Nowadays, everyone is on the hunt for the next big investment opportunity. Good Investment vehicles allow us to earn good money without stress. Everyone wants to know if meme coins still make for profitable investments in 2023. This article will expose everything you need to know about meme coins and the best meme coins to invest in in 2023.
What are meme coins?
Meme coins are cryptocurrencies inspired by memes and internet jokes. Dogecoin, for example, was inspired by the dog meme created from a viral photo of a Shiba Inu. These cryptocurrencies often aren’t meant to be taken seriously but can still gain momentum when community members buy into the newest one to be in on the joke. The major features of meme coins are their insane volatility, making crypto traders doubt their viability as an investment vehicle.
Are meme coins good investments?
If you have ever thought cryptocurrency is too volatile, I raise you meme coins, the most unpredictable digital currency. Many meme coins have no unique use case or utility, which strips them of any competitive edge they might have in the crypto market. For this reason, finance analysts have constantly advised investors to take meme coins with a grain of salt. That being said, meme coins can still be a good investment if you’re not looking to invest for the long term. Many investors have earned good money from investing in meme coins, but many have lost. Hence, you must assess your risk threshold and examine your investment portfolio before investing in meme coins.
Best memecoins to invest in the second half of 2023
If you are looking to invest in meme coins despite the risks, here are Three meme coins expected to make waves in the second half of 2023.
Dogecoin (DOGE) was the world’s first meme coin to hit mainstream audiences. Despite rising popularity in 2021, Dogecoin (DOGE) was ironically founded to mock the cryptocurrency market in 2013. The project famously uses a photo of the Shiba Inu dog, which has become popular throughout meme coins.
After being sold by its founder, Dogecoin (DOGE) quickly rose to fame in 2021 following a huge price surge that took Dogecoin (DOGE) to an all-time high of $0.7316, for context, its price was $0.00268 just one year before. Dogecoin (DOGE) now has one of the most active cryptocurrency communities in the world. To date, Dogecoin might not have a specific utility purpose, but it is competitive in the market and can make a good investment.
Floki Inu (FLOKI)
FLOKI is a familiar name in the meme coin domain. This meme coin comes with a pretty interesting story of creation. As we know, Almost all dog-based meme coins enjoy strong support from Elon Musk. He once tweeted that he would call his Shiba Inu breed pet dog “Floki”. This tweet led to the development of a new meme coin, Floki Inu, inspired by the name of his pet. Later, the team of Floki Inu renamed it Floki.
A big distinction between Floki and many other meme coins is its utility-based infrastructure. While most meme coins lack intrinsic value and gain popularity only because of their memetic power, the Floki whitepaper describes FLOKI as the utility token for the entire Floki ecosystem. It has use cases in four Floki projects, which are – Valhcriticala (Metaverse game), FlokiFi (a DeFi ecosystem), Floki University (a crypto education platform), and FlokiPlaces (an NFT and
In October 2021, when Musk tweeted a picture of his pet, Floki, sitting in his Tesla car, FLOKI hit an all-time high of $0.00007477. That time, it registered a 120X hike in only three months. Since FLOKI is a comparatively new meme coin in the dog-based meme coin space, it is currently buyable at a low price at the current time. If things go well with its developments, FLOKI can reward its early buyers with handsome profits.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was created to rival Dogecoin (DOGE) in August 2020. A developer created the project using the pseudonym Ryoshi, who claimed that Shiba Inu (SHIB) is an experiment focused on governance and decentralization. Upon launch, Shiba Inu (SHIB) was nicknamed the ‘Dogecoin Killer’ and grew exponentially in just a few months.
By October 2021, Shiba Inu (SHIB) had increased in value from $0.0000000002 to $0.000022 before hitting all-time highs of $0.00008616. The project has since lost a significant amount of its value. Like most meme coins, Shiba Inu (SHIB) crashed during the 2022 bear market, with one token selling for $0.00001154 as of April 2023.
Although initially designed as another meme coin, Shiba Inu (SHIB) is diversifying its use cases to become more influential throughout the market.
Can I sell my meme coins in Nigeria?
Many crypto traders are unaware they can sell meme coins in Nigeria. Since the inception of meme coins into the crypto space, several exchange platforms in Nigeria, like Astro Africa and Dart Africa, have listed them in their platform to serve their customers better. So, the answer to this question is an absolute yes!
What is the best exchange platform to sell meme coins in Nigeria?
Through Novamarket research and analysis, Dart Africa is the best exchange platform to sell meme coins in Nigeria. The platform is innovative and uses the appropriate blockchain technology to ensure that crypto traders in Nigeria can seamlessly trade meme coins and other cryptocurrencies. Through the reviews, Novamarket found on Trustpilot; Dart Africa is one of the few platforms that prioritize the safety of their users’ assets with top-notch security technology. To get started, download the Dart Africa app on the Google Play store, create an account, and start trading crypto at the best rates immediately.