In-demand Meme Coins: A Deep-Dive

Introduction

Meme coins are cryptocurrencies created from internet memes or jokes linked with animated characters or animal images; seen as a fun asset type, with no real-world use case or utility, though can function as every other cryptocurrency in performing transactions. They pump in price because of their accessibility to retail investors and instantaneous transactions.

Meme coins are notorious for high volatility and a risky investment due to their massive price pump and dump. Several investors have been bullish with a high return on investments while many others have lost a fortune when the price suddenly plummeted.

Further, some meme coins have no limit to their total supply, have low market value, and carry out transactions only within a particular ecosystem. However, its popularity is fueled by several factors such as celebrity endorsement, market sentiment, the fear of missing out (FOMO), and community support. Generally, its market value has been adversely affected by the volatile crypto market and by its lack of utility.

Brief History of Meme Coins

Meme coins were first created in 2013 by Jackson Palmer and Billy Markus. The sole aim at the time was to make fun of Bitcoin and other cryptocurrencies. This gave rise to the popular Dogecoin and several other meme coins.

The pioneer meme coin “Dogecoin” was inspired by a popular Japanese meme called the Shiba Inu dog. This pioneer meme coin has enormous community support and endorsement from top celebrities such as Elon Musk, Mark Cuban, Snoop Dogg, etc. In 2021, it recorded an increased market capitalization with a significant price increase.

Some meme coins such as Dogecoin operate on their blockchain while many others operate on a supporting blockchain. Shiba Inu, for example, operates on the Ethereum blockchain as an ERC-20 token as well as many other low-cap meme coins.

Our focus in this article is to explore some notable meme coins in the “crypto space zoo,” highlighting key features and why they are in high demand despite being just an internet sensation.

In-demand Meme Coins: A Deep-Dive

What is Dogecoin (DOGE)?

The well-known “Doge” internet meme served as the inspiration for the creation of Dogecoin (DOGE), a peer-to-peer, decentralized digital currency, launched in 2013. Dogecoin was inspired by the “Doge” meme with a Shiba Inu dog serving as its mascot, and positioning itself as a “fun” alternative to Bitcoin. The Dogecoin was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia. Both had imagined Dogecoin as a humorous cryptocurrency that would appeal to those outside of the Bitcoin community.

Since its launch, Dogecoin has rapidly developed a strong online community and has attained widespread notoriety, particularly after Tesla founder and CEO, Elon Musk publicly endorsed the coin with a series of promotional tweets. Also, DOGE reached an all-time high worth of up to US$90 billion, increasing by over 141,000%, at $0.68 per DOGE in 2021.

Furthermore, a key component of Dogecoin’s tokenomics is the use of its native coin “DOGE” for network transactions and mining rewards. Its image as a unique and well-liked cryptocurrency has been influenced by its limitless supply, tipping system, and celebrity hype.

Dogecoin Proof of Work Consensus Algorithm

Dogecoin employs the proof of work (PoW) consensus algorithm similar to Litecoin which to a large extent qualifies DOGE as a fork of Litecoin using the Scrypt algorithm which greatly reduces mining difficulty and is an upgrade to Bitcoin’s SHA-256 algorithm. Dogecoin was developed to have a huge supply, with no upper limit and low transaction fees.

The total supply of DOGE is limitless, and the number of coins in circulation is determined by the number of network transactions using its consensus mechanism. By providing the network with processing power and solving difficult mathematical puzzles, users can earn DOGE. Additionally, the mining mechanism serves to secure the network and make data accessible.

Earlier in 2022, Ethereum co-founder Vitalik Buterin announced that he would be supporting Dogecoin in transitioning from its existing proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) algorithm, in an attempt to reduce power consumption and speed up transactions. Since the announcement, nothing concrete has been done.

Dogecoin Ecosystem

Dogecoin is used, developed, and supported by a network of people, companies, and organizations within the Dogecoin ecosystem, renowned for being receptive and inclusive, and it is well-represented on websites like Reddit and Twitter.

The meme coin has grown to be a popular and generally accepted means of making purchases for products and services. A large number of internet merchants and service providers, including VPN providers, online stores, and some physical establishments, accept Dogecoin as payment. Since Dogecoin is an open-source initiative, anyone can help with the network’s and software’s development and reward. The project has a sizable and vibrant community of both users and developers who contribute to and influence its development.

