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Meme coins have been a hot story in the crypto market despite the broader market correction this week. Elon Musk’s recent comments on enabling Dogecoin as a payment method for Tesla vehicles have further fueled interest in this sector.
During a visit to Tesla’s gigafactory, Musk expressed interest in allowing customers to purchase vehicles with Dogecoin “at some point.”
This announcement led to a surge in Dogecoin’s value, highlighting how Musk’s remarks can positively impact meme coins in the long term. In light of that, let’s take a look at the seven best meme coins to invest in right now.
Top Meme Coins to invest in 2024
- SMOG offers a novel Solana-based airdrop mechanism to reward user engagement.
- Sponge V2 enhances the original Sponge meme coin through upgraded utilities like gaming on Polygon.
- WIF distinguishes itself as a prominent community-driven meme coin on Solana.
- PENG takes a lighthearted approach to DeFi and NFTs through its penguin-themed concept.
- MYRO pursues unique philanthropic goals alongside content creation utilities on Solana.
- Coq Inu amassed popularity as an entertaining meme coin on Avalanche’s C-chain network.
- Memecoin powers the new Memeland ecosystem for creating and discovering blockchain memes.
Smog (SMOG)
SMOG is a new meme coin on the Solana blockchain that has attracted significant attention in the crypto community since its launch in February of this year. The SMOG Token (SMOG) quickly surged over 1,400% after launching on the Jupiter platform, followed by an additional impressive gain of 3,000% in just a few days.
At present, SMOG’s market cap stands at approximately $180 million, still relatively small compared to more established coins.
SMOG offers a novel airdrop mechanism on Solana, allowing users to accumulate points by simply holding the token. The project allocates 35% of the total supply to the airdrop program, creating opportunities for participants to earn rewards through tasks and engagement.
An airdrop campaign centered around the Chinese Year of the Dragon has already seen over 10,000 completed tasks, contributing to SMOG’s rise in popularity.
Token holders gain access to an expert crypto community called “The Dragon’s Court,” which aims to unleash viral potential through sustained multi-airdrop campaigns. SMOG has quickly amassed a sizable community of over 100,000 holders, 40,000 followers across social media, and 16,000 members in Telegram.
Strategies like offering a 10% purchase discount have aided its marketing success. SMOG also has a presence on Ethereum via the ERC-20 token standard.
All in all, SMOG appears well positioned to catch the wave of rising Solana meme coins like BONK, WIF, and MYRO.
Sponge V2 (SPONGEV2)
Sponge (SPONGE) originated as a meme coin inspired by the SpongeBob SquarePants cartoon franchise, though it holds no affiliation. Launched on Ethereum, the coin swiftly achieved 100x gains and a near $100 million market cap in its early stages.
Now dubbed Sponge V2, an upgrade moved the project to Polygon to reduce transaction fees and enhance utility through gaming. This version intends to bridge the original 40.4 billion supply while allocating additional tokens for staking rewards, marketing, and game development. Goals include reaching a $1 billion market cap, over 100,000 holders, and listing on top exchanges.
So, Sponge V2 introduced a Play-to-Earn gaming model where players can earn SPONGEV2 tokens based on their performance and leaderboard placement. Games exist in free and paid formats, the latter allowing the purchase of credits with SPONGEV2.
Converting from V1 to V2 involves staking SPONGE in the new smart contract. Staked V1 tokens accrue V2 tokens until the V2 launch, after which only staking remains supported for locked V1. More staked V1 yields greater V2 rewards, with over $28 million currently staked as per the project site.
dogwifhat (WIF)
The WIF meme coin, also called Dogwifhat, has emerged as a standout project distinguished by its humorous theme and vibrant community spirit. Built on Solana, WIF centers around a Shiba Inu dog representation wearing a knitted hat as its mascot.
Launched in November last year, WIF leverages the high-performance Solana network using a decentralized Delegated Proof-of-Stake model. Unlike many coins, it upholds a zero-balance structure without creator or update authority stakes.
WIF has garnered notable attention, surpassing FLOKI in post-launch gains to rank as the 4th largest meme coin behind DOGE, SHIB, and PEPE. Its relative strength index sits above 50 across all timeframes, indicating ongoing positive momentum.
Trading around $3 at present, WIF boasts a roughly $3 billion market capitalization. Its RSI metric of over 50 on all scales points to strengthened buying pressure versus selling pressure.
