Memecoins
3 Meme Coins That Could Explode Before the Crypto Market Turns Around
While risky, several meme coins look set to rise given the resurgence of meme traders
Meme coins are in the spotlight amid the resurgence of meme stock investors that has recently resulted GameStop (NYSE:GME) increasing by more 1.5x within a month. While meme coins rarely have the fundamentals necessary to justify their value, other influential factors make their price trajectories predictable. For example, technical indicators and beta analysis can be considered.
That said, investing in meme coins remains risky. Therefore, I suggest you evaluate your ability and willingness to take risks before investing in it. Additionally, meme coin has yet to consolidate as an asset subclass, meaning perpetual gains are unlikely. Instead, investing in meme coins is opportunistic.
If you’re okay with the risks involved, here are three meme coins worth considering.
SafeMoon V2 (SFM-USD)
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SafeMoon V2 (SFM-USD) is a decentralized token based on Binance (BNB-USD) Smart chain network. Its novelty lies in its penalty feature, which rewards long-term holders while penalizing sellers, offering the possibility of asymmetric returns.
To expand on the above, the coin ecosystem involves a 10% sales commission, half of which is redistributed to existing holders. SafeMoon uses the other half to increase its liquidity.
Despite its asymmetric characteristics, SafeMoon has lost more than 70% of its value in the last year. I believe its losses stem from fading community interest and its endless supply of 1 trillion tokens. However, a rebound seems likely as the resurgence of the meme crowd, coupled with high-beta stock activity, aligns SafeMoon’s prospects.
SafeMoon is a risky asset, but it’s worth keeping an eye on.
Akita Inu (AKITA-USD)
Source: Shutterstock
Akita Inu (AKITA-USD) increased by more than that 20% day after day at the time this article was written. I wanted to highlight this fact as it conveys the possibility of a revival of the Akita Inu community-led investor base. The meme coin is still down more than 70% year-over-year; However, I think the situation has taken a turn due to risk appetite activity in the market.
For those who don’t know, Akita Inu started as a meme but branched out into Avalanche (AVAX-USD) blockchain, enabling faster and more complete transactions. Furthermore, the token is locked Uniswap V2 (UNI7083-USD), ensuring adequate liquidity and greater stability.
One disadvantage of the Akita Inu is that it operates in a congested space, where its main goal is to function as a means of transaction. Furthermore, the Akita Inu’s maximum supply limit of 100 trillion is excessive, meaning that price conservation is unlikely. However, it is a community-driven coin, supported by temporary advancements.
Dogelon Mars (ELON-USD)
Source: Kathy Hutchins / Shutterstock.com
As incorporated into its name, Dogelon Mars (ELON-USD) is a coin linked to Elon Musk whose community initially joked that the coin would be used on Mars if Musk made it habitable. I emphasize the coin community since that’s pretty much all there is to go on. Last time I checked, Dogelon doesn’t have carte blanche; furthermore, there is limited information about its founder(s). Therefore, the only thing investors have to stick to is quibbling.
The good thing about Dogelon Mars is that it is fully distributed to holders, meaning the founders did not hoard coins to profit from secondary holders. Therefore, one can argue in favor of a green flag from a community point of view.
Dogelon Mars is an ERC-20 based token Ethereum (ETH-USD) blockchain. It is available on Uniswap and is tradable. Of course, the future of Dogelon Mars is uncertain. However, I believe Musk’s effervescent and growing presence adds substance to this memecoin’s trajectory.
As this article continually points out, meme coins are risky investments, and Dogelon Mars is no different. However, I am optimistic about Dogelon Mars’ prospects in this risky market environment.
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As of the date of publication, Steve Booyens did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Guidelines for publication.
Steve Booyens co-founded Pearl Gray Equity and Research in 2020 and has since been responsible for cross-asset research and public relations. Before founding the company, Steve spent time working in various finance roles in London and South Africa. He holds a Masters in Investment Banking from Queen Mary – University of London. Additionally, Steve obtained his CFA Charter on April 26, 2024 and is working towards his PhD. in Finance. His articles are published on various reliable web pages such as Seeking Alpha, TipRanks, Yahoo Finance and Benzinga. Steve’s articles on InvestorPlace form an interesting juxtaposition between traditional opinion and objective theory. Readers can expect coverage on frequently traded stocks, REITs, fixed income funds, CEFs and ETFs.