Benzinga's top picks for the best meme coins to buy this month include DOGE, SHIB and PEPE. You can buy these meme coins from crypto exchanges like eToro, Coinbase or Kraken.
Meme coins, a term used to describe cryptocurrencies based on internet memes, have been around for over a decade. However, it wasn't until the years 2020 and 2021 that they truly took the crypto community by storm. These tokens, inspired by popular internet memes and trends, have continued to increase in popularity and have performed particularly well in 2024.
While some individuals see memecoins as nothing more than a joke that tarnishes the reputation of the crypto market, others see them as a way to attract new users and expand the world of crypto as a whole.
Regardless of where you stand on the issue, it is undeniable that memecoins can present a promising investment opportunity. Here's a look at the top meme coins to buy this month to help you make an informed decision.
Best Meme Coins to Buy in August 2024
If you’re considering diving into meme coins, it's essential to have a clear understanding of which ones have the potential to soar. Check out this top meme coins list to find out which cryptocurrencies to invest in this month.
1. Dogecoin (DOGE)
doge
Dogecoin$0.111515*
*prices delayed up to 10 minutes-0.96%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$14.9 billion
Chain: Bitcoin
Dogecoin (DOGE) is the largest meme coin by market capitalization and has attracted huge amounts of investment. The token became popular in 2021, as it received celebrity endorsement from the likes of Elon Musk and Mark Cuban. The token is primarily used as a form of payment and can be used to buy goods across many platforms.
2. Shiba Inu (SHIB)
shib
Shiba Inu$0.00001541*
*prices delayed up to 10 minutes+1.29%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$8 billion
Chain: Ethereum
Shiba Inu (SHIB) is another promising meme coin to buy this month. Though the token was created in 2020 to challenge DOGE, it quickly rose to fame, even creating a billionaire in the process. The project looks to provide value beyond just a meme coin and allow users to earn rewards, stake tokens, buy non-fungible tokens (NFTs) and real merchandise, and other services like metaverse capabilities and decentralized exchange (DEX). With its dedicated online community, unique tokenomics and growing popularity, Shiba Inu Coin has the potential to make a significant impact in the cryptocurrency market.
3. Pepe (PEPE)
pepe
Pepe$0.0000094*
*prices delayed up to 10 minutes+5.50%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$3.3 billion
Chain: Solana
Pepe the Frog is one of the oldest internet memes on this list, and the meme has allowed the token to quickly grow into one of the largest meme coins. The project does not even try to make it seem like the token is useful at all. It leans into the identity of a meme coin, with no road map and a poor-quality website. Despite this, the community has latched on to the project and sent it soaring.
4. MAGA (TRUMP)
trump
MAGA$3.87*
*prices delayed up to 10 minutes-2.94%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~ $133 million
Chain: Solana
TRUMP is one of the first tokens in a new asset class that some call PoliFi. The token combines aspects of crypto, politics and memes to create a token that is appealing to many, not just Trump supporters. The token’s main programs are charity donations to organizations looking to support veterans and end child trafficking.
5. dogwifhat (WIF)
wif
dogwifhat$1.92*
*prices delayed up to 10 minutes+4.95%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$1.5 billion
Chain: Solana
dogwifhat (WIF) is a meme coin based on an image of a dog with a hat. The token is the largest meme coin on the Solana chain and has attracted strong investment since its launch in late 2023. The token also leans into the memes, stating that the token is “literally just a dog wif a hat.”
6. Bonk (BONK)
bonk
BONK Token$0.077373*
*prices delayed up to 10 minutesDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$1.3 billion
Chain: Solana
Another Solana-based meme coin to buy, BONK is hoping to build a large community of investors and users across Web3. It is working toward this goal by providing different services to the community, such as decentralized finance (DeFi) applications and a handful of games that investors can play.
7. Floki (FLOKI)
floki
Floki InuDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$1.1 billion
Chain: Ethereum
Floki is a Shiba Inu dog meme coin based on the Ethereum chain. The token has a variety of programs in place to attempt to differentiate itself. These include the ability to fund prepaid debit cards with FLOKI, various NFT projects and a play-to-earn metaverse game.
8. Memecoin (MEME)
Market capitalization: ~$259 million
Chain: Ethereum
With MEME, everything you need to know is in the name. According to the website, the token is “literally a meme coin” with “no utility” and “no promises.” Despite this, the token has performed well and created a strong online community since its launch in late 2023.
9. Baby DogeCoin (BabyDoge)
Market capitalization: ~$150 million
Chain: Ethereum
While some tokens have tried to take down DOGE, BabyDoge is leaning into DOGE’s success. The project has attracted investors through its memes and many programs, such as a chess game, prepaid cards, NFTs and a Guinness World Record for the most pet food donated in 24 hours.
10. Myro (MYRO)
Market capitalization: ~$75 million
Chain: Solana
MYRO is another relatively new Solana-based meme coin to buy. The project is based on Myro, the dog of one of the founders of Solana. The token serves as a meme coin and a way to spread the message about Solana. The project also offers the ability to buy MYRO stuffed animals and a handful of other projects set to release within the next year or so.