Ultimately, the ecosystem is dynamic and continuously expanding with several innovations. It is a distinct and intriguing illustration of how a concept that initially seems amusing and straightforward may develop into an important and influential component of the modern economy.

Market Capitalization

There is approximately 130 billion DOGE in circulation, and miners add 10,000 more per minute. It’s important to note that since 2015, Dogecoin hasn’t undergone any significant adjustments.

The informal presentation of Dogecoin suited the mindset of the developing crypto community. Its infinite supply and “Scrypt” technology justified a faster, more flexible, and user-friendly version of Bitcoin. Because there is a cap on the total number of coins that may be issued, cryptocurrencies like Bitcoin are deflationary, but Dogecoin is regarded as an “inflationary coin.” The number of Bitcoins released into circulation as mining rewards is halved every four years, and until all coins are issued, so is the inflation rate. Dogecoin doesn’t undergo block reward halving but is periodically burnt to tackle rising inflation.

Dogecoin’s Price Performance

Dogecoin’s (DOGE) price performance during its launch was fairly consistent, circling at $0.00026. Dogecoin was first introduced on June 1, 2013, and its primary purpose was to serve as a parody value system for the famous “Doge” internet meme.

Despite its modest beginnings, Dogecoin swiftly gathered a sizable and committed fan base and rose to prominence as a popular cryptocurrency. After it was released, Dogecoin’s price had only a few minor changes during the following months.

However, the price of Dogecoin started to significantly increase in late 2013 and early 2014. The buzz and rumors around the cryptocurrency, as well as its rising popularity on social media, and notably Elon Musk’s tweets and the influx of retail investors in 2021 greatly contributed to its price pump, thus, reaching an all-time high of about $0.69 in May 2021. However, the price started to decrease after its record high in 2021 and has been unstable ever since. The price of the meme coin has been prone to significant market swings and several other factors.

Market Strategy

When it comes to marketing, Dogecoin has placed a significant emphasis on using social media and online fora to create awareness and promote adoption. The Dogecoin ecosystem has a reputation for adopting a cheerful attitude and employing humor to spread cryptocurrency awareness through memes.

One singular push in bringing Dogecoin to the limelight is endorsements from notable celebrities and influencers. Elon Musk played a great role in its promotion and widespread adoption with his tweets.

Further, Dogecoin’s “tipping system” enables users to give one another small gifts of DOGE to show support or gratitude. The use of “tipping” on social media channels has been a crucial component of Dogecoin’s marketing strategy and growth.

Tipping is the act of praising users or expressing gratitude for their content by sending modest sums of DOGE. This has contributed to Dogecoin’s viral growth and helped foster a sense of belonging in the community. The use of Dogecoin for philanthropic purposes has also been a crucial component of the cryptocurrency’s marketing strategy.

What to do before investing in Dogecoin

Although Dogecoin has some appeal as an online payment method and has been used to raise money for charities, it is not regarded as a serious investment option. So it is crucial for people to fully comprehend the dangers involved before investing because it is often thought of as a high-risk investment.

Nevertheless, every cryptocurrency investment entails some degree of risk, and holding DOGE is no different. In a short amount of time, the price can change rapidly, and if its value drops, you are at risk of losing your investment. Generally, before making any investment decisions, you should thoroughly assess your investing goals and risk tolerance and also speak with a financial expert. It is vital to keep in mind that investing in cryptocurrencies should only be done with money you can risk losing because they are very speculative and risky as their value can change dramatically over time.

What is Shiba Inu (SHIB)?

Shiba Inu is a decentralized, open-source cryptocurrency, launched in August 2020 and used as a medium of exchange. It is built on the Ethereum blockchain and utilizes the ERC-20 token standard.

The Shiba Inu token (SHIB), which takes its name and branding from the popular Japanese Shiba Inu dog breed, is a meme-based cryptocurrency. Due to its active social media presence and marketing initiatives, the project has attracted a great deal of interest and popularity. It is popularly known as the “Dogecoin killer” because it is often regarded as an alternative to Dogecoin.

