Meme coins have certainly found their footing during this crypto market rally. A range of long-standing meme tokens, as well as some new up-and-coming hype-driven projects, have seen their valuations balloon as investors step into this space. Now, with the crypto market sitting at a whopping $2.57 trillion value, investors appear to remain bullish on the potential for digital assets to continue higher. If that’s the case, these meme tokens have shown their ability to provide incredible returns in a short amount of time.

Given the amount of capital flowing into speculative risk assets, the rise these three tokens have seen over the past month alone may be enough to entice more capital to flow into these digital assets. These returns will be hard to ignore, and plenty of bandwagon momentum investors are ready to jump aboard.

However, this momentum works in both directions. During the previous so-called “crypto winter,” many meme tokens plummeted over a similarly short time frame. Call it what you want, but an unwinding of speculative capital will happen at some point.

So, for those unwilling to be holding the bag when that happens, here are three meme coins to sell right now.

Shiba Inu (SHIB)

Shiba Inu (SHIB-USD) has emerged as one of the premier meme tokens in terms of performance from late February onward. Over that time frame, Shiba Inu has roughly doubled, with the token surging to a $13 billion market capitalization in around a week.

That move coincided with heightened activity on its Shibarium network. The network’s launch in August 2023 was met with initial enthusiasm, but a recent spike in activity generated significant interest from both speculators and investors. The project’s team noted reduced transaction fees from pre-launch levels as the key catalyst to this surge, and there’s no shortage of interest in this token from a hype perspective.

That said, the question investors need to ask is whether Shibarium will be a go-to location for NFTs and blockchain-based gaming. There are some indications that Shibarium’s focus on these niche areas of the DeFi sector may be waning. Outside of Shibarium, there isn’t a lot of utility to speak of, with most of Shiba Inu’s valuation tied to its meme status.

For these reasons, I think Shiba Inu is among the more speculative meme coin bets, considering its current massive valuation. If there’s one token that could see a massive decline during the next bear market, it’s this one.

Pepe Coin (PEPE)

Pepe Coin (PEPE-USD) surged in the meme frenzy last spring, but a number of controversies, including insider trading activity, dented investor trust. This meme token lost more than 65% in value amid wallet irregularities. Despite initial high trading volumes, Pepe’s valuation concerns have only increased due to this token’s rapid rise alongside other meme coins over the past month.

Of course, Pepe remains one of the most-watched meme tokens in the market, and its recent surge of 500% over the past month is noteworthy. Such a move is only going to invite more speculators and traders to join the fray.

But the question remains: When this buying activity stalls, what is left to hold up this project? Its speculative nature and hype-driven trading activity work when the market is hot, but we haven’t really seen Pepe endure a bear market thus far.

Accordingly, this is a token I remain highly skeptical of right now. If there’s any project vulnerable to pump-and-dump schemes, it’s this one. And I’m unsure how long this speculative mania can continue. One thing I am sure of is that heightened volatility will continue. For those with a stomach for this volatility and looking for a short-term trade, perhaps PEPE fits that bill. For everyone else, steering clear may be the best move long-term.

Dogwifhat (WIF)

DogWifHat (WIF-USD) plunged 22% this week, reflecting a broader meme coin downturn. Dogecoin (DOGE-USD) and Shiba Inu also dipped 18%, while Pepe fell 20%. Investor sentiment dampened amid the meme coin market decline.

Dogwifhat’s team emphasized decentralized governance, distinguishing it from centralized models. Launched in November 2023, it leveraged the Shiba Inu mascot for community engagement. Despite lacking utility, its finite token supply and community focus attracted speculative interest.

WIF, like many cryptos, faces erratic price swings, posing substantial risks for investors due to its speculative nature. Regulatory changes and its lack of established utility further cloud its future. Its small market cap renders it susceptible to significant price shifts. Meme coins like WIF lack definite use cases, heightening their volatility and investment risk and demanding thorough research.

On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.