The crypto market has seen a surge in meme coins recently, with many taking inspiration from the likes of Pepe coin. Some enthusiasts believe that these innovative and entertaining tokens might offer good investment opportunities, while others view them with scepticism, often concerned about the potential for scams, low liquidity, and eventual decline in value.
One example of such a coin garnering attention is Kermit the Coin ($KERMIT). Despite being among the top ten trending assets on DEXTools and boasting an 89/99 rating, it’s uncertain if this Ethereum-based memecoin will endure the same fate as other meme tokens like $RIBBIT, which eventually trended down to zero.
Another contender in the space is Memetic / PepeCoin ($MEME). Unlike $KERMIT, $MEME has a more comprehensive history, dating back to the 2017 crypto bull run. Although this coin’s 6% increase in the past 24 hours seems modest, its Layer-2 NFT platform-based operation suggests potential for growth in the long term.
However, differentiating between genuine meme coins and potential scams can be challenging for investors. PepeDerp, currently among the top gainers among frog cryptos, carries a warning on CoinMarketCap, urging investors to conduct thorough research before taking action. This cautionary attitude is essential when considering investments through decentralized exchanges like PancakeSwap and Uniswap, where scams can manipulate smart contracts.
The steep price drops of Pepe coin and PepeCoin (down 2% and 30% respectively) raise further questions about the future of these meme coins. Will current holders abandon ship in favor of other promising meme tokens? To mitigate this concern, some investors focus on newer meme coins and their presale stages, hoping for higher returns at lower entry points.
Two examples of recent meme coin presales include AiDoge and Wall Street Memes (WSM). $AI, set to be listed on exchanges soon, is currently in an overfunding price round available for purchase on its website. Meanwhile, WSM’s token sale successfully raised $1 million within 72 hours, thanks to an existing community and a proven track record with NFT projects.
Overall, the world of meme coins remains a volatile and unpredictable crypto market segment. While some may turn out to be successful investments, the inherent risks associated with this market should not be underestimated. Thorough research and cautious due diligence can assist investors in navigating these uncertain waters and potentially profiting from well-timed investments in this unique space.
Source: Cryptonews
