Ever since Dogecoin came onto the scene, meme coins have been a thing. Some loathe them as the culmination of “shitcoins,” while others applaud them as the hottest thing in town.

Ever since Dogecoin came onto the scene, meme coins have been a thing. Some loathe them as the culmination of “shitcoins,” while others applaud them as the hottest thing in town.

However, while it may be fun to bet some money on the next 100x meme coin, it’s crucial to approach meme coins with caution. Their volatility and the lack of fundamental value mean that they are highly speculative.

While some people have made significant profits, others have faced substantial losses. For example, after investing US $250,000 (AU $394,000) in Dogecoin following Elon Musk’s tweets, Glauber Contessoto’s holdings peaked at US $3 million (AU $4.7 million), but with DOGE’s decline, they’ve plummeted to around US $50,000 (AU $79,000). 

Top Three Meme Coins

With that cautionary tale out of the way, the fun can start. The top three on the list may not surprise most, but the order in which they come may. According to data from Lunarcrush and CryptoDep, Shiba Inu (SHIB) has by far the most engagement and mentions on social media.

Measured by social activity, engagement includes upvotes, favourites, retweets, replies and follows. SHIB had a whopping 37.4 million people engage with it, compared to 24.2 million for PEPE on number two and Dogecoin (DOGE) on the third spot.

Does that mean Elon Musk’s favourite is falling out of favour with the crowd? Meme coins come and go and their success depends on all sorts of things making price predictions quite unpractical.  

But, as analyst Miles Deutscher believes, DOGE still has a future and is likely to pump given the popularity with the richest man on earth. Deutscher stated, “For me, it’s best as a spot + DCA play as an eventual bet on a strong pump (which is inevitable imo).”

Bonkers for BONK

While those three meme coins have performed quite well recently, with Pepe (PEPE) being up 42% month on month, DOGE 9.2% and SHIB 3.4%, another meme coin takes the cake.

The first dog-themed meme coin on Solana (SOL), called Bonk (BONK), a coin “for the people, by the people” has seen a meteoric rise in the past month, shooting up by a stellar 241%.

 

Source: CoinMarketCap

Quacking Mad

With Bonk coming in at seventh place in the social ranking, there are three more coins worth mentioning sitting between the Solana meme and the original DOGE.

Floki (FLOKI), which was actually whipped up by the Shiba Inu community, while being on the fourth rank in the socials, has actually lost almost 10% in the past day, despite being up 67% on the month.

Fifth place is held by Richquack (QUACK), a meme which urges holders to get more people to buy into the meme to “get rich quack together.” This is arguably the most blatant attempt to cash in on the meme craze. Nevertheless, QUACK has enjoyed a 9.7% rise over the past month and has a vivid social life.

Source: CryptoDep/ Lunarcrush/ X

Spot number six goes to Baby Doge Coin (BabyDoge), number 8 goes to YooShi (YOOSHI), number nine to CateCoin (CATE), and number ten is held by Vita Inu (VINU). As always, potential investors should do their research and consider the risks before diving in.

The post Quacking Mad: These Meme Coins Rule Social Media appeared first on Crypto News Australia.

---

Filed under: Bitcoin - @ November 1, 2023 5:14 am