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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 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 lies in its ownership structure, emphasizing complete decentralization. Ownership of WIF 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
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.
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 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 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 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 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.
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 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.
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.
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.
