 (or 1 quadrillion). This project is named after a Japanese hunting dog breed called Shiba Inu. It is based on the Ethereum blockchain, has a market cap just north of $27 billion, and is ranked number 9 on the all-assets list. It momentarily surpassed Dogecoin as the most popular meme-coin but is currently back in second place (possibly just for a short time!).
In March 2021, SafeMoon was released with the motto, “Safely to the Moon”, inspired by the common expression “to the moon,” which means “to swiftly grow in value.” John Karony, a former analyst for the US Department of Defense, is the current CEO of SafeMoon. SafeMoon swiftly surpassed one million cryptocurrency holdings after its inception. After a slew of celebrity endorsements, including rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy, SafeMoon’s worth skyrocketed. With a current market cap of $3.56 Billion as of November 2021, it’s a meme coin in the same vein as Shiba Inu is, but it hasn’t delivered on its promises. SafeMoon is the epitome of why establishing a product first is so important. Because of the token’s promises, investors bought it, and now it’s dropping in value. It’s a cautionary tale for investors who are prone to grandiosity.
4. Dogelon Mars (ELON)
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had massive price swings, and some feel it still has space to expand. This Ethereum-based project uses the ERC-20 token standard, which implies it will use the Ethereum network for security while also adding its own distinctive features to the token. This coin has a current market cap of $992 Million.
5. Kishu Inu
Kishu Inu, which debuted in August 2020, bills itself as a meme currency. Still, despite initially developing from the popularity of Dogecoin, it is expected to gain a considerable following of its own. Because of this popular method, more meme currencies are being created, which has helped them gain popularity and a respectable standing among other meme coins. Kishu Inu has stated that they want to be the first meme money with real-world applications rather than relying on public relevance like many others. Kishu Inu is a deflationary currency that rewards investors who continue to purchase more coins, and its market cap currently sits at a massive $400M!
As the trend continues, we can expect to see more of these altcoins emerge and gain popularity. Since the emphasis on real-world use is more dominant than ever, creators can also be expected to add in some utility features.
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