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Sometimes, things that should matter when deciding how much something is worth don’t seem to matter anymore, right? Even things that seem really strange and silly can be worth a lot of money for no apparent reason. This has happened with something called “meme coins” in India. Meme coins don’t actually do anything useful, but people still like them and are willing to pay a lot for them, primarily because of the hype around them. Therefore, the value of meme coins in India keeps going up and down depending on how much people like them.
Meme coins are not really meant to be useful and are only there to be funny. You could spend a lot of time arguing about whether they’re good or bad, or you could make money from them. In this article, we will tell you which meme coins are the most popular in India and where you can buy them. Let’s take a look at the top 5 best meme coins to invest in 2024 in India.
(All data regarding the rank and market cap of the Cryptos are according to CoinMarketCap as of 22 March 2024)
#1 Dogecoin (DOGE)
Market cap (in billions): $23.04
Rank: #9
When we think about which is the best meme coin to invest in 2023, Dogecoin is the first word that comes to mind. 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 Crypto of 2021. However, It was the most searched Crypto 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 (SHIB)
Market cap (in billions): $16.35
Rank: #11
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 2023.
#3 Pepe (PEPE)
Market cap (in billions): $3.3
Rank: #42
PEPE coin is a crypto that was recently developed as a tribute to the Pepe the Frog internet craze. It is a decentralized crypto that may be used for transactions and as a governance token for the PEPE community that’s built on the Ethereum network.
The PEPE coin has garnered support from meme fans who view it as a humorous addition to the crypto space as a meme coin. Consequently, it also has the potential for practical usage, as it can be utilized as a medium of exchange for products and services within the decentralized ecosystem.
The PEPE coin leverages smart contracts to facilitate safe and transparent transactions on the blockchain, with a total supply of 420 trillion.
Pepe Coin is an ERC-20 token created on the Ethereum network; therefore, it can be considered trustworthy and secure in general. Additionally, it makes several Decentralized Applications (dApps) and wallets compatible. The token’s deflationary mechanism is another advantage. This suggests that a small portion of the tokens is burned with each transaction, gradually reducing the total quantity. Additionally, the coin’s value may rise as a result of its scarcity, making it even more desirable to investors.
Pepe Coin emphasizes community engagement and development. By interacting with people often via social media channels, the entire team works to foster and grow a vibrant and very supportive community.
#4 Bonk (BONK)
Market cap (in billions): $1.47
Rank: #70
BONK, Solana’s pioneering dog-themed cryptocurrency, embodies a principle of inclusivity. It was created by and for the community. A significant portion of its total supply was distributed via an airdrop to Solana’s community, showcasing its commitment to decentralization. BONK’s core mission is to enhance liquidity across Solana’s decentralized exchange landscape (DEXs). Its developers designed BONK to be community-centric, playing a vital role in various dApps on the Solana platform, ensuring active participation and equal opportunities for all users.
#5 dogwifhat (WIF)
Market cap (in billions): $2.2
Rank: #53
dogwifhat (WIF) stands out as a Solana-based meme coin centered around a Shiba dog adorned with a pink knitted hat. Unlike projects boasting grand symbols of progress or futuristic ideals, WIF takes a lighthearted approach. Essentially, it’s a meme featuring a Shiba dog wearing a pink-knitted hat, and even the intentional misspelling of “wif” instead of “with” adds to its playful nature.
A noteworthy aspect of WIF is its ownership structure, which emphasizes complete decentralization. Ownership has been entirely renounced, ensuring no single entity holds control. The creator balance is zero, preventing undue influence from the coin’s originator. The Token Update Authority balance is also zero, reinforcing a commitment to community-driven development.
This commitment to decentralization distinguishes WIF, alleviating concerns about centralization that often overshadow other meme coins. WIF’s lack of a central authority empowers the community to shape the coin’s future.
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 2024. Happy Investing!
Frequently Asked Questions
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.