Further, the team behind its creation isn’t known, but rumors have it that an individual or group known as Ryoshi created the token. The coin is a highly community-driven cryptocurrency just like Dogecoin and its price is highly unpredictable and unstable. Investment in Shiba Inu entails a significant degree of risk, just like any other cryptocurrency, so it’s crucial to properly analyze the risks before buying the coin.

SHIB Token Distribution

A small percentage of the 50 quadrillions (50,000,000,000,000,000) Shiba Inu tokens in circulation are given to the development team and early investors.

The remaining tokens are distributed via a procedure called “airdropping” to Dogecoin cryptocurrency owners. This implies that depending on how many Dogecoins they have, everyone who possesses DOGE can get free SHIB.

Similar to other cryptocurrencies, market supply, and demand greatly influence the value of Shiba Inu coins and SHIB’s value has changed considerably since inception, attaining all-time highs within weeks following its launch before a steep decline.

Price Performance

When Shiba Inu first launched, each token cost about $0.00003, which was a really low price. Shiba Inu’s price, however, quickly increased in the days and weeks that followed, peaking at about $0.00009 per token in September 2021. Shiba Inu’s price has experienced enormous fluctuations ever since, including periods of both rapid rises and sharp drops. Like most meme coins, Shiba Inu’s price is incredibly unstable and it is influenced by a wide range of variables, such as market demand, speculations, and general market conditions.

Shiba Inu Coin (SHIB)

The native cryptocurrency of the Shiba Inu blockchain called SHIB serves as a store of value and a means of handling transactions within the ecosystem. It is also used for voting and decision-making in governance.

Shiba Inu enables the development and execution of smart contracts, which are self-executing types of contracts in which the conditions of the agreement between both the buyer and seller are directly encoded into blocks of code.

Further, Shiba Inu as an ERC-20 token enables developers to create and deploy a wide variety of decentralized applications (dApps), which run on a distributed system instead of a central server. The platform’s development and promotion are carried out by users, investors, and developers who make up the Shiba Inu community.

Market Strategy

Shiba Inu coin (SHIB) was developed as a parody of Dogecoin, taking its design cues from the Shiba Inu dog breed. Since the coin and its developers are not associated with any legitimate business or organization, it is unclear what precise marketing techniques have been employed to advertise SHIB.

However, Shiba Inu has turned to online and social media forums as a marketing strategy to promote the coin and attract investors. A few of these tactics include dishing out information and news on social media platforms like Twitter, and Reddit and interacting with people in digital forums and groups devoted to crypto adoption. It’s also probable that Shiba Inu depended on person-to-person campaigns, with coin enthusiasts and key opinion leaders informing their friends and followers about the coin.

Is Shiba Inu a Good Investment?

Some price forecasts indicate that Shiba Inu is going to be a profitable investment, and purchasing SHIB might bring huge benefits in the coming years. Also, according to the daily trade volumes, SHIB is predicted to continue growing now and in the coming years. However, it is important to note that this is just a prediction, nothing is ever certain in the crypto space and most of this information should be followed with intensive research and proper analysis with financial expert guidance.

What is MonaCoin (MONA)?

This meme coin was birthed by a certain Mr. Watanabe, who remains anonymous. It’s one of the long-standing coins which came into the scene in the year 2013 in Japan, famous for its fast and easy online tipping payment (in online games) with a cat as its symbol.

MonaCoin is a peer-to-peer payment system, mainly used to transfer funds between users. A highly community-driven coin. The payment system for MonaCoin is decentralized, with no known founder or development team. The project doesn’t belong to an individual rather it belongs to and is run by the community which makes the platform autonomous and self-governing.

With backing from regional investors and crypto enthusiasts, the MonaCoin community represents the most active and highly engaged cryptocurrency user organization in Japan. When the tale of a guy who purchased a plot of land in Nagano using MONA was shown on the WBS TV Network Tokyo, it attracted attention from the public and became a publicity stunt for the coin.

Consensus Algorithm

As the first Japanese cryptocurrency, MonaCoin — a hard fork from Litecoin — employs the Proof of Work (PoW) consensus mechanism, designed to be ASIC resistant. It uses the Lyra2REv2 hashing algorithm to allow regular GPU and CPUs to effectively mine MONA, this is a departure from the Scrypt mining algorithm used by Litecoin and Dogecoin.

