Meme cryptocurrencies rose to prominence during the 2021 bull market and recorded a meteoric rise in value, led by coins like Dogecoin (DOGE). However, over the past year, the value of most meme coins has dropped significantly as the overall market has experienced a sell-off.
Top 5 meme coins to watch in January 2023!
Some memes remain in focus, aided by factors such as increased network development and use cases. Therefore, below are the top five meme coins to watch in January 2023, as analyzed by Finbold.
While Dogecoin trades mostly in the red zone in 2022, it has recorded small gains backed by news of network development and adoption. Notably, the asset soared after gaining support from Tesla CEO Elon Musk.
DOGE remains a viable investment opportunity given that there are speculations that the token could be integrated as a payment option on Twitter. At the same time, investors are looking for possible progress after it was revealed that Musk and Ethereum founder Vitalik Buterin had plans to develop the network.
Additionally, DOGE may be aiming to build small peaks of 2022. In this case, Dogecoin lost 54% by market cap in 2022, making it the second best performing among the top ten cryptocurrencies. Currently, the asset is trading at $0.072, with daily gains of around 2.8%.
Dogecoin one-day price chart. Source: CoinMarketCap
Shiba Inu (SHIB)
Away from significant price correction, Shiba Inu (SHIB) aims to reach several milestones in 2023 as the community tries to offer a variety of products on the network. For example, decentralized finance (DeFi) is looking forward to the launch of the Shiba Inu layer-2 scaling solution called Shibarium and the growing interest in the metaverse.
At press time, the Shiba Inu was trading at $0.0000082, gaining over 2% in the last 24 hours.
Shiba Inu one day price chart. Source: CoinMarketCap
The Shiba Inu-themed asset is witnessing growing community excitement as early investors make big profits despite the market downturn. In particular, Bonk (BONK), Solana (SOL) were skyrocketed to non-token (NFT) communities and creators, resulting in an increase in transaction volume and purchasing pressure.
While Bonk is gaining momentum, it will be interesting to watch if the token repeats the success of other memes. Based on the initial returns, the token is the exact time for January 2023. Currently, Bonk is changing hands at $0.0000020, gaining over 60% in the last 24 hours.
Bonk one-day price chart. Source: CoinMarketCap
Terra Classic (LUNC)
Following the collapse of the Terra (LUNA) ecosystem, the platform’s original chain, Terra Classic (LUNC), mimicked the price action of the meme coins. Backed by coordinated community short-term compressions, LUNC challenged the overall market price action to record gains.
Currently, LUNC’s prospects will largely depend on initiatives such as the continuous write process, as well as continued support of established crypto assets. However, any developments regarding Terra’s founder, Do Kwon, are of interest. LUNC is trading at $0.00015, gaining over 1.3% in 24 hours.
Terra Classic one-day price chart. Source: CoinMarketCap
Floki Inu (FLOKI)
The Floki Inu (FLOKI) was created after the success of the Shiba Inu. Currently, the Floki community is focusing on developing the three main areas of NFT markets, metaverse-based games, and educational platforms.
The success of the development will likely bring more benefits to Floki Inu and make it attractive to the masses. Like SHIB and DOGE, FLOKI will seek possible input from Musk. At press time, FLOKI was trading at $0.0000078 with gains of about 0.5% in the last 24 hours.
Floki one day price chart. Source: CoinMarketCap
As a result, the recovery ability of meme coins will be determined by the overall market movement remaining in the consolidation phase. The communities involved will also need to work extra hard given that meme coins have been criticized for not providing a solid benefit.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.