Are ETH meme coins good

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Are ETH meme coins good? Learn to understand the hype in price behind meme tokens and why Ethereum is a solid launchpad.

Is ETH the best chain for meme coin season? Doge, Pepe, and Shiba are all good examples, but are they ready to lift off one more time? Moreover, if you have been following the crypto markets, you must know that the so-called bear market has ended. In other words, the markets are ready for another round of double-digit gains, moon-shots, and the rise of meme tokens.

By entering a new bull market in crypto, the question burns: Is Ethereum the ultimate launchpad for another meme coin? Additionally, is it time to explore competitive alternatives like Solana or Polygon?

First, we have to explain meme coins, which are cryptocurrencies mostly driven by hype and often lack specific utility. A good example is Dogecoin(DOGE) which got trending because of the attention of Elon Musk, one of the world’s richest persons. Another example is Shiba Una(SHIB), which launched in 2021 and went parabolic in just a few months.

The rise of SHIB($) in 2021

Fast forward to 2024, with a new ‘altcoin season‘ knocking on the door, it is a good moment to investigate Ethereum. Why are ETH meme coins good?

Understanding ETH Meme Coins

Ethereum based meme coins are cryptocurrencies with a playful twist. Think of Dogecoin(DOGE), Shiba Inu(SHIB), or Pepecoin(PEPE) – these lighthearted tokens often have communities built around humor and shared passion. Now, Ethereum (ETH) is a popular platform for creating these meme coins, using a standard called ERC-20.

Think of ERC-20 as a set of rules for building tokens on Ethereum. It ensures compatibility and makes them easy to trade on different exchanges. This is different from other blockchains like Solana or Polygon, which have their own unique standards.

So, why ETH for meme coins? Well, it has a large and active community, making it easier for meme coins to gain traction. However, a downside is the “gas fees” – basically, transaction costs – which can be high on Ethereum. This can discourage casual trading but might also lead to meme coins being held longer, potentially affecting their price.

The ETH Meme Coins Frenzy Further Explained

Ethereum based meme coins often have explosive potential that take the crypto world by storm. And when the memecoin market heats up, Ethereum (ETH) often becomes the go-to platform. But why, given its high gas fees? Here’s the crazy part: those same fees, often seen as a pain in the neck, might actually be the secret sauce.

Remember Safemoon charging 10% fees for selling? That’s why high gas fees act like a double-edged sword. They scare away casual investors, sure, but they also create a “buy-in, low sell-off” situation. For instance, once bought these meme coins, it’s very unlikely I would sell or trade them. Primarily, because it would cost me too much in gas fees.

In other words, to prevent me from burning funds in gas fees, I would think twice before selling ETH meme coins. This, in theory, helps pump up the price, creating a self-feeding frenzy. Meaning, that more people buy, fees rise, selling becomes less attractive, and even more people jump in. After all, meme coins are famous for their volatile nature or price swings.

Ethereum Meme Coins List(For 2024)

Next, a list of the most popular and rising Ethereum(ERC20) meme coins. Additionally, these coins are ranked based on market cap, community, and hype on social media.

#1: Shiba Inu

Shiba Inu (SHIB) is an Ethereum-based meme coin that was quietly launched on the Ethereum (ETH) blockchain with a mere $3,000 USD in liquidity. It was created in August 2020 as a social experiment, aiming to embody the principles of decentralization and community engagement.

In particular, SHIB gained attention as a “Dogecoin Killer,” a playful threat to the original Dogecoin (DOGE). The popularity of the Shiba Inu dog breed, which was made famous by the Doge meme, played a significant role in the rapid growth of the coin. This led to it becoming one of the most popular meme coins. The total supply of SHIB tokens is one quadrillion, with half of the tokens being sent to Vitalik Buterin, the founder of Ethereum.

Fun fact: The massive rise in the price of Shiba Inu (SHIB) was influenced by Ethereum co-founder Vitalik Buterin’s decision to burn 90% of his SHIB holdings, which amounted to over 410 trillion tokens.

Price action for SHIB token since its launch
Price action for SHIB token since its launch

Despite its origins as a meme coin, SHIB has evolved into a significant phenomenon in the world of cryptocurrencies. Characterized by its unique tokenomics and community-driven nature.

