This year, meme coins have seen significant growth. While the majority, if not all, of these currencies derive their value on hype, they have managed to hold their ground and become some of the market’s most valuable and popular coins.
However, because meme coins are sometimes associated with rug pulls, not all investors choose to invest in them. Investors looking for technological support should avoid these coins because they only appreciate in value when there is a surge in market demand. As a result, investors interested in joining the meme coin community should begin by purchasing those with the biggest market capitalization.
The top five meme currencies in terms of market capitalization are listed below.
1. Dogecoin (DOGE)
By market capitalization, Dogecoin is the most valuable meme coin. It’s also the oldest meme coin on the market. In fact, Dogecoin was the first meme coin. Dogecoin was established with the goal of mocking Bitcoin. It has now matured into a true cryptocurrency, and it presently ranks ninth in terms of market capitalization.
Dogecoin sprang to prominence earlier this year. Elon Musk, the CEO of Tesla, an electric vehicle manufacturer, welcomed it. Musk is a well-known cryptocurrency supporter and promoter. The meme currency achieved an all-time high of $0.73 in May 2021 because to his efforts and regular tweets.
Dogecoin is now ranked ninth in terms of market capitalization in the cryptocurrency market. The cryptocurrency is the largest meme coin, with a market valuation of approximately $37 billion. Its trading volumes have also grown to $3 billion in the last 24 hours, indicating greater buyer interest in the coin.
2. Shiba Inu
Shiba Inu is the other significant meme coin by market capitalization to consider investing in this November. Following significant growth in October, Shiba Inu is now the most popular meme cryptocurrency. Shiba Inu briefly topped Dogecoin’s market cap, however it was unable to maintain those levels, resulting in its current ranking of ninth.
Shiba Inu’s market capitalization is now about $31 billion. Shiba Inu hit an all-time high of $0.000086 in October before falling to lower levels. Following Shiba Inu’s advances in October, several people became affluent from their SHIB holdings, leading to conjecture that these people are selling now, causing the present drops.
3. Safemoon
Safemoon is another meme coin that is one of the most valuable in terms of market capitalization. Safemoon is one of the newest cryptocurrencies on the market, but that hasn’t stopped it from gaining significant traction and becoming one of the most popular.
Safemoon is the 76th most valuable meme coin in terms of market capitalization. It has a market cap of over $2 billion and strong trading volumes, indicating that it has piqued the curiosity of crypto market participants.
Safemoon has grown by over 9000 percent since its launch, making it one of the year’s most successful coins.
4. Dogelon Mars
Dogelon Mars is another meme coin that is a fantastic investment in November. Dogelon Mars is one of the newest meme coins on the market, but it has quickly grown to become one of the most valuable.
Dogelon Mars is the 101st most valuable meme coin, with a market capitalization of almost $1 billion. It has seen significant increases in recent weeks as a result of growing buyer interest from traders looking to invest in meme coins for both short and long term benefits.
5. BabyDoge
BabyDoge is another popular meme currency that is worth investigating in November. BabyDoge is a meme coin that is thought to be a rip-off of Dogecoin. The inventors write in the coin’s whitepaper that it was created to address the restrictions that its “parent,” Dogecoin, has.
BabyDoge is a meme coin that is relatively fresh to the market. It was just five months old when it was introduced, but in that time it has grown to become one of the most popular coins, with a market worth of $529 million. The meme coin has risen by over 200 percent in the last month, indicating that it has the potential to rise even higher.
Summary
Investing in meme currencies has both perks and downsides. The upside is that these currencies are relatively inexpensive, and they can make tremendous gains in such a short period of time, resulting in significant returns for early investors.
However, because of their extreme volatility, these coins have drawbacks as well. Because meme coins have weak fundamentals, their value might easily drop. As a result, they’re great for day traders. If you wish to invest in meme coins in November, the five listed above are the most valuable meme currencies by market capitalization. However, risk management measures should still be implemented by a trader.
Source: Nyscinfo