MonaCoin undergoes block halving just like Bitcoin and Litecoin. The algorithm ensures that the amount of MONA miners receives is halved every 1.0512 million blocks mined. The current block reward is 12.5 MONA and changes every three years with the most recent in 2021.

Also, MonaCoin implements segregated witness (SegWit) in its blockchain, resulting in a fast transaction. During the period of launch, MonaCoin was regarded as fast when compared to Bitcoin, Litecoin, and even Dogecoin, with a block time of 1.5 minutes. But that’s not the case at moment, because there are fast and more efficient blockchains.

Price Performance

MonaCoin maintained a marginal increase since its launch, in January 2014, having traded below $2.00 for most of its four-year history. MONA recorded an all-time low of $0.019599 on January 14, 2015, and an all-time time high of $20.61 on December 7, 2017, a 42,410.14% increase. The price surge was temporary with its price crashing the following year.

Tokenomics

MonaCoin has a fixed supply; once the maximum supply is reached, no additional coins are produced. This implies that market demand, which may change based on a variety of factors, will determine the value of MONA. Several variables will be considered, including market sentiment, adoption rates, and the condition of the cryptocurrency market as a whole.

There are only 105.12 million MonaCoins available, with 64 million of those coins currently in circulation. The block time of the coin is 1.5 minutes, which is less than Bitcoin’s block time of 10 minutes and Litecoin’s 2.5 minutes.

Together with the system’s users, new currencies are created as remuneration for mining. Every 90 blocks that are processed yield miners 25 coins; block generation takes 1.5 minutes, and block mining difficulty increases.

Uses of MonaCoin

MonaCoin has fewer use cases, that’s it is used to pay tips in online games through third party mobile apps.

Further, MonaCoin is largely used as digital money for internet transactions, but some retailers in Japan have started accepting it as payment. In Japan, the coin has widespread popularity and has been used to generate money for charities and humanitarian organizations.

Monappy is an unofficial MonaCoin storage and trading app where MonaCoin holders can exchange MONA for other digital assets.

What is Baby Doge (BABYDOGE)

Baby Doge (BABYDOGE) is a fun token created by the fans of the Dogecoin online community with unique features different from Dogecoin such as transaction speed, maximum supply, deflationary, and offering token holders an opportunity to earn a percentage from the transaction fee while also ensuring a steady supply of liquidity to its liquidity pool.

Baby Doge was launched on June 1, 2021, as a “fun meme with a serious mission to rescue dogs in need, bring crypto adoption to the mainstream with concepts such as rewards, NFTs, decentralized exchanges, and credit card for crypto payment.” Baby Doge was catapulted to fame by Elon Musk’s endorsement in the form of tweets.

The Baby Doge Coin is a Bep-20 token that runs the Binance Smart Chain network and uses the proof of Staked Authority consensus mechanism to approve transactions. BSC boasts of instantaneous transactions and low transaction fees.

How does the Baby Doge Coin Work

The project has a maximum supply of 420 billion quadrillion coins with 295 quadrillions currently in circulation and 125 quadrillions having been burnt or removed from circulation (46% of the maximum supply). Traders are charged 10℅ as a transaction fee on their trading volume which is split in half between existing token holders and the PancakeSwap liquidity pool. 5% are redistributed among token holders while the remaining 5% are shared between the liquidity pool (LP) and auto burn, that’s 45% of the LP tokens are burned while the remaining are kept in the liquidity pool. This is to ensure an increase in value by reducing the number of tokens in circulation.

Charity

Baby Doge coins are loud on charity and dedicated to supporting animal initiatives. The project has so far donated $750,000 to charities and organizations committed to taking care of dogs in need such as Paws with Cause — a non-profit organization based in Everett Washington that supports dogs and takes care of their welfare. Others include; ASPCA, The Humane Society, Furkids, and North Shore Animal League.

Price Performance

During the launch period, the price of the Baby Doge coin was $0.000000000175 and recorded an all-time high of 0.000000007695 a month later. Baby Doge coin value is mostly determined by market supply and demand. The team hopes to burn more tokens which investors believe will create scarcity and high demand for the limited number available, hence an upsurge in the price and value.

