What is a Memecoin? Guide to Finding, Making & Buying Memecoins

Memecoins have taken the crypto world by storm, with projects like Dogecoin and Pepe catching the interest of both investors and traders. These tokens, typically inspired by internet memes and driven by community hype, have displayed the potential for explosive growth and lucrative opportunities.

For those who are curious about this memecoin mania and want to join in, this comprehensive guide is for you. By reading this article, you will learn all the ins and outs of memecoins, including their unique features, how to hunt down promising projects, as well as how to create your own memecoin.

Make sure you read until the end, as there is a special tutorial there that shows you the way to buy and trade memecoins using Bitget Wallet.

What Is Memecoin?

A memecoin is a cryptocurrency that draws inspiration from internet memes, trends, or viral hits. These tokens are often regarded as lighthearted and humorous, with their value mostly determined by community excitement and social media buzz. You’ll often see their avatars as animals or animated characters.

Unlike cryptocurrencies with specific utility or technical advancements, memecoins often promote community engagement and entertainment. They are often seen as a playful and speculative segment of the cryptocurrency market, with investors and dealers hoping to catch the next viral wave and perhaps reap huge returns.

While certain memecoins may someday gain usefulness or integrate into decentralized apps, their initial popularity stems from their ties to popular culture and the feeling of community they engender. The following table summarizes 10 memecoins with the largest market capitalization (as of October 30th, 2024):

How To Find New Memecoins?

Discovering promising memecoins before they explode in popularity is the key to maximizing your gains in this exciting market. Let's explore some proven methods used by seasoned crypto enthusiasts to identify the next big memecoin sensation early on.

#1: Crypto News Sites And Traditional Media

Crypto news websites are an excellent resource for finding new memcoins. They often feature articles and reports on trending tokens, emphasizing those that are seeing substantial price rises or gaining support in the community.

By being up to date on crypto news, you may uncover promising meme currencies early on, perhaps letting you buy at a lower cost before they become widespread.

While it is recommended to look for organic reports from credible sources and major media outlets like Bloomberg, it is vital to note that certain articles can be sponsored material, which means the project has paid for coverage.

While this does not necessarily invalidate the project's potential, you should view such articles with caution and perform your own study to assess the project's credibility and long-term viability.

#2: Twitter, Reddit, And YouTube

Another ideal source for hunting down new memecoins is social media. Twitter, Reddit, and YouTube are especially active hubs where projects launch, communities gather, and influencers share their insights. Specifically:

Twitter: Follow pages dedicated to new meme coins or use relevant hashtags (like “new ICO” or “new presale”) to find trending projects.

Reddit: Its diverse communities and unfiltered crypto-related discussions can offer valuable perspectives on upcoming ICOs and potential meme coin investments. Some recommended subreddits for you include r/memecoins, r/CryptoMoonShots, and r/CryptocurrencyICO.

Youtube: Many crypto analysts and influencers also dedicate their channels to uncovering promising new projects. One of them is ClayBro, whose subscriber count reaches over 130,000.

#3: Discord And Telegram

Online communities on platforms like Discord and Telegram are also goldmines for discovering promising meme coins early on. Often led by experienced analysts and traders, these forums provide a space to share insights, discuss potential investments, and gain access to exclusive information.

One tip is to look for communities with a solid track record and a large, active membership. A good Discord suggestion is Jacob’s Crypto Clan. This group offers valuable insights about upcoming memecoin launches, presales, and market trends from Jacob Bury, a true expert when it comes to trading memecoin.

Certain groups even provide premium memberships with extra privileges like insider tips and access to exclusive presales, giving you an advantage in the memecoin market.

#4: On-chain Activity

Besides referring to other traders’ advice, savvy investors also use on-chain data to discover hidden jewels in the memecoin world. On-chain activity refers to transactions and interactions occurring on a blockchain. Analyzing this data allows you to find meme currencies that are gaining popularity before they enter the mainstream.

Tools like Birdeye simplify the process of analyzing on-chain data, offering user-friendly interfaces and filters to track memecoin activity. To find prospective projects, use several measures like recent price increases, market capitalization, trading volume, and network activity.

#5: Whale And Smart Money Tracking

"Whales," or large-scale crypto investors, often have a knack for identifying promising projects early on. By following their movements and investing choices, you can acquire valuable insights into possible market trends and identify memecoins before they skyrocket in price.

Again, you can leverage tools like Birdeye to help with this process by looking at their portfolios, tracking their transactions, and even receiving notifications when they make new investments. While this method requires close observation and analysis, it can provide a competitive edge in the fast-paced world of meme currencies.

#6: Established Data Aggregators

Most crypto traders are familiar with names like CoinMarketCap and CoinGecko. These data aggregators are vital resources, offering a plethora of information on thousands of cryptocurrencies, including memecoins. You can use them to track prices, market capitalization, trading volume, and other crucial parameters.

By utilizing the filtering and sorting options on these platforms, you can identify trending memecoins, discover newly listed projects, and access detailed information about their tokenomics and exchange listings.

#7: Launchpads

Last but not least, cryptocurrency exchange launchpads, typically provided by prominent exchanges, promote promising projects, including memecoins, and allow early investors to participate in their initial token sales.

Investing in memecoins through launchpads has various benefits, including access to preferential prices, guaranteed listing on the respective exchange, and potential for high returns.

