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Meme everything is coming back to life. Whether it’s meme stocks or meme tokens, investors have certainly seen some rather impressive moves among the most speculative assets of late.
In the cryptocurrency world, already higher levels of volatility make for even more dramatic moves. Accordingly, meme investors looking for life-changing returns often look to these assets first. Whether it’s Shiba Inu (CRYPTO:SHIB) or Dogecoin (CRYPTO:DOGE), these top dog-inspired digital tokens are once again front and centre in the discussion among many speculators and traders.
The question is, are these meme tokens worth a look at these levels? And where will momentum ultimately take cryptos in the short term?
Let’s dive in.
Top meme tokens: Shiba Inu
Shiba Inu is a meme token that’s led the way in terms of returns over the past year. Shooting millions of percent higher from its launch value, this token has been perhaps one of the most incredible speculative bets we’ve seen in a long time.
Critics state that Shiba Inu does not create any real value. The lack of projects on this ecosystem certainly drives this point home. That said, for meme tokens, it’s less about the utility these networks create than the community underpinning these projects. Accordingly, Shiba Inu’s massive community provides credence to bulls who believe this token is the next big thing.
Recent token burns have driven interest in Shiba Inu in a big way. That said, this token is still inflationary after this burning process. For now, I think Shiba Inu remains a speculator’s best friend. Thus, those looking to bet on the directional move of the crypto market have a trading vehicle to do so.
Perhaps the “grand-dog” of the meme token world, Dogecoin has been around since 2013. This token has been widely viewed as the father of the meme token movement and has seen its community grow to impressive levels, like its cousin meme token Shiba Inu.
Initially created as a joke, Dogecoin has surged in value for a number of reasons. Unlike Shiba Inu, there are real world use cases for this token. High-profile celebrity CEOs such as Elon Musk have also bought into the hype, pumping this token on a number of occasions.
Now, buying anything just because someone else is isn’t really an investment strategy. That said, the community behind Dogecoin continues to believe in the developer interest in projects happening on this network. Like Shiba Inu, there’s more to be done to see real utility created with Dogecoin. But for now, this token is among the more stable meme tokens out there.
Both Shiba Inu and Dogecoin represent highly speculative bets right now. Those with aggressive risk tolerance preferences may see fit to add some to their portfolio. That said, I remain comfortably on the sidelines with these two meme tokens right now.
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