Meme coins have been making major gains during this year. While most, if not all, of these coins, derive their value from hype, they have managed to hold their ground and become some of the most valuable and popular coins in the market.
However, not all investors prefer to invest in meme coins because they are usually associated with rug pulls. Investors looking for technological backing do not invest in these coins because they only gain value when there is increased demand in the market. Therefore, investors who want to join the meme coin community can start by investing in those with the highest market capitalisation.
Below are the top five meme coins in the market as per capitalisation.
1) Dogecoin (DOGE)
Dogecoin is the largest meme coin by market capitalisation. It is also the oldest meme coin. In fact, Dogecoin started the meme coin movement. When Dogecoin was created, its intention was to make fun of Bitcoin. However, it slowly evolved into a real cryptocurrency, and it now ranks ninth by market capitalisation.
Dogecoin came into the limelight earlier this year. It was endorsed by Elon Musk, the CEO of Tesla, an electric car manufacturing company. Musk is one of the notable crypto enthusiasts and influencers. Through his efforts and constant tweets, the meme coin reached an all-time high of $0.73 in May 2021.
Currently, Dogecoin ranks ninth in the crypto charts in terms of market capitalisation. The altcoin has a market cap of over $37 billion, making it the largest meme coin. During the past 24 hours, its trading volumes also come in at 3 billion, showing increased buyer interest in the coin.
Dogecoin has not rallied much during the past month, and it has not made as many gains as other altcoins and meme coins. However, it remains a top choice for November, given that Bitcoin is making massive gains. Dogecoin usually follows the trend of Bitcoin, and with Bitcoin gaining to $66K this week, Dogecoin could also be headed to new highs.
2) Shiba Inu (SHIB)
The other large meme coin by market capitalisation to potentially invest in this November is Shiba Inu. Shiba Inu is currently the most popular meme coin, following the major gains in October. At some point, Shiba Inu surpassed Dogecoin’s market cap, but it could not hold those levels, hence the current slump to the eleventh position.
Shiba Inu’s market cap currently stands at around $31 billion. In October, Shiba Inu had reached an all-time high of $0.000086 before retreating to lower levels. Following the gains made by Shiba Inu in October, some people became wealthy out of their SHIB holdings, which has led to speculation that the current dips could be caused by these people selling.
Despite making major gains in recent months, the interest in Shiba Inu is still high, given that many people are still buying the token, hence the $4 billion in trading volumes during the past 24 hours. Besides, the number of wallet addresses continues to increase as many new traders look for ways to be part of the movement that is making incredible gains through Shiba Inu holdings.
While SHIB behaves like the other meme coins in terms of deriving value from hype, it is among the few that has fundamentals, given that it has the ShibaSwap DeFi platform that allows users to stake their tokens and earn interest. This makes it a coin for not just November but also for hodlers.
To learn more visit our Investing in Shiba Inu guide.
3) Safemoon (SAFEMOON)
The other meme coin that ranks as one of the largest by market capitalisation is Safemoon. Safemoon is one of the newest cryptocurrencies in the market, but this has not prevented it from making major gains or being one of the most popular ones.
Safemoon ranks as the 76th largest meme coin by market capitalisation. It has a market cap of over $2 billion, and its trading volumes are equally as high, a sign that it has attracted a lot of interest among crypto market users.
Since its launch, Safemoon has gained by over 9000%, making it one of the coins that have made massive gains this year. It is also among the meme coins supported on major exchanges such as BitMart and Gate.io, which adds to its relevance, credibility and trust levels.
Another aspect of safemoon is being one of the few meme coins that can actually have a use case beyond the normal speculation of digital assets. Recently, safemoon announced that it would be launching the Safemoon wallet to support these tokens. The wallet has received much interest and adoption and even caused a major Safemoon rally at the time of launch.
Safemoon can also offer a solution to the massive selling pressure that meme coins usually experience due to its structure where early investors are discouraged from selling due to high fees.
To purchase this token visit our How to Buy Safemoon guide.
4) Dogelon Mars (ELON)
The other meme coin that makes for a good investment in November is Dogelon Mars. Dogelon Mars is one of the newest meme coins in the market, and despite this, it has managed to become one of the largest in the market.
Dogelon Mars ranks as the 101st largest meme coin, with over $1 billion market capitalisation. It has made major gains over the past few weeks because of increased buyer support that has resulted from many traders wanting to invest in meme coins for both short term and long term gains.
Like many meme coins, Dogelon Mars does not have any use cases, making it a risky investment. However, for a short term trader looking to invest in meme coins in November 2021, Dogelon Mars could end up making major gains.
Dogelon Mars is one of the many mimics of Dogecoin. The coin seeks to tap into the fame of Dogecoin and the fame of Elon Musk being a Dogecoin supporter. However, the coin is still far from making major strides because it is still new in the market. However, with time, it could reach the ranks of DOGE and SHIB and give investors major returns.
To purchase this token visit our How to Buy Dogelon Mars guide.
5) BabyDoge (BABYDOGE)
The other top meme coin that is also worth considering this November is BabyDoge. BabyDoge is a meme coin believed to be an imitation of Dogecoin. In the coin’s whitepaper, the developers state that it was developed to solve the limitations that its “father”, Dogecoin, presents.
BabyDoge is one of the newest meme coins in the market. It was launched around five months ago, and in such a short while, it has grown to become one of the most popular coins with a market cap of around $529 million. The meme coin has made over 200% gains during the past month, showing that it has the potential for making more gains.
BabyDoge does not have any use case, but its developers have previously stated that it seeks to offer low transaction fees and provide a superior network compared to Dogecoin. However, the coin does have some advantages, given that its developers have made the coin deflationary. This allows the coin to become one of the meme coins that could have a low supply in the long run.
To purchase this token visit our How to Buy Babydoge guide.
There are both advantages and disadvantages associated with investing in meme coins. The advantage is that these coins are very cheap, and they can make explosive gains in such a short while, leading to major profits by the investors who invested early.
However, these coins also have their disadvantages because they have very high volatility. Meme coins can easily depreciate in value because they do not have strong fundamentals. This makes them ideal for day traders. If you want to invest in meme coins this November, the above five top the list of the largest meme coins by market cap. However, it is still advisable for a trader to implement risk management strategies.