Is BABYDOGE a Good Investment

It’s important to note that “Baby Doge is not an investment and (was) created as a meme parody like Doge.” Thus, investing in a digital asset that relies on celebrity endorsement and social media hype for a pump in price should be accompanied by serious research and expert guidance.

Recent Development

According to the project’s website, Baby Doge coin hopes to partner with Coinpayment in a move to bring much-needed utility to the meme coin. This will integrate Baby Doge coin with WooCommerce, Shopify, and Magento.

Also, Baby Doge hopes to launch an application that will be available on IOS and android that will offer the following features; the ability to load the fiat balances with bank transfer, the ability to buy tokens, the ability to send tokens, and the ability to sell tokens.

What is a Samoyedcoin (SAMO)?

Samoyedcoin (SAMO) is popularly known for its high rate of efficiency, this is due to its affiliations with the Solana blockchain. It’s one of those coins with a highly successful launch when it came to the scene in 2021. It’s been spearheading lots of animal charity organizations, which also helped boost its popularity. You can get this coin on decentralized exchanges such as PancakeSwap and UniSwap and also on centralized cryptocurrency exchanges, such as Gate.io.

It’s also loud on community building, having built for itself a strong and formidable community that has strong animal welfare support. It also helps members with the opportunity to be guided on investment strategies and crypto-related happenings and tips.

Tokenomics

The maximum supply of SAMO is 14 billion. Token burns are 9.254 billion SAMO (66.1% of max supply). From a total of 1.946 billion SAMO, 10% is used for growth marketing, and 3.9% for the core team. Currently circulating is 2.78 billion SAMO (14.4% airdropped and 5.6% released regularly).

You can hold the cryptocurrency to make online purchases and sales. The Samoyedcoins are regularly burnt. In October 2021, the total burnt SAMO was 4.754 billion making the token inflationary. In this manner, the cryptocurrency value will increase over time.

Price Performance

SAMO was one of Solana Network’s most successful launches when it was introduced in April 2021. Since there was no private sale of any type, the coin was airdropped to the public, and the pricing that developed was entirely organic. With an all-time high (ATH) run in May, the token price skyrocketed but the global market selloff has greatly affected the price of the token.

To regain price control, members of the development team agreed in June and froze their shares, releasing them gradually every quarter over the following months. Samoyedcoin has been shown to have one of the quickest rebounds across the entire network, and its user base is continuously expanding. There are now about 16,000 token owners.

Market Strategy

SAMO is a digital asset that supports the Samoyedcoin community and is also focused on integrating Solana users, training buyers, fostering healthy relationships, and assisting users with daily tasks. Samoyedcoin aims to be the fastest, most effective, and environmentally friendly “dog coin” in the industry, and its strategy is to equip market participants with information and support to help them understand Solana and the crypto space.

Is Samoyedcoin Worth Investing In?

According to Coingecko.com’s market cap rankings in November 2021, the Solana network is among the top 5 digital currencies and is technologically far superior to Ethereum and Bitcoin. The enormous success also reaches those in charge of Bloomberg. Solana is now the third cryptocurrency after Bitcoin and Ethereum that can be followed on the Bloomberg terminal (news, equities, etc).

The mascot and representative of Solana (SOL) is SAMO. A stake in SAMO is also a stake in SOL and the ongoing development and success of the Solana network. In general, analysts believe that SAMO coins will do well in the coming years, but you should be careful to note that in general cryptocurrencies are volatile and come with a lot of speculation, gains are frequently followed by losses and so you should never invest that you can’t afford to lose.

What is Atika Inu (AKITA)?

Source: Akita Network

Akita Inu (AKITA) is another meme coin that has its name coined from the Japanese side of life, popularly known as the “little brother of Dogecoin.’’ Its mascot is a little away from the breeds of Japanese dogs. Having recently bridged to the avalanche protocol they now offer cross-chain Interoperability.

Akita Inu is also a community-driven coin, which started out trying to just build a community and then expanding into the cryptocurrency world. This coin is available on Gate.io and some decentralized exchanges (DEXs).