Peng (PENG)
PENG is a penguin-themed cryptocurrency that brings a lighthearted take on decentralized finance and digital collectibles to Solana. It revolves around the popular Pudgy Penguins NFT assortment, which has found success portraying fun-loving digital penguins in various accessories.
Token holders congregate as “The Huddle” and “Pengus.” Lead developer Netz aspires to establish the Pudgy Penguins as a globally recognized brand while leaving future tokenization possibilities open-ended. However, the community has weathered challenges like accidental delistings and falling NFT sales, underscoring the need for strong leadership.
To offer alternatives, Wrapped Penguins now allow members flexibility outside prevailing trends. The team refocuses efforts on inclusiveness and togetherness going forward.
Though its $159 million market capitalization remains modest, PENG shows promise. With an imaginative theme appealing to many, dedicated following, and leadership transition complete, the coin may enjoy lurking breakout potential if bullish macro factors emerge.
Myro (MYRO)
Named after Solana co-founder Raj Gokal’s dog, MYRO aims to set a new standard for meme coins on the network. Beyond mere financial speculation, the project pursues unique utility and philanthropic goals.
MYRO’s vision includes establishing a decentralized platform for content creation and monetization. The goal is to attract consumers, institutions, and alternative chain enthusiasts deeper into the Solana ecosystem. To balance fun with function, MYRO offers useful products, tools and services for investors.
Through its “MYRONOMICS” initiative, MYRO addresses gaps in the network by developing features such as the “MyroBot” to enhance the user experience. Furthermore, one of MYRO’s distinguishing aspects is its charitable partnership with dog shelters. The initiative facilitates donations to improve animal welfare globally.
As a social hub for crypto and dog lovers alike, MYRO hosts engagement activities like voice chats, forums and contests. Its $313 million market cap leaves room to grow as development progresses on strategic goals beyond speculation. By instilling purpose alongside viral potential, MYRO raises the bar for responsible meme coin governance.
Coq Inu (COQ)
Operating as a meme on the Avalanche C-chain, Coq Inu (COQ) maintains a massive total supply of over 69 trillion tokens. While lacking explicit utilities, COQ derives worth from community spirit, social media clout and speculative demand.
Coq Inu’s founders aimed to showcase Avalanche’s diversity and draw developers by minting a meme coin on its network. In a fair launch, they allocated the entire supply with 150 AVAX to initial liquidity, taking no share themselves and irreversibly burning liquidity to prevent coin manipulation.
Despite serving primarily as an entertaining asset for Avalanche users, COQ amassed a $400 million market cap through popularity and grassroots momentum. With no promises of financial returns outlined, the coin depends on its thriving community for inherent value.
Memecoin
Memecoin (MEME) emerged as the community token for Memeland, a new decentralized meme economy developed by 9GAG. MEME intends to function as the backbone for an NFT and DAO-centered platform facilitating meme creation, discovery and monetization.
To this end, the non-deflationary MEME token holds actual utility within Memeland’s suite of tools and services. This differentiated MEME from aimless money printer coins with no intrinsic purposes.
Binance Labs participated in MEME’s $10 million private token sale round, which filled within 42 minutes. Subsequently, Bitfinex proudly listed the popular meme economy project.
While MEME’s whitepaper omits references to speculative returns, its real-world applications connect the 9GAG brand’s vast army of Gen Z meme lords with new Web3 opportunities. As the go-to platform and currency for internet humor, MEME appears well-positioned for long-term mainstream adoption.
With a $500 million market valuation leaving breathing room, focused development of the Memeland ecosystem could justify an even higher evaluation for its utility token MEME in advancing the meme stock market of tomorrow.
Conclusion: Which meme coin will explode?
With Elon Musk endorsing more utility for Dogecoin and meme coins in general, now may be the time to investigate top community-driven projects like SMOG, Sponge V2, WIF, PENG, Myro, Coq Inu, and Memecoin.
While inherently speculative in nature, these coins have shown explosive gains and still appear to have room for growth according to their current market caps.
Musk’s backing indicates the rising legitimacy of meme coins as long-term holdings rather than just pumps and dumps. For investors with an appetite for viral potential and hype-fueled upside, these 7 coins might deserve closer consideration.
*Cryptonomist did not write the article or test the platform.
