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Meme coins have been the talk of the crypto market for several months now. The hype all started with Dogecoin, a mere meme coin that at one point ranked as the third-largest cryptocurrency by market cap after Bitcoin and Ethereum.
The boom of Dogecoin was a rare thing because the token did not have any technological backing. It was initially created to make fun of Bitcoin, and despite such humble beginnings, it has grown to become the largest meme coin and one of the most competitive ones in the market.
The gains made by Dogecoin, despite lacking utility, attracted other developers to create clones of the coin, and one of the most successful clones has been Shiba Inu. Shiba Inu stole the show in October after its yearly gains hit 100,000,000%. People who had invested early in this coin ended up making major gains.
However, many short term traders are attracted to meme coins because of their volatility. These coins can make major gains in such a short while before dipping or consolidating to lower levels. Currently, the Dogecoin and Shiba Inu rally has faded, and investors are now looking for the next big meme coin that will rally.
So, which is the next best meme coin aside from Shiba Inu and Dogecoin?
Is Safemoon the next big meme coin?
One can never be too sure with meme coins because a coin launched as recently as last month can make explosive gains before taking a major hit.
There are so many meme coins in the market, especially those with dog themes, that it is hard to keep up. However, if you are an investor looking for a solid meme coin that can potentially deliver major returns, Safemoon could be a safe choice.
Safemoon is one of the newest meme coins in the market, but it came in before the meme coin hype became a thing. In fact, it can be categorized as one of the oldest meme coins, as many meme coins started entering the market after the May market bulls.
There are many reasons why Safemoon could be the next big thing. Firstly, it comes at a very cheap price. Having cheap prices is a trait for, like all the meme coins, and this is among the reasons why meme coins are a hot topic in the crypto space.
The price of Safemoon sits at around $0.00000415, which makes it preferable to small-time investors. For example, an investor who is starting out with just $50 can feel intimidated by the high price of Bitcoin that currently sits at highs of $67K.
Moreover, a $50 investment in Ethereum does not make sense because a significant amount will go into paying fees when buying and when transferring it into your wallet. However, with a $50 investment in safemoon, an investor can actually end up buying millions of coins at low transaction fees.
Going by the current prices, $50 will give an investor around 12 million safemoon coins. If the meme coin makes major price gains in the future, an investor can actually make a major ROI.
Safemoon comes with a robust business model
If you are an investor with a low-risk appetite, you might actually prefer to stay away from meme coins because of their volatile prices. However, with more crypto investors turning towards meme coins for returns, you might want to stake a small amount into a meme coin with a more stable business model and can support growth, and safemoon is best suited for this.
Many meme coins usually suffer massive crashes after initial price pumps. However, safemoon has managed to grow despite the volatility that follows meme coins, and this is because of a robust and articulate business model.
The Safemoon project was developed in such a way that traders were discouraged from selling their holdings. Whenever a new trader buys safemoon, they are encouraged to hold, which will help them boost the platform’s liquidity. To ensure that it eliminates pump and dump traders, a 10% fine is deducted for every sale, and this amount is distributed to the existing holders.
By having a stricture that discourages people from selling the token, the Safemoon project has continued to enjoy growing liquidity, which is significantly higher than the other meme coins. Therefore, if this token can seem more traders buying, it can actually have a major effect on prices.
Many investors are discouraged from buying meme coins because they only derive value from hype. When the hype starts dying, many investors rush to sell the token, contributing to major losses for hodlers. Therefore, safemoon can easily solve this challenge and eliminate the need for having traders come in and cause price gains only for the token to push to lower prices after a few weeks.
The other model that can help safemoon be the next big meme coin in the crypto sector is its tokenomics. Many meme coins usually have a lot of coins in supply, which is reflected in the low prices.
For example, Shiba Inu has a quadrillion coins in supply, and despite some of these coins being burned, there are still many more SHIB coins left in supply. Because of this immense supply, analysts stated that SHIB cannot reach $1 because there is not enough money in the world to buy all the Shiba Inu coins in existence.
Dogecoin is not any better. Dogecoin’s supply is inflationary, meaning that it is always increasing, which sheds a negative light on future prices. Even if the prices push to extreme highs, the increasing supply prevents the coin from maintaining the high levels or pushing to greater heights.
However, Safemoon comes with a different tokenomics because it has a deflationary supply model, where the number of coins in circulation will continue dropping over time. This is very good in terms of the long term gains that the meme coin could make.
Safemoon comes with a token burning mechanism where a specific number of Safemoon tokens are burned with every transaction. The meme coin could make massive gains in the future because the demand for cryptocurrencies will continue growing into the future. Therefore, when the supply dwindles, the price will gain.
Its development roadmap is promising
The other area where safemoon scores highly compared to the other meme coins is in its development roadmap. When you follow the safemoon project closely, you will see a lot that its developers are working on, which is a positive sign about future prices.
For example, Safemoon recently announced plans to upgrade its ecosystem, and one of the ways that it has done this is through the launch of the safemoon wallet. The wallet is already functioning and has seen major adoption, making it a meme coin worth looking into.
Safemoon is one of the newest meme coins because it was launched this year. However, it has made major gains and ranks in the top 100 largest cryptocurrencies by market capitalization in such a short time.
Safemoon can be the next big meme coin because of its robust business model, deflationary supply, and development roadmap. It is among the few meme coins that can actually last into the future. To learn where you can purchase this token visit our How to Buy Safemoon guide.