Saudamini Chandarana Bhat
It’s a surreal timeline in which fundamentals and everything else that makes sense don’t appear to have a part in asset pricing. The most outlandish and unusual notion often succeeds, with no justification as to why. But, unlike fiction, it isn’t required to make sense in reality. Meme coins are valued based on how much people value them in the most basic way imaginable. Therefore, the meme coin price in India goes up and down according to its popularity.
They don’t claim to do anything and admit they’re only there for the laughs. You may spend all day debating the merits of meme coins, or you can embrace the dark side and profit off them. In this article, we will give you a complete guide to finding out the best meme coin to buy in India and where to buy meme coins in India. Let’s look at the top 5 meme coins as of April 2022.
(All data regarding the rank and market cap of the cryptocurrencies are according to CoinMarketCap as of 4 May 2022)
1. Dogecoin
Market cap (in billions): $17.41
Rank: #12
Dogecoin was the first meme coin released in 2013. The Dogecoin network is a hard fork of Litecoin. The dog-themed token had declined until 2021. It began to skyrocket in 2021, rising more than 20,000% in a single year while being widely promoted by Elon Musk. Doge is first among the current top 5 meme coins, besides being one of the top cryptos by market cap! It has an almost limitless supply, but that’s a topic for another day. Doge wasn’t the best-performing cryptocurrency of 2021. However, It was the most searched cryptocurrency in 2021 in the USA. This meme coin price in India is expected to increase with its growing popularity.
Dogecoin has constantly been upgrading its use cases. In December 2021, the Dogecoin Foundation announced the addition of a “Dogepedia” on its website to answer all questions regarding Dogecoin. The founders are also working on a GigaWallet that will allow more merchants around the globe to accept Dogecoin as a payment option. With new upgrades, Dogecoin is expected to hold its crown as the best meme coin to buy in India.
2. Shiba Inu
Market cap (in billions): $11.33
Rank: #15
Shiba Inu, the 2nd largest meme currency on our list and the self-proclaimed DOGE killer, is another community-driven dog-themed token. Its official website describes SHIB as “ an experiment in decentralized spontaneous community development.” The total supply of SHIB tokens is 1,000,000,000,000,000 (or 1 quadrillion). This project is named after a Japanese hunting dog breed called Shiba Inu. It is based on the Ethereum blockchain.
It momentarily surpassed Dogecoin in market capitalization but is back to tailing DOGE again (possibly just for a short time!). It is also the most promising meme coin in the Shiba Inu ecosystem that offers two other cryptocurrencies named LEASH and BONE other than SHIB. The Shiba Inu community has set up the platform’s DEX – ShibaSwap and plans to set up an NFT marketplace and other Defi-based applications. Given the upcoming use cases of Shiba Inu, it is surely one of the best meme coins to invest in 2022.
3. Safemoon
Market cap (in millions): $763.34
Rank: #215
In March 2021, SafeMoon was released with the motto, “Safely to the Moon”, inspired by the common expression “to the moon,” meaning “to grow in value swiftly.” John Karony, a former analyst for the US Department of Defense, is the current CEO of SafeMoon. SafeMoon swiftly surpassed one million cryptocurrency holdings soon after its inception. SafeMoon is one of the most popular meme coins with the most potential today.
After a slew of celebrity endorsements, including rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy, SafeMoon’s worth skyrocketed. It is a meme coin in the same vein as Shiba Inu is. SafeMoon is the epitome of why establishing a product first is so important. Anyone who sells safemoon coins will be hit with a 10% fee. Half of this fee will be paid by way of a dividend to current investors. The idea behind this sale penalty is “to discourage day trading and iron out the significant price volatility suffered by other cryptocurrencies”.
4. Dogelon Mars (ELON)
Market cap (in millions): $499.21
Rank: #120
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had massive price swings, and some feel it still has space to expand. This Ethereum-based project uses the ERC-20 token standard, which implies it uses the Ethereum network for security while also adding its own distinctive features to the token.
The founders of Dogelon Mars have trapped 50% of all ELON liquidity in the Uniswap liquidity pool. The other half was donated to Ethereum co-founder Vitalik Buterin. The donated ELON was sent to various DAOs and foundations. Current token holders either bought the asset on the Decentralized Exchange (DEX) or received it as a donation from Vitalik Buterin.
5. Kishu Inu
Market cap (in millions): $89.91 (self-reported)
Rank: #2981
Kishu Inu, which debuted in August 2020, bills itself as a meme currency. One can credit Kishu Inu’s initial popularity to Dogemania. However, it is expected to gain a considerable following of its own. Kishu Inu’s founders have stated that they want to be the first meme money with real-world applications rather than relying on public relevance. Kishu Inu is a deflationary currency that rewards investors who purchase more coins.
As the meme coin trend continues, we can expect to see more of these altcoins emerge and gain popularity, and meme coin prices in India are soaring further. Furthermore, since the emphasis on real-world use is more dominant than ever, creators can also be expected to add in some utility features.
If you’re wondering where to buy meme coins in India, then WazirX is the best choice for you. We hope the above guide will help you choose the best meme coin to invest in 2022. Happy Investing!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
