Leading cryptocurrency experts have made statements about meme coins to buy based on recent analysis! So, which meme coins have potential? Which ones can explode? Here are the details…
Experts explained: These meme coins can explode!
The cryptocurrency market is momentarily raging with the meme coin trend. Major cryptocurrency exchange Coinbase addressed the meme coin craze in its latest newsletter, saying that demand for meme coins is currently at a “fever level not seen since the peak of the bull market in 2021.” This leads to a host of market distortions such as higher transaction fees and network congestion. An example of this is the rise of PEPE in recent weeks. PEPE has increased more than 3,000 percent in just 30 days and has an instant market cap of $708 million. However, despite the recent decline in its price, it seems to be on track to become the new “must-have” meme coin of 2023, surpassing the two most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB).
So what are the points to consider for the best meme coin projects?
The size of the cryptocurrency supply
All three meme coins have a ridiculously large circulating supply of crypto. The problem is particularly evident in Shiba Inu, which has a circulating supply of 589 trillion coins, and Pepe, which has a circulating supply of 392 trillion. This huge supply in circulation explains how new cryptocurrencies like Pepe have achieved such huge market capitalizations in such a short time. For example, Pepe was launched in April and already has a market cap of $708 million and ranks 61st among all cryptos tracked by CoinMarketCap.
No matter how small the price, multiply by 392 trillion and you get a big number. So, even though Pepe is traded at a small value, its investors can argue that they are investing in the best crypto with a valuation of almost a billion dollars. But experts say the numbers should be taken care of. According to experts, if a coin has a circulating supply of over 1 trillion coins, you should avoid it. By comparison, Bitcoin’s lifetime maximum supply is only 21 million coins. This ensures maximum scarcity and helps explain why some think Bitcoin could reach a price of $1 million by 2030.
Benefits of cryptocurrencies
On the other hand, it is also very important to consider the usefulness of the coin. In other words, what does this coin enable you to do in real life? To give Shiba Inu credit, this is perhaps the only meme coin trying to expand its use case. It builds a Layer 2 scaling solution, builds a new metaverse world, and continues to promise new Web3 innovations. Also, some reputable businesses now accept Shiba Inu as a form of online payment. But when we look at PEPE, there is no benefit. cryptocoin.com As we have reported, we can see that many cryptocurrencies have White Papers and they are trying to show their dignity by explaining their future visions with detailed roadmaps. But looking at PEPE’s website reveals that PEPE only has the desire to “pure meme power” and “re-raise meme coins”. The strength for PEPE is momentarily just the confidence of investors in it and the belief that its price will continue to rise.
On the other hand, experts note that although meme coins have some risks, the incredible explosions in the past years and the rapid rise of Shiba Inu make many investors millionaires. However, according to experts, investors should be extremely careful in this regard. For example, PEPE has lost nearly 40 percent in the past week and is at risk of being replaced by the next meme coin. Experts state that although meme coin projects should be bought a little, they should not be in long-term portfolio investments and warn investors.