#2: Pepe Coin

Pepecoin (PEPE) is an Ethereum-based meme coin inspired by the popular Pepe the Frog meme. Launched in mid-April 2023, it quickly gained attention and, within three weeks, had a market cap of over $420 million. The coin is described as having no intrinsic value or expectation of financial return. Additionally, it is meant for entertainment purposes only. Similar to other meme coins like Dogecoin and Shiba Inu, Pepecoin leverages the viral nature of internet memes for its popularity.

Price action for $PEPE token since its launch
Price action for $PEPE token since its launch

The project aims to create a unique and entertaining meme token, emphasizing its amusing nature within the cryptocurrency space. The Pepecoin developers are unknown, operating under the pseudonymous Twitter account @pepecoineth. The coin’s association with Pepe the Frog, a character that has become a significant part of internet culture, has contributed to its widespread adoption and popularity.

#3: ApeCoin

ApeCoin (APE) is an emerging Ethereum-based meme coin designed to engage with meme culture. And provide a playful approach to cryptocurrency investment. Launched in March 2022, ApeCoin operates on the Ethereum blockchain, utilizing smart contracts for transactions. Also, it offers versatile use of APE tokens, including trading, DeFi collateral, and staking(APE) for network validation rewards.

The famous Bored Ape Yacht Club NFT Collection
The famous Bored Ape Yacht Club NFT Collection

The coin’s goal is to blend humor with financial options, catering to the sentiments of investors in meme culture. As of the latest data, the live price of ApeCoin is $1.42 USD, with a market cap of over $514 million and a 24-hour trading volume of $37 million. Finally, ApeCoin’s association with the popular Bored Ape Yacht Club NFT collection has contributed to its rapid growth and increasing popularity within the cryptocurrency market.

#4: Floki

Floki (FLOKI) is another crypto meme coin that was initially launched on Ethereum. In addition, it started as a joke inspired by Elon Musk’s dog and has since evolved into a fully-fledged web3 project. The coin’s name comes from the character Floki in the TV series Vikings. Floki Coin also uses the Binance Smart Chain (BSC) network. Consequently, by keeping transaction fees low and offering high transaction speed, anonymity, and decentralization.

Price action for $FLOKI token since its launch
Price action for $FLOKI token since its launch

The coin’s features include utility, charity, and memes, and it powers the Valhalla NFT Metaverse and Floki Finance (FlokiFi). Floki Inu has gained significant traction in the cryptocurrency world, with a market cap of over $1 billion. The coin’s popularity is due to its association with the meme culture surrounding the “Floki Inu” meme and its resemblance to Dogecoin. However, cryptocurrencies generally have high volatility, and it is important to do careful research and assess the risks before investing in Floki or any other cryptocurrency.

#5: Kishu Inu

Kishu Inu (KISHU) is an ETH meme coin launched in the spring of 2021, aiming to elevate meme coins to a more substantial level by empowering KISHU with the qualities of a long-standing currency. It differentiates itself by being a completely community-focused project, with no reserved tokens for the team, relying instead on donations. Kishu Inu is a decentralized transactional network with a community focus, where all decisions are made by the community.

In particular, the coin’s association with the popular Inu meme trend, similar to Dogecoin and Shiba Inu, has contributed to its growing popularity. Finally, Kishu Inu has also been listed as one of the top 10 memecoins of 2023.

How Do You Know If A Meme Coin Is Good?

If you want to assess the quality of a meme coin and avoid getting caught up in pump-and-dump schemes, it’s crucial to conduct extensive research and be wary of “hot tips” that create a sense of urgency and the fear of missing out. Pump-and-dump schemes involve artificially inflating a coin’s price through false or exaggerated claims, often promoted by unreliable sources.

When evaluating a meme coin, it’s important to assess its legitimacy, utility, and community focus. Additionally, understanding the coin’s association with meme culture and its potential for long-term value is crucial. High volatility is a common trait of meme coins, so careful research and risk assessment are vital before investing in any cryptocurrency, including meme coins like Floki, Pepe, or Kishu Inu.

Conclusion: Are ETH Meme Coins Good?

In conclusion, diving into the world of ETH meme coins is like riding a rollercoaster through the wilds of the crypto jungle. From Shiba to Kishu Inu, these tokens bring laughter, volatility, and a whole lot of excitement to the table. While Ethereum’s high gas fees may seem like a hurdle, they also add a spicy twist to the meme coin game, keeping us on our toes and our wallets close.

Remember, when it comes to meme coins, do your homework, stay wary of hype, and embrace the fun of the ride. Whether you’re holding, trading, or just along for the memes, the world of ETH meme coins can be a wild and wonderful place where anything can happen. Happy trading!

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