However, it's important to be aware of the requirements, such as KYC procedures and potential investment limits. Plus, many launchpads have vesting periods (usually 6–12 months) that restrict when you can sell your tokens.

How Memecoin Price Changes: Key Factors

Memecoins are infamous for their violent price fluctuations, which can result in large rises and reductions in value over short periods of time. Understanding the variables that cause these price fluctuations is critical for anyone considering entering the memecoin market.

Community and social media hype: Memecoins thrive on community support and social media buzz. Positive sentiment, viral trends, and endorsements from influencers can significantly impact a memecoin's price, leading to rapid surges. Conversely, negative news or controversy can trigger a decline.

Speculative trading: The memecoin market is highly speculative, with traders often driven by FOMO (fear of missing out) and short-term profit motives. This can result in significant buying and selling activity, contributing to price volatility.

Market manipulation: Due to their relatively low liquidity and market capitalization, memecoins can be susceptible to manipulation. Whales can influence prices through large orders, creating artificial price movements.

Lack of fundamental value: Unlike established tokens with strong underlying technology or use cases, memecoins often lack intrinsic value. This makes their price heavily reliant on market sentiment and hype.

Token supply: Many memecoins have a large or unlimited supply, which can contribute to price fluctuations. Even small changes in demand can have a significant impact on the token's value.

Pump-and-dump schemes: The memecoin market is vulnerable to pump-and-dump schemes, where individuals or groups artificially inflate the price through coordinated buying and misleading information, only to sell off their holdings at the peak, leaving others with losses.

How To Create A Memecoin?

Can one create their own memecoin without coding skills? The answer is a resounding yes! Platforms and tools have emerged to streamline the process, making memecoin creation more accessible. Let's look at how you can bring your memecoin ideas to life.

Related content: How to Trade Memecoin in 2024

Creating A Memecoin On Solana

Creating a memecoin on Solana is surprisingly simple, even without extensive development knowledge. Platforms like Orion Tools provide user-friendly interfaces that make it easy for anybody with a good idea and a Solana wallet to create their own memecoin.

Here's a step-by-step guide:

Acquiring a Solana Wallet: Start by setting up a Solana wallet, such as Phantom Wallet, to store and manage your tokens.

Accessing the token creator: Navigate to your chosen token creator app, such as the Orion Tools DApp, and access their token creator tool.

Configuring token details: Input the essential details of your memecoin, including its name, symbol, total supply, and a brief description. You can also upload an image to represent your token.

Creating the token: Once you've configured the token details, click "Create Token" and confirm the transaction in your Solana wallet. This will initiate the token creation process on the Solana blockchain.

Securing and managing your token: After the token is created, consider revoking freeze and mint authority to maintain control over your asset. You can also create a liquidity pool to enable trading and increase accessibility for potential investors.

Promoting your memecoin: Build a community around your memecoin through social media, Discord, or Telegram channels. Consider leveraging influencers or paid promotions to increase visibility and attract investors.

Creating A Memecoin On Ethereum

Ethereum also offers a straightforward path for creating your own memecoins. You can avoid the complexity of smart contract creation and bring your memecoin ideas to life in just a few clicks. Below is a simplified guide to creating a memecoin on Ethereum:

Preparing your wallet and ETH: Ensure you have an Ethereum-compatible wallet and a sufficient amount of ETH to cover transaction fees.

Accessing the token creator: Navigate to an Ethereum Token Creator tool of your choice.

Configuring token details: Enter the desired name, symbol, and total supply for your memecoin. Consider using advanced options like setting a tax, enabling airdrop mode, or implementing anti-bot and anti-whale mechanisms to enhance your token's functionality and security.

Creating the token: Click "Create Token," confirm the transaction in your wallet, and wait for your memecoin to be generated on the Ethereum blockchain.

Adding a logo and description: Utilize the provided guide to add a logo and description to your memecoin, enhancing its visibility and appeal.

Creating a liquidity pool: Use a platform like Uniswap to create a liquidity pool for your memecoin, enabling trading and accessibility for potential investors.

Listing on exchanges: Apply for your memecoin to be listed on popular data aggregators like CoinMarketCap and CoinGecko to increase its visibility and attract a wider audience.

More about Ethereum (ETH) Wallet

How To Buy Memecoins In Bitget Wallet?

Bitget Wallet offers a user-friendly and secure platform for buying and trading memecoins. Take a look at its simplicity below:

Acquiring Base Cryptocurrency

If you don't already hold a base cryptocurrency like ETH or SOL, utilize Bitget Wallet's OTC service to purchase it with fiat currency. The service supports various payment methods, including Visa, Mastercard, and Apple Pay.

To buy ETH, for example, go to the "Wallet" page, select "Buy," choose your fiat currency and ETH, enter the amount, and complete the transaction. Your purchased ETH will then appear on your Bitget Wallet homepage.

Trading For Your Memecoin

Once you have your base cryptocurrency, navigate to the "Markets" tab within Bitget Wallet. Search for the memecoin you want to buy.

Then, select "Buy" to access Bitget Swap and execute your trade.

Exploring Bitget Futures (Optional)

For those interested in futures trading, Bitget Wallet also offers access to the Bitget Futures DApp. Go to the "Discover" page, search for "Bitget Futures," create a futures account, and deposit USDT to start trading memecoin perpetual futures.

With its intuitive interface and diverse features, Bitget Wallet simplifies the process of acquiring and trading memecoins, empowering you to participate in the exciting world of memecoin mania.

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