11. Book of Meme (BOME)
Market capitalization: ~$478 million
Chain: Solana
Another Pepe the Frog meme coin, BOME, also relies on its lack of direction and professionalism to attract investors. The project offers a handful of features, ranging from tools to create your own memes to a meme collection stored in the “Book of Meme.” The token launched via a presale in March 2024 and has performed exceptionally well.
12. Bone ShibaSwap (BONE)
Market capitalization: ~$96 million
Chain: Ethereum
BONE is the native utility token of the ShibaSwap decentralized exchange platform, which is built on the Ethereum blockchain, where users can trade cryptocurrencies securely. It has a unique tokenomics with capped supply of 250,000,000 BONE tokens. Users can earn rewards by participating in liquidity pools, ensuring smooth trading. The exchange provides security and transparency with no central authority controlling transactions.
13. Degen (DEGEN)
degen
DEGEN Index$0.00000324*
*prices delayed up to 10 minutesDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Market capitalization: ~$58 million
Chain: Base
Earlier this year, Coinbase released the Base layer-2 solution, a protocol that works off the Ethereum chain to provide a more scalable way to interact with crypto and Coinbase’s products. Upon launch, layer-2 became a place for new meme coins to launch and attract attention. While many of the projects fizzled out, DEGEN stuck around and has performed well since launching in March.
14. Base Dawgz ($DAWGZ)
Market capitalization: ~$40 million
Chain: Base
Base Dawgz ($DAWGZ) is a new cryptocurrency project that aims to revolutionize the decentralized finance (DeFi) space by offering a unique and innovative protocol. What sets Base Dawgz apart is its unique features such as multi-chain purchases and staking rewards. The project also features a share to earn functionality where users can earn $DAWGZ tokens by sharing content related to Base Dawgz. Rewards can be redeemed once the presale is completed. With its innovative approach and strong community engagement, Base Dawgz has the potential to make a splash in the ever-evolving world of cryptocurrency.
15. cat in a dogs world (MEW)
Market capitalization: ~$385 million
Chain: Solana
The only token on this list to feature a cat, MEW hopes to “save the world from other dog coins.” The token differentiates itself from other meme coins by embracing its cat-based identity. While the project has not created much value, the cat theme has allowed it to perform extremely well in 2024.
What is a Meme Coin?
Meme coins are a somewhat recent phenomenon, featuring crypto tokens that are based entirely on memes. Though most projects are created as a joke, communities of investors can latch on to these projects and send prices soaring.
These tokens are meant to be a fun and lighthearted investment that can bring people together around memes. However, the tokens, despite their non-serious nature, have attracted tens of billions in investment.
How to Identify a Meme Coin
Most meme coins are fairly easy to identify, as they do not look to provide much value for investors in terms of use cases. While some projects (SHIB) do offer some uses for the token, these uses are generally surface-level in terms of what is possible with crypto.
The most obvious indicator is the use of memes. While memes change, and it can be hard to keep up with the times, the memes that most tokens use are either dog-related (WIF, DOGE, SHIB) or based on older memes (PEPE).
Should I Invest in Meme Coins?
Ultimately, the decision to invest in meme coins depends on your personal financial goals and risk tolerance. Investing in meme coins may be an option if you're willing to tolerate significant losses for potential gains.
If you are looking for a place to buy meme coins, Coinbase, eToro, Kraken, Webull and PrimeXBT are great crypto brokerage options to get started. Setting up an account on these platforms is usually straightforward, with account verification and funding completed in just a couple of business days.
Risks of Investing in Meme Coins
As excitement around these coins continues to grow, it's crucial for investors to weigh the potential pitfalls before jumping in.
- Scams: Some meme coin presales are simply scams. These projects have investors send crypto to a wallet address, promising to send back a meme coin when the project launches. However, this can lead to scams and rug pulls in which investors lose money.
- Loss of Investment: Meme coins can rise and fall very quickly. If you buy a token at the wrong time, you risk losing a significant portion of your investment.
- Market Manipulation: Since meme coins have very little regulation, there is a risk of market manipulation, particularly in the form of pump-and-dump schemes.
- Poor Liquidity: Some meme coins have very low trading volumes, making entering and exiting trades difficult. This can make trades less profitable or even lose money, regardless of the correct investment decision.
Are Meme Coins a Good Investment?
Since meme coins offer little real value to investors, market sentiment largely determines their value. This can result from large investors (whales), community sentiment, or overall crypto market sentiment. The extreme volatility of meme coins can lead to astronomical gains and losses. Consider your own risk tolerance and investment goals before investing in meme coins.
Frequently Asked Questions
What meme coin will explode in 2025?
Changelly predicts that SHIB could reach $0.0000215 in 2024, approximately 57% increase from current prices.
Which meme coin will reach $1 in 2024?
Bone ShibaSwap (BONE) is one of the tokens that could reach $1 in 2024, according to CoinCodex.
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About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.