The meme coin market is on the brink of another monumental breakout as Floki jumps 35% in one day.
Its impressive uptick follows an announcement that Floki and TokenFi will be official crypto partners to the table tennis world championships in South Korea, anticipated to reach 450 million people.
Floki’s recent boost reflects a returning excitement to the broader meme coin sector, as its market cap jumps by 12%, currently at $53 billion.
With liquidity flooding back in, this presents vast opportunities for those who identify the most high-potential projects.
Therefore, we have compiled a list of the five best meme coins to buy now. We consider trends, use cases, tokenomics, expert opinions, price, and more.
Our analysis found the best projects are Sponge, Dogecoin20, Smog, Pepe, and Slerf. Let’s take a closer look at each.
Sponge
Launched in May 2023, Sponge displayed epic resilience in the face of a grueling bear market, pumping 100x to a $100 million market cap in its opening weeks.
The resounding performance was led by deep-rooted community support, with 13K holders, 30K social media followers, and ten prominent exchanges getting on board.
However, as the crypto market ventured into bullish territory, the Sponge team returned with a groundbreaking initiative: Sponge V2.
Equipped with a new Play-to-Earn racing game and staking mechanics, Sponge V2 boasts distinct advantages over the original token, adding to its bullish outlook.
The new rendition also targets “bigger and better exchanges,” a potential nod towards a tier-one exchange listing on Binance or Coinbase.
The Sponge community is also vocally pushing towards this goal, with members often tweeting top exchanges in support of the project.
Inspired by SpongeBob SquarePants, Sponge features a unique nostalgic allure while intertwining memetic excitement and cutting-edge blockchain technology.
Sponge V2 launched in February and got off to an explosive start. Currently, the token is up a whopping 199% since launching with a $112 million market cap.
However, the price has retraced alongside the broader market’s recent pullback, presenting a timely buying opportunity ahead of the next potential leg up.
Dogecoin20
Paying homage to the godfather meme coin Dogecoin, Dogecoin20 offers a compelling blend of meme coin allure, token utility, and philanthropic efforts.
The token is experiencing unprecedented presale success, having raised $4.9 million in just one week. However, with a $6 million hard cap, the presale will sell out shortly.
Dogecoin20 builds on its predecessors legacy and addresses its criticisms to ensure lasting success.
Its core premise is a Stake-to-Earn mechanism, enabling holders to generate passive rewards by locking up their tokens. However, rewarding the community also bolsters token demand and limits supply, enhancing its market dynamics.
Currently, stakers can earn a 189% APY, but this will decrease as more tokens are staked.
The project also boasts a capped supply, embracing the “sound money” principle popularized by Bitcoin to stave off inflation. This presents another significant advantage over Dogecoin, which holds an unlimited supply, negating a potential store of value utility.
However, Dogecoin20 retains the vibrant essence of Dogecoin, appeasing the broader meme coin community.
According to its website, Dogecoin20 encapsulates Dogecoin’s “Do Only Good Everyday” philosophy, striving to channel its influence “to support charitable initiatives, community projects, and noble causes.”
Smog
Enter the dragon’s lair with Smog, Solana and Ethereum’s hottest multi-chain meme coin.
As a fierce dragon-themed meme coin, Smog spreads his wings over the two most prominent on-chain meme coin markets, presenting incalculable room for growth.
Adding to the excitement, the project is running “the greatest airdrop of all time,” with 35% of its total supply allocated to the giveaway.
Simply buying and holding $SMOG grants access to the giveaway, but users can bolster their chances of success by completing tasks outlined on Smog’s Zealy page.
However, urgency is kicking in as Smog’s airdrop season 1 ends in 12 days.
Airdrop tasks are geared toward spreading the word of Smog, which helps expand its community and boost its price.
Its innovative approach has compelled investors, with Smog flying to a $152 million market cap, up 236% in the last month.
But merging ubiquitous accessibility with an innate marketing focus renders Smog one of the most promising meme coins. YouTuber Decentralised News believes this could present 100x potential.
Smog is currently trading at a 49% discount from its ATH. In addition, those who buy from the project’s website today get a further 10% discount. However, this offer ends soon, so they must hurry.
Pepe
Rising out of the 2023 bear market, Pepe has become a beloved sensation in the meme coin sector. It currently holds the 3rd largest market cap behind Dogecoin and Shiba Inu.
Pepe is trading at $0.000008076, up 11% today and a staggering 616% this month, but down 17% this week.
It has a $3.3 billion market cap and a $1.6 billion 24-hour trading volume.
Pepe’s outsized gains reflect a growing optimism behind its price potential.
Analyst Slick stated that Pepe is one of the few meme coins with mass market appeal, speculating it has become even more popular than Dogecoin.
“You will soon realize that PEPE is one of the few left-curve plays in this market that is truly adopted and supported by mid- and right-curve players,” he said.
The analyst refers to the “left curve” as beginners and the “mid” and “right curves” as intermediate and advanced market participants.
Meanwhile, Because Bitcoin CEO Max Schwartzman believes Pepe is following a fractal version of Dogecoin’s 2021 run and recently suggested it is primed for the “next leg.”
While Pepe’s $3 billion market somewhat limits its upside potential compared to other meme coins on our list, it remains significantly lower than that of DOGE or SHIB, and its growing momentum sets a bullish precedent.
Slerf
Slerf is a new meme coin that recently launched following a highly-contested presale.
Its price is $0.7549, up 2.99% today and 13.45% since records began on CoinMarketCap on Monday.
The project holds a $373 million market cap and a $1 billion 24-hour trading volume.
However, it has seen unprecedented interest, garnering a higher on-chain trading volume than every blockchain, including Ethereum, just one day after launching.
This renders Slerf a unique meme coin phenom and while its potential remains to be seen, such a feat is undeniably bullish.
Slerf rose to mainstream attention by accidentally encapsulating the lighthearted nature of meme coins by launching a botched presale.
“This is not a joke I really f****d up and im really sorry. Was a simple mindless misclick when I was in the process of burning the the lp,” tweeted Slerf’s developer after raising $10 million for the Slerf presale.
The developer accidentally burned 50% of its supply, but the market reacted bullishly because this enhanced the value of the other 50% of tokens.
Slerf has experienced a rollercoaster journey in just three days, but analysts are optimistic about its future. Trader Caomoni.eth recently said that the bull market is back, and Slerf will lead the charge, anticipating new highs in the coming days.
