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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 Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
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.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
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.
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.
