2021 was a massive year for the crypto market. Additionally, meme coins experienced tremendous growth throughout the year from the activities of social media influencers and retail traders. Cryptos are down significantly today, but with such massive gains last year, investors will be likely to make the jump into the next meme coin.
Meme coins don’t have a lot of use cases, if any. These cryptos are inspired by internet memes and often start as jokes. Though serious crypto investors would want to stay away from such investments, these coins can be highly lucrative over short periods, resulting in massive gains.
For instance, we saw how Dogecoin’s price shot up over 1,500% in 2021. Moreover, Shiba Inu gained more than 500% at its peak. Therefore, having a small holding of such coins in your portfolio could result in some incredible gains.
With that being said, let’s look at some cryptos that could gain immensely this year:
Dogelon Mars (CCC:ELON-USD)
Shiba Inu (CCC:SHIB-USD)
Hoge Finance (CCC:HOGE-USD)
Meme Stocks: Safemoon (SAFEMOON-USD)
Safemoon launched in March last year, and its price surged more than 2,000,000% within the first few weeks of trading. It offers a unique feature that encourages holding over the long-term with a 10% fee on every transaction.
Additionally, its website promises a host of projects. These include the Safemoon wallet, a non-fungible token (NFT) exchange, video integration and more. But at this stage, it seems like a mismatch of ideas designed to continue the hype train.
The crypto has done well to keep itself alive on the marketing end. It enjoys a cult-like following amongst its followers, who consistently defend the crypto’s hype. Hence, the chances of Safemoon blowing up this year in short bursts remain substantial.
Dogelon Mars (ELON-USD)
Source: Wollertz / Shutterstock
Dogelon Mars is an ERC-20 token that plans to replicate the success of the original meme token in Dogecoin. It comes with a total supply of one quadrillion ELON and a market cap of more than $400 million.
The coin takes its inspiration from serial entrepreneur, visionary and Tesla (NASDAQ:TSLA) CEO Elon Musk. Among other things, the goal is to piggyback on his ambitious plan to colonize Mars.
Musk has been a major proponent of digital assets and was critical to the success of Dogecoin. It stands to reason that Dogelon Mars can also benefit from a similar effect.
Hence, ELON’s association with Musk will bode well for it in the long term.
Meme Coins: Shiba Inu (SHIB-USD)
Source: Maria Shipakina / Shutterstock.com
Shiba Inu is an Ethereum-based cryptocurrency based on the popular Japanese dog breed of the same name. The crypto became hugely popular in October last year, and within a few months, its price rose 47 million percent.
The cryptocurrency has struggled with consumer adoption due to its weak fundamentals. However, its developers plan to build a utility for a more stable growth runway.
In the past few months, companies such as Ask The Doctor and AMC Entertainment (NYSE:AMC) added SHIB as a payment option. Moreover, the reputable Flexa Payment network also added the coin as a payment option.
Additionally, its founder has been developing a metaverse in which Shiba Inu will be a major facilitator. Hence, the crypto could be in for a stellar year ahead with such developments.
Source: AlekseyIvanov / Shutterstock
MonaCoin is a Japanese cryptocurrency founded back in 2014. It’s based on the Japanese ASCII character, which resembles a cat. MONA is a hard fork of Litecoin and utilizes a proof-of-work algorithm.
Moreover, it has a supply of 105 million coins, with a block time that’s 1.5 minutes lower than Litecoin (CCC:LTC-USD). Additionally, according to its website, there was never a pre-mine of the asset, ensuring decentralization.
MonaCoin is perhaps even riskier than other established meme coins, which is saying something. It boasts a market cap of just $64 million, and its value has ebbed and flowed since July last year.
It’s tough to predict the trajectory of any crypto, let alone MONA. But it could be worth a small portion of your holding.
Meme Coins: Dogecoin (DOGE-USD)
Dogecoin is perhaps the original meme cryptocurrency. It was the most-searched digital asset in the United States in 2021.
DOGE ended the year with more than a 3,000% gain. That trumps any single stock last year.
Perhaps the biggest catalyst for DOGE is Elon Musk, who dubbed himself as “The Dogefather.” Musk owns three digital assets, and Dogecoin is one of them. His tweets have acted as makeshift signs for crypto traders to buy DOGE tokens.
Musk will also work with the crypto’s developers to improve its network. Shiba Inu’s developers are looking to increase the robustness of the network and significantly lower transaction fees to make it more competitive down the line.
Source: Evgeniia Shikhaleeva / Shutterstock
Samoyedcoin is another dog-inspired meme coin making the rounds in the past year. The meme coin facilitates speedy transactions and robust scalability compared to other meme tokens.
Moreover, it also ensures scarcity, as Samoyedcoin burns three times from its launch date. Additionally, it is also a mascot and ambassador for Solana (CCC:SOL-USD), arguably one of the cryptocurrencies on most investors’ radar.
The relationship between the volume of the SAMO token and price is more logically aligned than other altcoins. Hence, Samoyedcoin may prove to be a winner this year, resulting in strong gains for short-term crypto investors.
Meme Coins: Hoge Finance (HOGE-USD)
Hoge Finance is a community-driven decentralized finance (DeFi) token with a deflationary supply. It is one of the select few meme coins that completed the Certik audit.
No issues were found during the audit. Hence, it’s one of the few meme tokens with some fundamental stability.
Furthermore, its community team has been looking to sign partners and design a Decentralized Autonomous Organization (DAO). A DAO will allow the ecosystem to be optimized without any intermediaries.
Billionaire Mark Cuban commented on DAO’s and described them as “the ultimate combination of capitalism and progressivism.” Though HOGE has gone through some negative swings of late, once its price settles down, it may be worth some chump change.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.
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