Top 6 Meme Coins to Watchlist in August 2023
Disclaimer: This article is entirely based on the writer’s opinion and it does not aim to provide any financial advice.
If you’re looking to invest in the crypto space and aiming to generate profits, meme coins offer an ideal starting point. With their low price value and exceptional returns, these assets present a profitable opportunity.
Meme cryptos derive their name from being inspired by humorous, captivating ideas, images, videos, or other forms of media. This sector heavily relies on community engagement and follows a significant movement that can arise when a large group comes together.
It’s important to note that most meme coins lack a permanent value and have no real-world utility. Despite this, some of these tokens are experiencing an astonishing surge.
To join the meme coin trend, this article provides valuable insights into the top six meme coins to watch out for in August 2023.
6) Dogecoin (DOGE)
Dogecoin stands out as a prominent meme coin with a significant market cap, making it the No. 1 meme coin. It made its debut as the very first meme coin back in 2013 but remained relatively unnoticed until 2020 when Elon Musk, a notable advocate of Dogecoin, tweeted about it.
Dogecoin has emerged as a leading meme coin network, surpassing even established giants like Bitcoin and Ethereum in terms of daily transactions. Since May 22, the Dogecoin network has consistently processed over a million transactions each day.
Elon Musk, the owner of Twitter and a staunch supporter of Dogecoin holds the potential to introduce Dogecoin as a payment gateway for the social media platform. If this becomes a reality, Dogecoin could soar to new heights.
Given its high market cap, Dogecoin can be considered a relatively safe investment due to its lower volatility compared to other meme coins.
5) Shiba Inu (SHIB)
Shiba Inu coin is an Ethereum-based decentralized cryptocurrency developed within the Shiba Inu ecosystem. It was introduced as a meme coin to rival Dogecoin, often referred to as the “Doge-Killer,” and quickly gained attention from crypto investors, successfully capturing a portion of Dogecoin’s market.
Shibarium, an upcoming layer-2 blockchain network built on Ethereum, is set to revolutionize the Shiba Inu ecosystem. This development will transform Shiba Inu from just a meme-based coin into a self-sustaining ecosystem.
Despite its origins as a meme coin, Shiba Inu has demonstrated a commitment to building and deploying various projects. Examples include Shiba Swap, integration with NFT marketplaces, and their Shiba Inu cold wallet launch.
With these advancements, Shiba Inu has the potential to compete with more established players in the crypto space. This significant progress within the Shiba Inu community is igniting discussions among the crypto community, as it opens doors for the coin to reach new heights.
4) Mona Coin (MONA)
In 2014, an anonymous investor named Mr. Watanabe from Japan introduced Mona Coin, distinguishing itself as the most user-friendly and cost-effective cryptocurrency, particularly for Japanese consumers. Originating as a Litecoin fork, which in turn is a branch of Bitcoin, Mona Coin was created to offer an enhanced version of Bitcoin.
Unlike Bitcoin and Litecoin, Mona Coin boasts a significantly larger circulation and maximum supply, as well as a different native hashing algorithm. It actively promotes GPU mining to maintain its commitment to being a highly accessible and easily verifiable blockchain for users.
The primary utilization of Mona Coin revolves around serving as a swift and reliable payment method for e-commerce, while also being widely employed for tipping, thus contributing to the establishment of a distinctive ecosystem.
In Japan, Mona Coin was the first of its kind in the country and has since gained immense popularity among its own people. For individuals located in Japan, Mona Coin can be viewed as a favorable investment.
Its reputation is well-established due to its practical use cases and credibility, successfully achieving its goal of becoming the most widely adopted cryptocurrency in Japan.
Considering its achievements and potential, Mona Coin stands as a compelling investment option not only within Japan but also on a global scale.
3) Snek (SNEK)
Snek, a meme coin built on the Cardano blockchain, stands out as a revolutionary token offering its holders a rewarding experience. It serves as an extension of the Cardano community in the realm of meme coins.
Since its launch, Snek has quickly climbed to the top in terms of market capitalization on the Cardano blockchain. The strength of meme coins lies in their communities, and Snek represents the Cardano community as a prominent player. Cardano’s community is highly regarded for its dedication and support.
Snek has already established itself among the top ten largest meme coins in the crypto industry.
Considering its achievements and potential, $Snek can be viewed as a promising meme coin that has the capacity to reach new heights.
Also read: Tips to generate passive income with crypto
2) Wallstmemes (WSM)
Wallstmeme is a thriving community that primarily operates on Twitter, aiming to provide the crypto and finance community with engaging and informative content through the medium of memes.
The Wall Street Memes community boasts a strong presence across various platforms, garnering high levels of engagement and cultivating a dedicated following. Notably, the team achieved a remarkable feat by selling out the Wall St Bulls NFT collection within a mere hour of its launch.
Furthermore, they have introduced their dedicated token, $WSM, into the crypto space, generating significant curiosity and interest within the crypto community during their ongoing presale.
Despite the overall crypto market being in the bearish phase, Wall Street Memes has managed to raise over 21.98 million dollars through its ongoing presale. In terms of tokenomics, a significant portion of the ($WSM) token is allocated to marketing, ensuring sustainable growth for the Wallstreet meme community.
With its current trajectory, Wallstmeme possesses the potential to spark the meme coin season within the crypto space, bringing back the enthusiasm and excitement surrounding these digital assets.
1) Pepe (PEPE)
Pepe asserts itself as the paradigm of meme ability among meme coins. This particular coin holds no intrinsic value, lacks a formal team or roadmap, and exists purely for entertainment purposes.
Pepe caught in the hype when the initial version of the cartoon was featured on a chain, resulting in the rare Pape being mined and tokenized as one of the pioneering NFTs.
Despite its unconventional nature, Pepe has gathered a substantial following on Twitter. While it experienced a minor setback in June, along with other meme coins, Pepe has managed to weather the storm relatively well due to its popularity and attention. Among meme coins, Pepe remains a prominent topic of conversation.
Pepe’s presence penetrates various media platforms on the internet, as it continues to trend and secure the top spot on numerous exchanges. This ongoing buzz signifies that Pepe remains a hot topic within the community.
The future of meme-based projects like Pepe remains uncertain. However, given its status as one of the trending meme coins in the crypto space, it is reasonable to consider hopping on the trend. Pepe has the potential to attain greater heights and continue its upward trajectory.
Conclusion
The current state of the crypto market indicates a potential for a bullish trend, partly influenced by global macroeconomic news. For instance, the US CPI inflation rate came in at 4%, lower than the expectations of the general public.
As inflation progresses positively, it signifies a stronger economy. With a flourishing economy, more money flows into the crypto space.
However, it’s important to note that meme coins, while offering the possibility of significant gains in the short term, are inherently volatile and risky.
Therefore, investors should approach meme coins cautiously and conduct thorough research before making any investment decisions. Exploring the market and gaining in-depth knowledge about specific meme coins is crucial for making informed investment choices.
