Meme coins are set for a renaissance in the coming months. While their novelty premise has detractors dismissing them as flash-in-the-pan phenomena, several meme coin projects have proven their worth over the years and become the closest thing the notoriously volatile crypto industry has to “safe money”.
The number one contender right now is stalwart daddy Dogecoin. $DOGE is a cryptocurrency that claims to be both the first meme coin and the first canine coin.
Launched in 2013, Dogecoin creators Billy Markus and Jackson Palmer initially created it to satirize the minting frenzy. For the two nocoiners, it was a cynical overture, but they didn’t bet on crypto fans loving it.
People saw it as a symbol of crypto’s fun and irreverence as well as its viral appeal and supported it loyally for over a decade to help it become the ninth biggest cryptocurrency with a market capitalization of nearly $20 billion dollars. It also has endorsements from a diverse array of celebrities, including Elon Musk, Snoop Dogg, Gene Simmons and Mark Cuban.
But the big question is this: can Dogecoin go from a current price of $0.1317 all the way up to $1? The most straightforward answer is “not anytime soon.”
It’s also looking like the reign of the dog coins is over. Several new species have entered the market with viral appeal. This list will examine the four biggest species of meme coin right now to see which projects have what it takes to hit $1 in 2024.
Will Dogecoin Reach $1?
DOGE has come close. Two years ago at the height of the Bitcoin bull run, Dogecoin set an all-time high of $0.7316. However, there’s grounds to think that this was substantially overpriced by the market. Since then, Dogecoin has shed a lot of value, while Bitcoin has this year set new all-time highs.
It would take another bull run or a new use case for Dogecoin in order to pump the asset up to a dollar. With regards to the former, many analysts say a bull run is incoming now that Bitcoin has completed its fourth quadrennial halving.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
The halving was a predetermined software update that happened on April 20 and slashed mining rewards in half. Since this has bottlenecked the amount of Bitcoin hitting the open market, it’s possible that there could be a new bull run in the coming months. Others have argued that the halving was priced in this time.
And with regards to the underlying tech, Dogecoin is pretty old. Like Bitcoin, it uses a Proof-of-Work consensus mechanism, whereby the miners with the most computing and electricity resources mine the most $DOGE. Due to Dogecoin’s smart contract limitations, it also can’t really boast of having an ecosystem.
That means among conscientious investors, it’s likely to take a backseat to more useful or energy-efficient coins like Shiba Inu (SHIB), Dogecoin20 ($DOGE20) and Dogeverse ($DOGEVERSE).
How About Frogs and the Sloths?
Pepe Coin ($PEPE) is the third biggest meme coin in the world. Like Dogecoin, it’s based on a meme that everybody and their grandmas have heard of. However, its $3.4 billion market cap still puts it a digit short of being in the same league as Dogecoin and Shiba Inu.
At today’s price of $0.058114 and with a previous all-time high of $0.00001064, it’s dead certain that PEPE is not on track to claim a dollar.
However, one project that could is the sloth-themed Slerf coin ($SLERF). Slerf has an interesting story. On launch day, a major mishap resulted in the accidental burning of $10 million in $SLERF, intended for some 25,000 trusting presale buyers.
Shortly after launching, Slerf ratcheted an all-time high (ATH) market cap of $750 million wSealana ($SEAL), the all-American redneck seal, within a few hours. As 24-hour trading volume surged close to $2.5 billion, the token actually hit an ATH price of $1.28 from a launch price of $1.10 before falling to its current level. Still, at its current price, Slerf is more likely to hit a dollar than Dogecoin.
But it’s currently getting stiff competition from Slothana, a new sloth meme token that is about to launch. $SLOTH is the same genus as $SLERF with one key difference. He’s a major pothead, and is likely to be a hit among likeminded slow creatures.
$SLERF has 80m in liquidity.
There is more money in $SLERF than any other Memecoin on #SOLANA.
Without any of your “KOLs”
Wonder what that means for Slerf NFTs. pic.twitter.com/KxIXCPP3kI
— grumpy.slerf (@youlovegrumpy) May 3, 2024
Finally, There’s Sealana the Meme Coin $SEAL
If dogs, frogs and sloths don’t do it for you, Solana’s Sealana ($SEAL), the all-American redneck seal, is quickly opening purse strings in a hilarious new presale.
Sealana is a spin on the viral South Park character Gamer Guy, aka Fat Computer Nerd.
Gamer Guy appeared in the hit cartoon’s side-splitting World of Warcraft episode and instantly became a viral meme all on his own, recognizable by his milk-bottle glasses, screen-locked stare, messy room and gravity-defying girth.
He has since symbolized anyone from the legions of disgruntled keyboard warriors writing sharp, acerbic opinions in internet comments sections, to a kind of Everyman – a symbol of the idler in everyone.
Sealana is Gamer Guy but Web3. Beached at his PC desk and growing by the day, Sealana is so absorbed in degen trades that he’s abandoned his previously trim figure for a diet of chips and tinned tuna. His obsession with finding the next big Solana meme coin keeps his flippers busy and his room looking like a bomb hit it. A true patriot in search of the lost American Dream!
His presale is barely 48 hours old and it has already taken in over $150,000 in investments, according to the website.
There are rumors that the Sealana team was also behind the popular Slerf ($SLERF) project. Rumors suggest that the team wants another successful launch, this time without accidentally burning $10m in tokens.
For every 1 SOL, investors get 6,900 $SEAL tokens after the ICO’s concludes. This puts them in pole position to exploit some potentially explosive appreciation through the presale and beyond.
Users can pay using a widget on the website or by sending SOL from a decentralized wallet to this address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
Interested? Keep up-to-date on Sealana’s X account.
Buy Sealana at the official website here.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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