Even though the crypto market has been booming this year, the volatility of digital currencies cannot be denied. Driven by moods on the market, prices can multiply within a short period of time or even drop to zero. This applies primarily to fun currencies.
As the prototype of the meme token, the dogecoin, as well as the Shiba Inu have already proven several times, that the growth potential of the currencies is enormous and with the right set-up for a meme token, nothing stands in the way of further profits, right? It would certainly be even better to be able to identify the next course rockets now.
Many investors who have only looked at the currency price rallies this year from the outside are looking for projects that could emulate the SHIB or DOGE. We would like to present three projects to you here that have good potential to climb towards the moon next year.
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Meme Token: What Is It?
There’s no faster way to become a billionaire: as reported by the Morning Brew Twitter account, the user came across an Ethereum wallet that bought $8,000 worth of Shiba Inu last August. Within 400 days, the value rose to $5.7 billion.
Meme tokens are cryptocurrencies that do not have a specific goal, such as the revolution in the global financial system or innovations in blockchain technology. The success is based much more on the awareness of so-called “memes” and the belief in them by their community. Memes are images or other jokes on social media that go viral and spread across the internet.
Memecoins differ from traditional cryptocurrencies in a number of ways. Their success is based on the beliefs of the community that generates the hype around the coins in forums and social media. They often use humor, for example, Shiba Inu’s white paper is called “Woofpaper”. They are also considered to be extremely volatile as the price relies solely on investor support and belief.
Many experts could only smile at the appearance of currencies like Dogecoin. With a market cap of $23 billion, the dog token is no longer just a joke, but the 12th most important cryptocurrency by market cap. This raises the question of which meme coins promise promising developments in the coming year.
Shiba Inu Coin: Will The Success Continue Next Year?
Probably the most successful meme token of the current year, the Shiba Inu (SHIB), could also prove to be a sensible investment next year. Dubbed the “Doge Killer” by the pseudonym Ryoshi in August 2020, the token has surged 43,949,900% since the start of the year, despite a 50% correction since its all-time high in October. But the developers do not seem to be resting on their laurels but are driving the ecosystem forward with further developments.
The community is currently working on the layer 2 solution “Shibarium” with the “BONE” coin developed specifically for the new blockchain. The team behind the token would also like to launch its own swap exchange and NFT marketplace. The team is also doing pioneering work in the gaming sector. With over 1.7 million followers on Twitter, the project is one of the best-represented cryptocurrencies on social media. Furthermore, Tesla billionaire Elon Musk, who started the price rally of the token with a Twitter post, repeatedly gave the token a helping hand. With the introduction of the currency as a means of payment on sites like Travala.com, the token is moving further and further from its reputation as “useless”.
Dogelon Mars (ELON)
Founded in May 2021, the Dogelon Mars cryptocurrency runs on the Ethereum and Polygon blockchains. The unknown founders of the currency serve several heart topics of the meme token community: The name is based on the prototype of the meme coins, the dogecoin, and Elon Musk, who often gives the fun token a tailwind, can also be found in the name.
With a market capitalization of USD 709 million, the token ranks 117th among the largest cryptocurrencies on Coinmarketcap. The success of the currency is primarily based on the use of stereotypes by Tesla billionaire Elon Musk, whose ambitions to populate Mars are also repeatedly echoed in the stories about Dogelon Mars.
In October of this year, the coin exploded all at once, going from under $0.00000001 to $0.0000025, trailing two zeros in the process. Shortly before that, the token was listed on Crypto.com. Since the high, the token has corrected again and is listed at USD 0.000001305 at the time of writing, but many investors expect another breakout in the coming year.
Read More About: What is MEME?
SafeMoon (SAFEMOON)
Released in March 2021, the SafeMoon Token (SAFEMOON) is a decentralized protocol that automatically generates liquidity. Through Reflect Finance (RFI) tokenomics, the cryptocurrency uses a novel concept that DeFi platforms use to distribute capital back to their investors. Blocking the reward from being paid out to pools like Uniswap or similar ensures that all transaction fees are paid back to investors. According to the white paper, the team behind the project hopes that this will create good relationships with its supporters.
Just a month after its initial listing on Coinmarketcap.com earlier this year, the price suddenly exploded, surging over 20,000% to its new all-time high. Since then, however, the price has corrected by 80% and at the time of writing, a SAFEMOON was costing $0.000001441.
But thanks to the release of the new SafeMoon V2 version, investors are hoping for another bull run of the token. With the launch on December 12th, the total supply of tokens was reduced by a factor of 1000 without changing holdings among holders. Meme tokens often use this tactic of a flexible circulation supply to artificially push prices up. In addition to its own software wallet, the platform is also planning to release a hard wallet and a platform-specific exchange.
With a market capitalization of just under USD 850 million, the currency is still small and is, therefore, one of the riskier investments. However, the low stock market value also harbors the potential for extreme increases in value. The forecasts also seem to believe in the good development next year. Walletinvestor predicts the token will grow by 20% in the next year.