As major cryptocurrencies like Bitcoin (BTC-USD) hold steady near their highs, is it time to consider what the top meme cryptos are to buy? “Crypto winter” has been over for months, and yet another sudden re-freezing could soon arrive.
Namely, some crypto analysts argue that Bitcoin’s upcoming halving event could result in a “buy the rumor, sell the news” situation with BTC. While not certain, waning excitement for the largest cryptocurrency by market cap could trickle down to all cryptos, with memecoins experiencing the sharpest drop.
That said, other analysts argue that the halving and other factors could serve as a catalyst that keeps BTC moving higher throughout the year. Hence, it may be possible that the crypto bull market carries on.
Since meme coins and tokens typically make outsized moves during such times, you may want to look at these three meme cryptos to buy.
Bonk (BONK-USD)
Calling itself the “dog coin of the people,” Bonk (BONK-USD) has strong ties to the Solana (SOL-USD) ecosystem. This explains why this meme token has surged alongside SOL-USD since the resurgence in bullishness about Solana, which took shape last fall.
BONK-USD has fallen by nearly 52.5% since hitting an all-time high on March 4. This big pullback may suggest that Bonk is on the decline, but I wouldn’t rule out the possibility of a new “Bonk mania” wave shortly. Considering BONK’s correlation with Solana, positive developments regarding the popular altcoin could drive another rally.
Rebound potential notwithstanding, keep in mind the high level of volatility with BONK and other extremely low-priced meme coins and tokens. Currently trading for around 1/450th of a penny, BONK-USD could produce big losses as easily as big gains.
Dogecoin (DOGE-USD)
Why not go with the original when figuring out which of the top meme cryptos to buy? Dogecoin (DOGE-USD) was the cryptocurrency that started the meme coin and token trend in 2021.
As you likely know, it was too long after this that Dogecoin peaked in popularity and price. DOGE-USD hit its all-time high of $073.8 on May 8, 2021. That was the same day Elon Musk gave Dogecoin a shoutout on Saturday Night Live. While still below this high water mark, DOGE has experienced a strong rebound during this latest crypto wave.
At around 20 cents today, if the speculative frenzy for all things crypto carries on in the months ahead, the rising tide may just keep lifting Doge’s boat. Approach cautiously, but consider it if you are bullish on the memecoin trend.
Dogwifhat (WIF-USD)
Dogwifhat (WIF-USD) is another Solana-connected meme crypto that has experienced a tremendous rally in the short span of time since its debut late last year. During this time, this memecoin has surged from less than 20 cents to around $3.66 today.
Following this big jump in price, WIF-USD is now the world’s 35th largest crypto by market cap. After this epic run-up, it makes sense that concerns run high about where this crypto is headed from here. As InvestorPlace’s Omor Ibne Ehsan recently argued, WIF-USD’s gains may not be sustainable. Ehsan believes these gains have been driven entirely by hope and hype, and WIF-USD has little utility.
Still, if you’re bullish that “memecoin mania” will persist, WIF-USD is arguably one of the top meme cryptos to add to your buy list. Compared to “established” memecoins like Doge, a rising star may be a while before WIF’s popularity peaks.
On the date of publication, Thomas Niel held Bitcoin. He 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.
