Sometimes, things that should matter when deciding how much something is worth don’t seem to matter anymore. 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 2023 in India.
(All data regarding the rank and market cap of the Cryptos are according to CoinMarketCap as of 22 February 2023)
#1 Dogecoin (DOGE)
Market cap (in billions): $11.83
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): $7.58
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.
Market cap (in millions): $3.6
In March 2021, SafeMoon was released with the motto, “Safely to the Moon,” inspired by the common expression “to the moon,” meaning “to grow in value swiftly.” John Karony, a former analyst for the US Department of Defense, is the current CEO of SafeMoon. SafeMoon swiftly surpassed one million Crypto holdings soon after its inception. SafeMoon is one of the most popular meme coins with the most potential today.
After several celebrity endorsements, including rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy, SafeMoon’s worth skyrocketed. It is a meme coin in the same vein as Shiba Inu. SafeMoon is the epitome of why establishing a product first is so important. Anyone who sells safemoon coins will be hit with a 10% fee. Half of this fee will be paid by way of a dividend to current investors. The idea behind this sale penalty is “to discourage day trading and iron out the significant price volatility suffered by other cryptocurrencies.”
#4 Dogelon Mars (ELON)
Market cap (in millions): $233
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had massive price swings, and some feel it still has space to expand. This Ethereum-based project uses the ERC-20 token standard, which implies it uses the Ethereum network for security while also adding its own distinctive features to the token.
The founders of Dogelon Mars have trapped 50% of all ELON liquidity in the Uniswap liquidity pool. The other half was donated to Ethereum co-founder Vitalik Buterin. The donated ELON was sent to various DAOs and foundations. Current token holders either bought the asset on the Decentralized Exchange (DEX) or received it as a donation from Vitalik Buterin.
#5 Kishu Inu (KISHU)
Market cap (in millions): $68.09 (self-reported)
Kishu Inu, which debuted in August 2020, bills itself as a meme currency. One can credit Kishu Inu’s initial popularity to Dogemania. However, it is expected to gain a considerable following of its own. Kishu Inu’s founders have stated that they want to be the first meme money with real-world applications rather than relying on public relevance. Kishu Inu is a deflationary currency that rewards investors who purchase more coins.
As the meme coin trend continues, we can expect to see more of these altcoins emerge and gain popularity, and meme coin prices in India are soaring further. Furthermore, since the emphasis on real-world use is more dominant than ever, creators can also be expected to add some utility features.
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 2023. Happy Investing!
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.
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
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
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.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
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.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
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 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.