For the gamers out there, here are some meme coins that could shoot to the moon
For investors looking for outsized gains relative to the overall market, getting off the risk curve is typically a required activity. Meme coins are cryptocurrencies generally defined as tokens tied to projects with little or no utility outside of their enthusiastic community. Other than the hype and excitement from those involved in the project, there is little else going on with these tokens. From time to time, these tokens experience price fluctuations due to speculation, leveraged derivatives bets, and momentum traders.
Of course, I remain pessimistic about this group as a whole and skeptical of the field as a whole. But I’m also realistic. Some of these meme coins can offer lottery ticket-like winnings – which is why they are so popular among certain investors.
Like buying a lottery ticket, investors are best “investing” their money in these meme tokens that they would like to set on fire. Most of these projects will eventually go to zero, but a few could deliver record returns next year.
For those who are willing to speculate and can handle the volatility, here are three possible meme coins that will shoot to the moon.
Dogwifhat (WIF-USD)
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Perhaps the “coolest kid” on the meme token block is Dog woman (WIF-USD). As the name suggests, dogwifhat is a meme token depicting a dog in a hat. It really is that simple, and that seems to be all it took to bring this lovable cryptocurrency to its current level with a compelling logo.
The team behind dogwifhat increasingly focused their efforts on marketing to spread the word about their community. Supporters have raised enough crowdfunding funds to sustain the iconic project Meme logo displayed on the Las Vegas Sphere. The venue, with a capacity of over 18,600 people, offers a massive exhibition space available for rent for $450,000 per day.
The token has proven its ability to record massive increases in a short period of time, perfect for speculators and those looking for quick profits. In recent days, increases of 20% within a few hours have been commonplace.
With a market capitalization of more than $3 billion, WIF is now one of the top 50 cryptocurrencies that is becoming increasingly important. For those looking for momentum, this token is the one right now.
Pepe Coin (PEPE-USD)
Source: Yevhen Vitte/Shutterstock.com
Meme coins remain popular among both retail investors and smart money traders. Pepe’s (PEPE-USD) The price rose 11% to $0.0000084 on Tuesday, reaching a market cap of $3.5 billion, making it the third largest meme coin. Analysts are expecting further gains, with Andrew Griffiths noting that a bullish breakout could potentially take Pepe towards his all-time high.
Pepe’s technical indicators suggest that the uptrend is likely to continue as strong demand pushes this token higher. The eventual listing of the token will take place on Coinbase (NASDAQ:COIN) could lead to the next rise, at least according to the experts who follow this token.
Listing announcements and other marketing-related news is what most meme tokens benefit from, at least initially. Pepe has done a good job of building a supportive community, but we’ll wait and see if more such announcements are on the horizon. If speculators time it right and a deluge of news leads to waves of buying activity, PEPE is certainly a token with the ability to move much, much higher in no time.
Bonk (BONK-USD)
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Bonk (BONK USD), A Solana (SOL USDThe dog-based coin (and the first meme token on this network) has attracted attention due to its thematic appeal, strategic approach, and visionary perspective. Solana-based meme tokens are now proliferating, but Bonk remains one of the top options traders continue to focus on due to its current position in the meme token rankings.
Remarkable volume increases have enabled Bonk to take off a record high of 187,000 daily trades Detected at the beginning of March. However, trading volume was volatile, with between 20,000 and 200,000 trades taking place in one day. Traders’ daily exposure could be peaking – a risk for speculators at current levels. However, if a new high is reached in the coming weeks, things could get dangerous for this investor favorite.
At the time of publication, Chris MacDonald did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.