How does Akita Inu work

The 100% decentralized social initiative Akita Inu is built on memes, and it is reported that a large number of the coins were delivered to Vitalik Buterin while some were locked in a Uniswap pool with the keys burned. Staking is the main price accumulation technique used by the Akita Inu network DAO. By staking their AKITA tokens, stakers are eligible to win rebase incentives.

The compensation rate is determined by financial markets and the quantity of AKITA pledged in the network serves as the foundation for the rebase rewards. This indicates that, given adequate opportunity to stake, the growth in the staked AKITA amount would eventually eliminate the price reduction, even if the current value of AKITA falls below the user’s original purchase price.

Users would still receive an adequate share of AKITA and locked AKITA when they stake. However, whenever customers unstake, they burn their AKITA and get an equal number of AKITA tokens instead. In this case, one staked AKITA is equivalent to just one AKITA.

Market Strategy

The market strategy has been accomplished by social media updates and publishing blog posts and marketing materials that highlight the coin’s design and its significance. Another tactic adopted was to collaborate with groups or companies that are associated with the Akita Inu breed or Japanese cultures such as breeders or cultural institutes.

Akita Inu Ecosystem

The Akita Inu initiative places a big emphasis on community involvement and has a large number of online groups and platforms on social media where people can talk about the project’s initiatives and exchange ideas. Decentralized apps (dApps) will be created on the Akita Inu blockchain, according to plans revealed by the Akita Inu team.

Importance of holding AKITA

Increased supply primarily benefits investors. The protocol generates fresh AKITA tokens from the reserve, the majority of which are distributed to stakers. Therefore, investors will profit from their auto-compounding accounts, but pricing vulnerability will still be a crucial consideration. In other words, investors would benefit if the rise in the token balance outweighed any potential price fall brought on by inflation.

Price consistency is the largest benefit for minters. When the minted AKITA achieves maturation, the minter’s revenue is determined by the price of AKITA. Miners commit money ahead and are promised a specific return after a set amount of time. As a result, minters benefit from increasing or stable pricing for AKITA.

Is Akita Inu a Good Investment?

Akita Inu has received regulatory approval from some organizations, which leads experts to believe it could be a smart investment. The success of this initiative will depend heavily on how well-supported the community is. Nevertheless, always do your research and seek financial advice before investing.

What is Bonk Coin (BONK)?

Source: Coingape.com

Bonk coin is a meme coin similar to Dogecoin and Shiba Inu and is a “dog” themed coin based on the Solana network. Launched on December 25, 2022, and popularly referred to as the “crypto of the people,’’ it is a community-focused project.

Most meme coins are community driven which naturally drives interest and support for the cryptocurrency. Thus, BONK tokens were designed to empower the Solana community, supply liquidity to decentralized exchanges built on the network, and dispel rumors about the blockchain over the sad event of the collapse of FTX and its close ties with the CEX.

Interestingly, the surge of the Bonk coin has revived Solana’s blockchain and its native token, SOL, which had lost about 97% of its value after the collapse of FTX. Solana network is a beneficiary of FTX’s early investment and holds a huge amount of SOL.

Therefore, the collapse of FTX led to a mass exodus of developers, NFT projects, and individual users from the blockchain causing a near crash of the blockchain’s token, SOL, from $42 to $9 in December 2022. However, the recent launch of the BONK token and its unprecedented success has led to an increase in the price of SOL by 37%.

The buzz surrounding the Bonk coin is propelled by the original coin distribution mechanism (airdrop), the general fear of missing out (FOMO), and the social media hype around the coin. With no celebrity endorsement, the coin has shown great potential. Further, with the recent burning of the coin and community support, the coin has seen an increasing market demand and price appreciation for a coin not more than two months old.

BONK Token Distribution

It is interesting to note that Bonk coin didn’t have an initial coin offering (ICO) as it is with most token launches in the crypto industry, rather, of the 100 trillion Bonk coins, 50% was distributed to the Solana community. The sharing was facilitated by Stream Flow Finance, a Solana-based token distribution platform that also handles the token vesting procedure.

Here’s the breakdown of the BONK token distributed to the community.

