Traders and investors are scouring the internet, crypto publications, Twitter/X, Discord, Telegram, and even more unusual sources of information, hoping to discover the next great memecoin (logical or not). With dreams of seeing their investment explode, balloon, or go straight to the moon, many crypto enthusiasts are willing to take risks on unknown, utility-lacking, community-driven, and often joke-based cryptocurrency tokens.
Whether memecoins make sense or not, you’re still looking for insights and opportunities, so we’ve done our part of the bargain and prepared 3 memecoins worth a closer look at (DYOR; this is not financial advice).
DOT is DED ($DED)
It’s hard to find another memecoin that has been on such a rollercoaster ride as $DED over the last few months. What started life as a grassroots campaign designed (successfully) to help the Polkadot Network (DOT) boost trading volumes and regain its former glory, has evolved and expanded into a credible project of its own, most recently getting listed on MEXC (its first CEX listing).
DED embodies everything a great memecoin should – it’s creative, edgy, fun, and at times funny, it unites people through different community channels, it is rewarding (1.3m wallets received their airdrop), and people go out of their way to support it (one game studio even made a DED brick-breaker with NFTs and all). It also seems that DOT is DED boasts some of the biggest DOT whales backing their success, typically a good indicator of a solid ecosystem project.
Since launching the token price is down about 10%, showing that it is quite stable and resilient in a market downturn (most other tokens suffered worse). Could $DED be a good discounted buy? That’s for you to decide. Perhaps these additional factors might also play a role:
- DOT is DED hosted the biggest community-driven Zealy campaign ever!
- Even the Polkadot Treasury was impressed with their vision and plan, giving them almost $1m in DOT
- They’ve formed partnerships with Astar Network, Moonbeam, StellaSwap, Bitfrost, NovaWallet and more
- Lark David, AshCrypto, and That Martini Guy have all talked about DED to their millions of social media followers
Brett ($BRETT)
Base, the layer-2 project from Coinbase, has seen plenty of interesting memecoins do big numbers and attract countless spectators to its performance, but none more so than Brett. At the time of writing, Brett is the shining star of the Base platform. With a market cap of around $300m, this has become a serious project, despite the coin price falling considerably in the last month. Since the whole market tumbled somewhat at the start of May, they’re not alone in this regard, and investors like you might be wondering whether some discounted $BRETT might find its way into your portfolio.
Brett has no utility, much like other memecoins, so its price is purely down to hype and activity, along with its community’s capacity to bring in other speculative traders and precisely time their exits. Brett has already been listed on Gate.io, Bybit, BitGet, and BingX, making it easy to trade on CEXs and the numerous DEXs that list it.
Bonk ($BONK)
$BONK has had a wild half-year rise to the top and now ends up in basically every memecoin discussion. Solana hit it out of the park on this one. The monumental rise saw $BONK initially grow around 16,000% and get listed on Coinbase, Binance, OKX, Kraken, KuCoin, Gate.io, and many more, before experiencing some volatility. Those who got in early secured extraordinary returns from this dog-themed memecoin (another Shiba Inu, no less) while those who held on to their investment watched the total market cap peak at around $3bn. With a ~$1.5bn total market cap and experiencing a 56% rise in coin price over the last month, $BONK continues defying the doubters.
Looking back to October, BONK was just a tiny community memecoin worth about $20m. It’s amazing what can be done with solid backing, a good idea, and getting airdropped to an exciting range of exclusive Web3-enabled Smartphones. Yes, we’re talking about the Saga, which was (probabilistically speaking) the catalyst for BONK’s success. If you’re not familiar, Solana’s Saga phones were not selling too well, until they decided to do a massive exclusive airdrop to the handsets. This meant that you could buy a phone with an unknown amount of $BONK (potentially more than the value of the handset). Some handsets then sold for thousands of dollars on the resale market as punters took a gamble, while Solana completely sold out their inventory. Win-win all around.
Final Thoughts
We’d love to be able to give you some good advice about memecoin investing, but it would be disingenuous. Logic has no place here, it’s all risk and sometimes reward. The best tactic might simply be to spread your bets across many projects that your gut tells you offer potential returns.
Community numbers are important (but beware of bots and vanity metrics), while healthy trading volume can be a solid indicator too (if it weren’t for wash trading). Ultimately, be safe, do your own research, and don’t invest what you can’t afford to lose, ESPECIALLY in utility-lacking memecoin gambles.
