What are Meme Coins? & Which Meme Coins should we keep an eye on in 2022?

5 min read

In this article the author NM Partners discusses what Meme coins are and which ones he thinks we should keep an eye on in 2022.

The crypto market experienced many changes in 2021. Decentralized finance (DeFi), non-fungible tokens (NFTs) and many other innovations were seen this year. However, we also saw a lot of meme coin investing.

Dogecoin’s price increased by 1,602% in 2021. Shiba Inu saw a gain of more than 500% during its peak. According to some investors, meme coins offer investors a great opportunity to gain big.

Now that we’re in a new year, you’re probably looking for the next Dogecoin. Which meme coin will rocket to the moon this year? Well, let’s see:

What is a Meme Coin?

Well, the name kind of says it all – a meme coin is a cryptocurrency that is inspired by an internet meme – or basically, a joke.

Take Dogecoin, for example. It was inspired by a meme of Shiba Inu – a popular breed of Japanese dogs. The same meme inspired the creation of Shiba Inu as well.

Meme coins aren’t exactly created to be taken seriously. They don’t have any definite use case that they’re trying to fulfill. Really, it’s just vibes and jokes for them. Here’s how a meme coin usually grows:

  • Once the coin is created, some initial investors buy it just to be “in on the joke.”
  • Then coin’s value grows, and it starts to catch the eye of everyday investors
  • Some celebrities can buy the coin and post about it on social media
  • Day by day, the coin grows its online community and price

Top Meme Coins by Market Cap

As we said, 2021 was a big year for meme coins. Everyone followed Dogecoin’s example and tried to get rich using one meme coin or the other. Some meme coins have been hits, while others have flopped.

Based on the current CoinMarketCap prices, here are some of the top meme coins in the market:

1. Dogecoin (DOGE)

For crypto fans, Dogecoin needs no introduction. Created in 2014, it is the industry’s top meme coin.

Dogecoin has so far succeeded solely due to its popularity. Everyone – from everyday investors to celebrities – knows about Dogecoin, even if they don’t invest in it. That alone makes it a big player in the crypto market.

2. Shiba Inu (SHIB)

Shiba Inu has had a wild ride so far. It was created in April 2021, and its growth has been quite impressive.

In many ways, SHIB is trying to take the same route as Dogecoin – using social media to build a community. And so far, the strategy has worked pretty well. The coin grew so much in 2021 that for a brief moment, its market cap actually beat that of Dogecoin. Not bad for a coin that’s barely a year old.

3. Dogelon Mars (ELON)

Dogelon Mars is another dog-themed meme coin. It was inspired by Elon Musk – the world’s richest man and a huge crypto fan.

Musk has tweeted several times about sending Dogecoin “to the moon,” and his company, SpaceX, is working hard on space travel. So, some people decided to bring it all together. Dogecoin, Elon Musk, and Mars – Dogelon Mars.

4. Samoyedcoin (SAMO)

Unlike the other meme coins mentioned, Samoyedcoin isn’t dog-themed. Instead, it was inspired by three things:

  • Dogecoin
  • Sam Bankman-Fried: the CEO of FTX Exchange and currently the richest man in crypto
  • Anatoly Yakovenko: the co-founder of the Solana blockchain.

The developers decided to combine all these to make the coin. And there you have it; Samoyedcoin.

5. MonaCoin (MONA)

MonaCoin is quite interesting. It was launched in 2014 on a Japanese online messageboard by someone called Mr. Watanabe. But, since then, it’s been pretty quiet.

MonaCoin claims to be Japan’s first native cryptocurrency. So, it is pretty popular in the country. Besides that, it doesn’t have much going for it. But, for now, its online community – mostly in Japan – has been growing pretty steadily.

Why Meme Coin Investing has Become So Popular

Meme coins are all the rage right now for sure. Many of them get launched almost every day, and you’ve got investors throwing bundles of cash at them.

But why?

Volatility can be an advantage

If you think regular cryptocurrencies like Bitcoin and QDX are volatile, you should see meme coins. In a week, a meme coin’s price can skyrocket as high as 1,000%. You can see triple-digit gains in just one day with some meme coins.

So, while the risk is massive, so are the rewards. People looking for a way to make quick money with crypto will definitely be attracted to meme coins.

A long track record

Meme coins are also very attractive because they have a track record. As we said, Dogecoin delivered over 1,600% in returns last year.

When SHIB became a hit, we saw a story about someone who bought $8,000 worth of it back in 2020 and left it in a wallet. In 2021, that wallet’s balance had increased to $5.7 billion. Who wouldn’t want that?

So, everyone’s looking for the next Dogecoin or Shiba Inu. whenever a new meme coin shows some promise, investors will troop in and hope that this is the one that takes them to the moon.

Internet-driven mania

Some people also really invest in meme coins because of the mania. Every day you go on social media, you hear a story about someone who made a killing just because they bought one coin or the other and its price skyrocketed.

With so much talk, it’s easy to get interested and buy a meme coin. Even if you don’t see the gains you were promised, at least might not lose so much.

The Most Promising Meme Coins in 2022

So, for the reason you’re here; what are those meme coins that have a real shot in 2022?

Well, here are a few we’re looking at:

1. The OGs – Dogecoin (DOGE) and Shiba Inu (SHIB)

Even though there will be a lot of meme coin activity this year, we’re still looking at DOGE and SHIB. Both coins have massive upside because the market is still shaking off a bear run. Once things start getting bullish and coin prices start to jump, you can be sure that DOGE and SHIB will jump as well.

At a current price of $0.17, DOGE is still way off its all-time high of $0.74. The same goes for SHIB; it’s trading at $0.00003262 now, but its all-time high is $0.000088. So, there’s still a long way to go, and you can get in now.

2. Floki Inu (FLOKI)

Floki Inu is a dog-themed meme coin. It was created in June 2021 and is named after Floki – a Shiba Inu dog that Elon Musk bought.

Since it was created, FLOKI’s price has grown by over 1,800%. It has a lot of upside for 2022, and we think it’s about to moon!

3. Wakanda Inu (WKD)

Wakanda Inu is Africa’s first meme coin. Created in November 2021, the coin has gotten some traction.

WKD has gained 20% since it was created just two months ago. That’s not bad for sure. The coin’s developers have claimed that they’ve got more heat coming, so we’re pretty pumped for this one.

4. Safemoon (SAFEMOON)

Safemoon is a meme coin that was created in March 2021. It got a lot of social media hype at the time, although things have been pretty quiet since.

We’re tipping Safemoon because of its social media community. Like Dogecoin and Shiba Inu, coins with huge social media communities tend to spike suddenly. So, you could wake up one day and see a 100% rise in your Safemoon wallet’s value.

Where to Buy Meme Coins

If you’re looking to buy meme coins in Nigeria, we recommend going through cryptocurrency exchanges like Quidax.

Crypto exchanges offer the best and most convenient ways to buy meme coins in Nigeria. They offer low fees, quick transactions, and helpful support. You can find many meme coins on Quidax, BuyCoins, and other exchanges.

However, make sure the meme coin you’re looking to get is supported by your chosen exchange. Once you do, make your purchase and get ready to hit the moon!

Editor’s Note: The opinions shared here are simply those of the writer. They shouldn’t be taken as financial advice.


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