In the past year the number of (new) altcoins has been flying around your ears. From utility tokens, to security tokens, to non-fungible tokens (NFTs) and meme coins, you can’t think of it or it exists.
Back in 2013, the first meme coin was created, Dogecoin. Dogecoin is currently one of the most well-known cryptocurrencies and, thanks to the support of Elon Musk, Snoop Dog and many other celebrities, grew into much more than just a meme. Namely, a cryptocurrency with a market value of billions of dollars.
However, Dogecoin is not the only well-known meme coin anymore. Indeed, earlier this year we saw the rise of both SafeMoon and Shiba Inu and many other versions.
What is the current price and value of these meme coins?
We are keeping an eye on the valuation of these meme coins with great interest. We are happy to list them for you based on the value on June 28, 12:00 CEST (According to CoinGecko):
- Dogecoin (DOGE): $0.257305 each, with a total value of $33.5 billion USD. DOGE topped around May 8 at a price of $0.715, while it was still worth under a penny in January.
- SafeMoon (SAFEMOON): $0.00000317 each, with a total value of $1.8 billion USD. SAFEMOON topped around May 12 at a price of $0.00001067, while it didn’t even exist in January.
- Shiba Inu (SHIB): 0.00000798 apiece with a total value of $3.96 billion USD. SHIB topped around May 11 at a price of $0.00003532, while it barely had any volume and value in early January.
Looking at the prices above, they have all lost around 65-70% from the highest value last month. This is while Bitcoin went down around 45%.
Is it wise to buy meme coins?
First of all, we feel it is important to state that we do not provide financial advice. However, we would like to warn everyone about the dangers of these hype & meme coins.
Where cryptocurrencies are still largely speculation, many projects have an actual product, team & roadmap. This means that the team is working to make it a long-term profitable project that will actually see growth.
With meme coins, there is often no product behind it, just a community and a lot of speculation. Unfortunately, many people do not realize this and put large sums of money into these coins, only to see them rise and then fall hard when people take profits.
We would personally recommend doing your own research and actually thinking carefully about what you are putting your money into. If you do have an interest in meme coins, do so with money that you are 100% sure you wouldn’t mind losing.
Interested in doing your research? Then definitely read our research reports.
