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I've seen people getting insanely rich and broke investing in memecoin and that's more like a gamble in my opinion but with correct understanding about how these coins works - what you should do to make sure memecoin will perform and can give massive returns is something we'll discuss in details ahead in this blog.
So, nowadays I'm keeping a couple of memecoins on my watchlist;
- WIF
- BONK
- DOGE
- SEIYAN
For 2024, in this bull market I believe these memecoins have potential to make more parabolic move when market is making new all time highs and we're in a parabolic phase where coins are going up.
There are certain things to keep in mind to have conviction to hold memecoin and let's discuss those things first before moving towards why I've picked these memecoins.
Things to Keep in Mind While Investing in a Memecoin
My perspective about memecoins is "they're part of the attention based economy" crypto where memecoin only rise if they've the Attention.
- Memecoins running higher depends on it's Attention
The more attention a memecoin is getting, the more likely it will go higher. It's completely opposite to "fomo" into X coin.. fomo around a memecoin is something I consider good.
You can't marry a memecoin bag like don't hold memecoin for too long, the soon you realize it's attention is coming to an end.. it's better to get rid off it and avoid losing your capital.
- Memecoin cannot survive without Community
Memecoin without community is incomplete and can't survive at all. The whole idea of memecoins is "hype that's created by people and everyone likes it".
So, the more stronger community you see around a memecoin, the more better it performs.
Let's take a look at prime example of strongest memecoin community in crypto right now.
Wif is the strongest memecoin with strongest community in the crypto space as of now.. Franklin Templeton is like $4 trillion dollars worth assets manager and thousands of people in Solana are relentlessly shilling wif all day long.
Solana Based Memecoins will make Riches
I've shortlist my memecoin list to 4 total memecoins if I ever decided to ape in when found reasonable price and two of those Memecoins are Solana Based.
Bonk and WIF, both are different breeds of dogs and Bonk already did like 100x and it's attention got down when wif took over...
source
In the peak bull run euphoria I believe these two will outperform every memecoin in the space.
Reason memecoins in Solana ($sol) have more potential this time is because Solana ecosystem is doing more volume than ETH and layer 2 focused on ETH combined..
Demand is simply higher and there's always 10s and 100s of new memecoins on Solana everyday now.
DOGE is still an OG memecoin
Dogecoin is here to stay in crypto and one-day we'll witness dogecoin redemption when it'll be shilled everyday by Elon musk once again.
There's a speculation that Elon musk will add doge as payment option on X.
It's not just Elon musk favorite memecoin but people who are in crypto since long ago still likes it.
When the people who left after last 2021 bull run will make a return at some point they'll have this in mind "I'm going to buy dogecoin".. in this bull run I think this will also perform good.
SEIYAN a memecoin for Anime Community
It's a memecoin on SEI that is a layer 2 Blockchain focused on Parallelization concept..it got a community as well as some attention in the space.
From last bull run I realized Anime have that potential to make people rich in space.. there was NFT back then Azuki as far I know.. it went insane during the peak bull run
And wouldn't be surprised if SEIYAN turns into super saiyan mode this peak bull run.
Wrapping Up...
In the end this is all just my observation and insights about memecoins... we'll see how Long this trend of memecoins will remain same and effective.
I hope you found this interesting and also don't forget to DYOR as it's not any kind of financial advice.
