The rags-to-riches tales of meme coin millionaires are inspiring. But if you dive into the meme coin market with all your savings in the hope of buying a beach house, you’re most likely to go bankrupt.
In this article, we take a candid look at the meme coin mania and how you should tread the market to come out with profits.
It’s all about timing
Meme coins work quite differently than most assets, including other niches of cryptocurrencies. They don’t follow the same principles as assets underpinned by a particular purpose of utility. For example, some of the biggest meme coin rallies were triggered by shitcoins that are explicitly useless. Pepe is a shining example of the trend this year.
It didn’t shy away from its shitcoin roots, and before you knew it, it was all over the news. Investors who made strategic entry into the project reaped returns in four digits to the dismay of critics. But that won’t be the case if you buy Pepe now. It is past its prime.
So, when you are investing in a meme coin, it is important to know your entry and exit points.
Follow the herd
Most meme coins are likely to be fleeting crypto sensations. That’s the cold hard truth. While investors are usually advised to not follow the herd in traditional markets, that doesn’t apply to the meme coin market. Since they typically lack long-term prospects, it is best to invest in a meme coin that has a fast-growing community.
Meme coins are underpinned by their speculative value. So make sure the meme coin has a thriving community and social media mentions before pouring money into it. Is the meme coin making headlines and are people talking about it on Twitter and Telegram?
But don’t hold onto a dead coin
No matter how big a meme coin community is, you don’t want to hold it for too long. A meme coin is best hoarded when it’s young. Just look at Dogecoin and Shiba Inu, for example. They have massive communities and massive market caps. Although they haven’t faded into obscurity like most meme coins, they have put forth lackluster performance over the last few months.
Dogecoin 1-year price overview, 19 July 2023, CoinMarketCap
There is no reason to believe things will perk up in the coming days. It’s not realistic to expect them to stretch their market caps two- and threefold in the present conditions. Established meme coins are not malleable. New meme coins, on the other hand, are explosive. If you have your eyes set on meme coins, go for debutants with creative themes. The more radical the theme, the higher the volatility.
And yes, if you are investing in the right project at the right time, meme coins can make you millions. But if you buy into a meme coin long after it has exploded, you are setting yourself up for disappointment.
New meme coins to keep an eye on this month
1. Wall Street Memes (WSM) – $16M Raised and Counting
One of the most viral meme coins of this season is Wall Street Memes. As the name implies, the project is an extension of the Wall Street Memes community, which is known for its hilarious memes that cracks up the internet from time to time.
Needless to say, the meme coin takes advantage of a global community of 1M+ followers, who are mostly investors and traders. Elon Musk is just one of the many celebrities who have interacted with the community’s posts.
The social sentiments around the meme coin are peaking as the presale of WSM coins steps into the second half. At the time of this writing, WSM has raised $16M out of its total presale goal of $30M. As the broader market is perking up, it won’t be long before the presale sells out.
It will be followed by a series of exchange listings, including a rumored Binance listing. Initial exchange launch, along with other tier-1 listings, can take WSM to the list of top gainers this year. That could translate to four-digit ROIs for early investors according to industry analysts.
Given that the community sold out its first NFT collection “Wall St Bulls” in 2021 in just 32 minutes, WSM is well-positioned to outperform the mania triggered by Pepe earlier this year.
2. Evil Pepe ($EVILPEPE) – The Dark Pepe Sensation
We have seen plenty of Pepe knock-offs in the last few months. While most of them lack creativity, they more than makeup for it with steep price hikes. Of course, they are erased from the public consciousness within a few weeks of launch.
But does it matter, when you are sitting on ROIs in three and four digits?
The new pepe-clone to grip the market is Evil Pepe.
“We’ve all been there. You’re tracking the latest trending shitcoin and know it’s probably gonna rug. You just lost your previous trade, so you know you should leave it alone. But you ape in any way”.
That’s Evil Pepe – the voice in your head you know will get you rich.
The total supply of Evil Pepe is capped at 6,660,000,000 tokens. Out of these, 90% is set aside for the presale so that early investors have an unyielding say in the future of the project. It is also interesting to note that the starting market cap of $EVILPEPE is just $1,996,002, thus giving large room for growth to early investors.
The presale for #EvilPepe is live on https://t.co/tSzIy5cOXV
The launch of this project is set to be a wickedly fun ride.. Nobody knows how to lure people in quite like Pepe, and #EvilPepe is king!
You know you want in.. Listen to your inner #EvilPepe 🐸#PRESALE #live #ERC20 pic.twitter.com/kF5PfeRSS7
— Evil Pepe (@evilpepe_token) July 18, 2023
When a meme coin confronts its nature unabashedly, investors can’t help but give into FOMO and join the mania. Adventurous investors flock to quirky projects even if they have nothing to offer but the promise of wealth.
It has only been a few hours since the project launched. The social media community is in its budding phase. But by the looks of it, the Evil Pepe rally has already begun.
3. Chimpzee (CHMPZ) – If You’re Looking for More than a Meme Coin
While most meme coins are accused of being useless and purposeless, Chimpzee is an insult to the trend. The coin features a half-human, half-ape character, which essentially makes it a strong candidate in the meme coin race. But it is also a green cryptocurrency. The meme coin is dedicated to breathing new energy into global wildlife conservation and climate action initiatives.
There are two assets central to the Chimpzee ecosystem – CHMPZ coins and Chimpzee NFT passports. You can earn CHMPZ coins by engaging with the Chimpzee ecosystem which consists of Shop2Earn, Trade2Earn, and Play2Earn platforms.
And of course, you can sell these tokens in the open market and turn them into any other cryptocurrency or fiat currency of your choice. Your rate of profits increases if you hold Chimpzee NFT passports. The higher the tier, the higher the rewards.
Chimpzee has already begun donating to wildlife initiatives. As the full-fledged platform goes live, a share of its profits will be used to boost initiatives that align with its goals. Although Chimpzee doesn’t fit into the popular definition of meme coins, it has high long-term relevance and sustainability than most of its competitors owing to its green mission.
To begin with, it can benefit from mainstream celebrity and brand partnerships as it stands out in the crowded crypto market with a goal that impacts humanity in a tangible way.
