Learn about meme coins, especially key considerations for investing in this highly lucrative but risky category of cryptocurrency. You can safely receive, swap, and buy meme coins in Best Wallet.

Meme coins have seen significant success in the crypto industry with the rise of Dogecoin (DOGE) and Shiba Inu (SHIB), which have brought sizable returns for some investors.

Whilst investors can kick-start their meme coin investment strategy with Best Wallet, it is important to research meme coins as there are varied risks when buying and trading these types of cryptocurrencies.

A meme coin is a genre of cryptocurrencies that revolves around pop-culture references, internet memes, viral trends, or anything that can be mimicked. They are usually created as jokes and refer to characters, animals, or individuals.

A lot of successful meme coins have large and dedicated communities. Meme coins often offer high returns due to their volatility — however, it is crucial to DYOR (Do Your Own Research).

The first ever meme coin was Dogecoin (DOGE), a cryptocurrency launched in 2013 that was initially created to mimic Bitcoin, using the famous Doge meme as inspiration. Its widespread adoption and popularity have been attributed to a strong community and a series of celebrity endorsements, including from Elon Musk.

Other notable meme coins that are high up on the market capitalization rankings include Shiba Inu (SHIB), Pepe (PEPE), and BONK (BONK).

While meme coins can offer high sharp price surges, they can often also suddenly experience severe price drops.

This price volatility is seen as the most significant risk with meme coins. One moment their prices can be soaring and the next they can crash, leaving investors with sizable losses.

Additionally, meme coins often do not have use cases or utility, including Dogecoin, meaning they are only used as speculative assets. This makes them vulnerable to market shifts from recent news and the latest trends.

Another risk to be wary of is scams, which are especially present in the meme coin subcategory. Many have criticized meme coins for their pump-and-dump tendencies, where investor communities bring up the price of the asset and then immediately sell at the top. This can leave many investors with sizeable losses.

Read our guide on common crypto scams with Best Wallet.

Always make sure you research a project thoroughly before investing in a meme coin to avoid suffering avoidable losses. A good way to explore vetted new and upcoming meme coins is via Best Wallet's Upcoming Tokens feature.

You can hold and trade any meme coin built on the Ethereum, BNB Smart Chain, or Polygon networks in Best Wallet.

You may be able to buy a meme coin directly in Best Wallet, by going to the “Buy” option on the home screen and selecting a meme coin to buy.

Read our guide on how to buy crypto in Best Wallet.

However, most meme coins cannot be bought directly. Instead, you can swap your existing crypto funds for meme coins in Best Wallet. For example, you can buy USDT (USDT), and then swap it for a meme coin like Shiba Inu (SHIB), all within the Best Wallet app.

Read our guides on how to swap crypto on the same chain or cross-chain.

Best Wallet has many of the most popular meme coins available to trade on the Best Wallet platform. These include Shiba Inu (SHIB), Pepe (PEPE), Baby Doge Coin (BABYDOGE), and many others.

Thanks to Best Wallet's Upcoming Tokens tab, you can explore new meme coin projects directly in your wallet. This offers a direct way to explore and purchase new meme coins, as well as Best Wallet Token ($BEST).

You can buy pre-launch and fair-launch tokens, including meme coins, directly in your wallet.

Read our guide on Upcoming Tokens, plus our guide on how to buy an Upcoming Token.

Meme coins are a huge part of the cryptocurrency markets, and form an asset class by themselves. You can buy, swap, and hold many meme coins in Best Wallet, as well as explore new meme coins in Upcoming Tokens!

Important reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.