The hype around meme coins shows no signs of dying down, with major tokens like Shiba Inu (SHIB) continuing to attract retail buying.
As investors search for the next viral cryptocurrency, many are wondering whether SHIB still has growth potential or if other meme coins represent better investment opportunities.
This article will explore the case for and against buying SHIB right now, as well as highlight five alternative meme coins that could potentially outperform.
Is It a Good Idea to Buy SHIB Now?
While SHIB is still ranked the second largest meme coin by market cap, many investors question whether now is an opportune time to buy in.
On one hand, SHIB’s staggering supply of over 589 trillion tokens could be viewed as a red flag for its long-term viability.
Moreover, critics argue that the coin lacks genuine utility beyond speculative trading.
However, SHIB’s community of diehard supporters, dubbed the “SHIBArmy,” remains as passionate as ever.
SHIB’s 24-hour trading volume of over $4.2 billion highlights this support – making it the 7th most-traded cryptocurrency globally in that time frame.
Additionally, Shiba Inu’s developers are continually rolling out new updates for the Shibarium layer-2 network, which now boasts over 1.3 million wallet addresses.
But the key question remains: is now the right time to invest in SHIB?
Ultimately, the answer to this question will depend on each investor’s risk tolerance and long-term goals.
Although SHIB is still 69% below its previous all-time high, suggesting there could still be substantial upside potential, investors must be aware of the token’s high volatility before entering the market.
What Are the Best Meme Coins to Buy Now?
While Shiba Inu’s future remains hotly debated, several other meme coins have emerged, each aiming to become the next big success story.
Presented below are five meme coins that could potentially see gains soon:
1. Smog (SMOG)
First up is Smog (SMOG), a Solana-based meme coin that has taken the market by storm in the past month.
Initially launched on the Jupiter DEX, Smog promises an unparalleled airdrop campaign and aims to become the leading meme coin on Solana.
Shortly after launching on February 7, SMOG experienced an enormous surge in value, increasing by over 3,000% as investor FOMO kicked in.
Currently, SMOG has over 43,000 holders and a fully diluted market cap of $159 million.
Interest is also ramping up on Telegram and Twitter, with SMOG beginning to create an army of loyal followers.
Although just a fraction of the size of SHIB, SMOG could have room to grow further if it maintains momentum.
2. Sponge V2 (SPONGEV2)
Next up is Sponge V2 (SPONGEV2), the sequel to the original Sponge (SPONGE) meme coin.
Now available on the Polygon blockchain, SPONGEV2 has seen a significant increase in market cap and holder count in the past few weeks.
SPONGEV2’s price is up over 200% since migrating to Polygon – and holders can still obtain yields as high as 648% by staking their tokens.
The development team seeks to capitalize on this interest by launching a play-to-earn (P2E) game where users can earn more tokens through hilarious racing mechanics.
With analysts like ClayBro suggesting SPONGEV2 could 100x in value, it is another meme coin that investors may wish to monitor.
3. Frog Wif Hat (FWIF)
Frog Wif Hat (FWIF) is a new meme coin that has recently gained traction due to its similarity to dogwifhat (WIF).
Although the creators have stated it has no inherent utility, this hasn’t stopped speculative investors from buying WIF – pushing its price to $0.0034.
This represents a 211% increase in the past five days, giving WIF a market cap of almost $3.5 million.
With the developers implementing an appealing tokenomics structure, such as a fair launch and locked liquidity, Frog Wif Hat is attracting buyers hoping for similar gains to dogwifhat.
Moreover, with plans to bridge to Solana in Phase 2 of its roadmap, FWIF could soon benefit from a dramatic increase in its potential audience.
4. Scotty the AI (SCOTTY)
Scotty the AI (SCOTTY) is a meme coin that integrates AI to provide real utility for holders.
Unlike most meme coins, SCOTTY has real-world use cases, such as underpinning the Scotty Swap DEX and ScottyChat chatbot.
Scotty the AI is still in its presale phase and has raised almost $2 million from early investors.
During the presale, investors can buy SCOTTY tokens at the discounted rate of $0.0070 – although this price will rise as more funding milestones are met.
Given the massive buzz around AI-focused cryptocurrencies, Scotty the AI seems well-positioned to succeed by providing genuine utility beyond speculation.
5. MOG Coin (MOG)
Rounding off our list of the best meme coins to buy now is MOG Coin (MOG).
MOG brands itself as the internet’s “first culture coin” and boasts a market cap of over $250 million.
Although MOG’s utility is limited, the token does have some practical features, such as the ability to bridge to the Bitcoin network using the MultiBit 2-way bridge.
This allows users to quickly move their tokens between the Ethereum and Bitcoin networks, improving liquidity and access for holders.
With the token’s price up a whopping 1,292% in the past month, MOG could be poised for further growth if it continues gaining traction in the retail trader community.
