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Meme coins claim leadership in the upcoming altseason — which projects should we look at?

Andrew Zhoao

News editor

Apr 19, 2023 at 06:13

There are more and more signs of the altseason coming, and it looks like this time the attention of investors will be focused on meme coins. Such assets have been blowing up the market lately and astonishing users with unprecedented growth rates of up to 2000%. However, if you think that Dogecoin, Shiba Inu, and other well-known coins continue to rock the party, you are wrong. 

Bitcoin-free party: what is altseason?

Altseason is the period when altcoins outperform Bitcoin. Because of the strong volatility of the market, there are no guarantees that you can make money on this for sure,because you need to understand what this period is and which tokens you can invest in and which you can’t. To do that, you need to first understand whether or not an altseason has begun.

Despite the fact that Bitcoin outperforms other cryptocurrencies in almost every way, altcoins are becoming more popular and attracting more and more investors. And when several altcoins cumulatively exceed Bitcoin’s market capitalization, the first cryptocurrency loses market dominance. According to blogger @bleezysmart, Bitcoin now holds 47,17% of the total market capitalization.

During the altseason, experienced traders and investors try to adjust their portfolios to fit the market. Therefore, if users transfer their funds from Bitcoin to other cryptocurrencies, it could also signify the beginning of the altseason.

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Here are some more indications that it will soon be time to buy altcoins:

  • Bitcoin is rising. Typically, if BTC rises, other cryptocurrencies gain strength as well. At this point, many investors switch to altcoins because they are more accessible than Bitcoin.
  • The rise in the price of altcoins with large market capitalizations. As an example, ETH and BNB are among the top ten cryptocurrencies. Separately, they are inconspicuous, but together, the two popular assets can overshadow Bitcoin.
  • When something new hits the trend. For example, it was DeFi’s time in 2020, and previously the hype was around metaverses. Bitcoin rarely adapts to anything new, so altcoins take over the market.

Judging by the mood, so-called meme coins are getting special attention right now. Such tokens have been rising lately, showing growth of up to 2000% in a single day. That’s why there is reason to believe that altseason 2023 will focus on them. Let’s look at the most attractive and profitable projects.

Pepe (PEPE)

This is a rapidly growing token whose market cap has reached $125M in just three days since its launch on April 16. PEPE was created as a tribute to the popular meme “Pepe the Frog” and aims to become the king of all meme tokens.

According to the development team, the days of “dog” tokens are over, and it’s time for the most recognizable meme in the world to become the king of memes.

In the last 24 hours, PEPE has increased in value by 226% to $0.000000282, and the token has grown more than five times since launch.

PEPE to USD chart
PEPE to USD chart

The hype around PEPE continues to grow, and more and more users are buying up the token. So, according to Etherscan, the asset is already held in more than 21K wallets. Within a day, the growth was 20,5%.

The token has started a series of listings, which also affects the growth of its value, so now is the right time to pay attention to it. Find more information about PEPE here.

Wojak (WOJAK)

Another young project that was launched yesterday, April 18. It is a DeFi-platform for uniting fans of memes. It is based on the hero of a popular meme with a cartoon face, which is drawn with different emotions depending on the case.

Wojak logo
Wojak logo

According to the plans, it will be a safe and transparent ecosystem where everyone can create their own memes, thus expressing themselves. Other features are:

  • A user-friendly interface.
  • An intuitive navigation.
  • Secure security protocols.
  • Seamless interoperability.

As for the hype around the project, it is not as strong as in the case of PEPE. In the last 24 hours, the asset grew by 90% to $0.0002041, and the market capitalization is equal to $15M. However, PEPE also did not gain momentum immediately, and in the first days, the token had similar numbers, so there is a probability that WOJAK will also gain strength in the near future.

As for WOJAK, now it is put together with PEPE, and it is even listed at the same time. Therefore, if this continues, the success of one can affect the promotion of the other in the long run.

ArbDoge AI (AIDOGE)

According to the creators, it is an experiment in the Arbitrum popular ecosystem, which has recently become famous for its airdrop. ArbDoge AI has no venture funds or any other external investments. It is entirely a community project, between which tokens will be distributed as it develops.

Judging by the name, you can tell that it is based on artificial intelligence and combines AI and Web3 technology. 

According to the creators, the tokens will be available to those who have requested an ARB airdrop. And the asset itself will be used for a long-term community rewards program. In addition, AIDOGE is supposed to be burned, which will affect its value in the long run. The tax on combustion is 15%, and the proceeds will be distributed as follows:

  • Development — 3%.
  • Buy ARB — 3%.
  • Lucky Drop rewards — 3%.
  • Dividends to AIDOGE holders — 3%.
  • Rewards to AIDOGE/ETH liquidity pool — 2%.
  • Burn — 1%.

The project was launched on April 17, and since then its market capitalization has grown to $60M. In terms of value, AIDOGE is showing good growth. As of this writing, the asset is trading at $0.0000000002877, up 58,98% from the day before.

ArbDOGE to USD chart
ArbDOGE to USD chart

Conclusion

It seems that no one can be surprised by the usual meme tokens, so there are more sophisticated projects. So, some people think that the aforementioned SHIB and DOGE will soon become a shadow of PEPE and WOJAK.

At the same time, there is less trust in such projects, at least until they prove their worth. Paying attention to such growth, many may feel FOMO and blindly invest money and, if the project fails, as often happens with newcomers, lose their money.

In addition, the current growth of meme coins may be related to the upcoming “meme holiday,” which will take place as early as April 20. This is a day dedicated to memes, in which such assets can show growth and then go into decline. However, for some reason, this does not apply to the pioneers in the meme token world at the moment but only to new projects, so be careful.

Such projects remain very volatile, even if they are not shitcoins, so invest only the money you are willing to lose and before that do your own research.

Meanwhile, CoinGecko has released a peep of meme tokens to look out for as well. Good luck!

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