• 20% was given to non-fungible token projects/collections.
• 15% was allocated to early traders on the Solana-based OpenBook decentralized exchange.
• 10% was allotted to Solana NFT creators and dedicated collectors.
• 5% was distributed to Solana developers.

The remaining 50% of the 100 trillion was distributed to 5 key categories as follows:

• 20% was allocated to early contributors to the Bonk project.
• 5% was allotted to the development team as future development incentives.
• 5% was given to Bonk decentralized autonomous organization (DAO).
• 5% was distributed as the provision of liquidity to various Solana-based DeFi platforms (Orca, Solend, and Raydium); and lastly
• 5% for coin marketing.

Price Performance

Bonk coin has witnessed exponential price growth within a few weeks of its launch (airdrop) despite the bearish market conditions. The coin recorded an all-time high (ATH) of $0.000004873759, a 2000% price increase, and reached a market cap of over $200 million with the potential for a continuous surge in price. However, the price has dropped by around 80% with a current market cap of around $50 million.

Furthermore, the Bonk coin has a token-burning mechanism designed to burn several billion coins. This will ultimately lead to scarcity and contribute to a rapid price increase. The development team has recently burned over one billion BONK tokens, regarded by many as a move in the right direction.

Bonk Coin’s Partnership

Bonk coin has partnered with several Solana projects to bring much-needed utility to the coin and value to the newly released coins. Thus, within its short span, it has partnered with the following projects:

Stream Flow Finance: Bonk coin announced a partnership with the project to facilitate the equitable distribution of BONK tokens within the Solana community and also guide market launch as well as token vesting procedure.

Backpack Wallet: This partnership enables the protocol to support BONK tokens on its platform.

Bolbook Betting Gaming: This gaming platform accepts BONK.

Dual Casino: This project allows users to make bets on popular casino games with BONK.

Dual Finance: This protocol supports the coin and enables its users to stake BONK.

Aurory: A gaming platform that allows users to earn BONK for winning games.

Is BONK a good investment?

Currently, the Bonk coin is attracting great interest from crypto enthusiasts and has witnessed a rise in the number of users from 260 in December 2022 to 100,000 users in January 2023. There is speculation that the coin will perform well just like Dogecoin and Shiba Inu during this early period.

However, meme coins are notoriously volatile and there’s no telling how much and how quickly they can rise and fall. So, always do your research and invest only as much as you can afford to lose.

How to Own a Meme Coin?

Most meme coins are popularly traded on decentralized exchanges (DEXs) such as PancakeSwap, UniSwap, etc, and some on centralized cryptocurrency exchanges, such as Gate.io, that facilitate effective transactions. To own any of the meme coins discussed in this article, you can start by creating a Gate.io account, and get it verified and funded. Then you can go through the steps to buy your desired meme coin.

The form of payment accepted by Gate.io includes money transfers, credit/debit card transactions, and cryptocurrency deposits. To finalize the deposit, just choose the payment type you wish to use and then complete the on-screen instructions. Also, add two-factor authentication (2FA) to your account to keep it safe. This gives your account an additional layer of security.

Conclusion

It’s over a decade since the first meme coin made its way into the crypto market. During this period several meme coins have been launched to mimic Dogecoin. Some survived the challenging and hostile market conditions while many others were simply scam projects, created with the intent to steal investors’ funds. However, the meme coins discussed above have proven that they are here for the long run.

Dogecoin and Shiba Inu have maintained dominance as leaders of the “crypto space zoo” as the most popular meme coins for crypto investors and have a high market capitalization with a significant price increase. The same could be said of MonaCoin, Baby Doge coin, Samoyed coin, and Akita Inu with increasing market capitalization and community support. Also, Bonk coin can be regarded as an in-demand meme coin because of its recent price surge, not forgetting Floki, which recently has seen an increasing market demand.

Generally, investing in meme coins should be followed by expert advice and a diligent study of the prospects of possible returns on investment as they are highly volatile and greatly influenced by market conditions unlike the conventional cryptocurrencies — Bitcoin, Ethereum, ATOM, etc. Investors should tread with utmost caution to avoid losing funds. Nevertheless, there is a possibility of a high return on investment when the value rises especially during bull markets, and also the likelihood to lose a fortune when prices plummet as meme coins are effective tools for pump-and-dump schemes.