KEYTAKEAWAYS
- Screen potential memecoin investments by analyzing community engagement, celebrity endorsements, and blockchain platform support before committing to any project.
- Diversify memecoin investments across multiple projects and use different trading levels based on your experience and risk tolerance.
- Monitor on-chain data and social media trends while maintaining strict risk management to avoid common pitfalls in memecoin trading.
CONTENT
Discover how to find, analyze, and invest in high-potential memecoins in 2024. Learn expert strategies for screening quality projects, minimizing risks, and maximizing returns in the volatile memecoin market.
Currently, memecoins are the hottest concept in the crypto market. Due to their low entry barriers, high returns, and quick trading cycles, these projects have attracted numerous investors.
Since Dogecoin was popularized by world’s richest person Elon Musk, many memecoins have exploded in value, such as SHIB, PEPE, BONK, and FLOKI. These memecoins have not only created many crypto millionaires and multi-millionaires but have also made memecoins the hottest sector in the crypto market.
Major exchanges like OKX and Binance have created separate categories for memecoins, placing them alongside traditional crypto sectors like DeFi and public chains. Many Key Opinion Leaders (KOLs) have also started promoting these coins, gradually forming the current phenomenon of the “memecoin rush.” Memecoins are no longer just a joke concept but have become one of the concepts that best embodies blockchain’s decentralized nature.
So how can one acquire high-quality memecoins with explosive growth potential? We’ll analyze this question from three aspects: how to discover, how to screen, and how to buy memecoins.
3 ESSENTIAL WAYS TO DISCOVER PROMISING MEMECOINS
There are many ways to discover memecoins, with social media platforms being the most common method for the general public, including Twitter, Reddit, Telegram, and Discord.
For example, on Twitter, many memecoins’ early explosions originated from discussions there. You can follow well-known crypto KOLs, crypto personalities, analysts, and memecoin-related accounts. Additionally, you can use tools like Nansen to track the movements of these KOLs and whale wallets to discover promising memecoins. Reddit also has many cryptocurrency discussion subreddits, such as Cryptocurrency and Memecoin communities, which are hubs for memecoin discussions.
You can also use specialized crypto market platforms and related tools to discover memecoins more quickly. For example, the “New Coins” sections on CoinMarketCap and CoinGecko; DEXTools‘ Trending Pairs feature to find recently listed memecoins on platforms like Uniswap and PancakeSwap, and specialized platforms like Poocoin for tracking BSC chain memecoins.
On-chain data monitoring can also be used to discover new memecoins more quickly, such as DEX Screener (dexscreener.com/), a tool platform specifically for analyzing token trading on DEXes. The two largest public chains where memecoins concentrate are ETH and BSC blockchain explorers.
The Status of Memecoins on Different Blockchains
(Source: DEX Screener)
Finally, you can obtain memecoins through airdrop and presale information websites, such as Airdrop Alert and CoinMarketCap’s airdrop page, which regularly list new memecoin project airdrops. You can also follow popular IDO platforms like Polkastarter and BSC Launchpad, which often have new memecoin project sales.
EXPERT GUIDE: HOW TO SCREEN QUALITY MEMECOINS
If you’re new to memecoins, the most important question to address is: how to screen for high-quality memecoins?
We can comprehensively analyze this from aspects such as community building and activity, celebrity effect, public chain ecosystem support, and relevant tool usage.
Community is one of the core factors for memecoin success. Dogecoin’s success was due to its strong, active community. To judge community activity, look at factors such as:
- Social media follower counts and interaction rates on Twitter, Reddit, Telegram, and Discord
- Regular community activities like airdrops, voting, and social media challenges
- Community member discussions and derivative creations (like memes and videos) that show community autonomy and cohesion
Memecoins inherently need exposure, and celebrity effects are the best and fastest way to achieve this. For example, coins associated with Musk’s concepts, or memecoins recommended by Crypto KOLs and YouTube crypto influencers often experience significant price increases. If entertainment celebrities or other famous people actually invest in a memecoin, that coin is likely to experience a surge in value.
Memecoins also need technical and ecological support, making their underlying public chain’s ecosystem and technical conditions particularly important. Currently, ETH and BSC are the hottest public chains for memecoins.
ETH, as the king of public chains, was the first to see memecoins emerge. Besides DOGE and SHIB, emerging memecoins include:
- FLOKI (heavily influenced by Musk)
- AKITA (animal rescue donations)
- ELON (space theme)
However, during bull markets, ETH’s high fees and congestion limit its potential.
The BSC chain, mainly supported by Binance exchange, has become one of the main birthplaces of memecoins. Notable memecoins include SafeMoon and BabyDoge. Its main issues are lower decentralization compared to ETH and varying project quality, testing investors’ discernment abilities.
Current Popular Memecoins
(Source: Binance)
Memecoins on other public chains are relatively newer with less ecosystem support than ETH and BSC, resulting in lower price ceilings. These require strong risk tolerance and discrimination ability to navigate.
Regarding tool usage, it’s crucial to deeply understand memecoin projects’ capital inflow and trading activity, while identifying potential risks. Tools mentioned earlier like DEXTools, Nansen, and Poocoin can be explored. Additionally, Token Sniffer and GoPlus Labs can be used to identify malicious code or rug pull risks in memecoin projects.
Furthermore, attention should be paid to memecoin projects’ roadmaps, transparent development plans, total supply, liquidity locks, and team token allocation in the tokenomics model.
COMPLETE GUIDE TO BUYING MEMECOINS: 3 STRATEGIC LEVELS
There are three levels of methods to buy memecoins, each with different risk-reward profiles.
Level One: Direct on-chain purchase through blockchain wallets.
Advantages:
- Access to newly issued memecoins for earlier participation and higher potential returns
- Complete control over wallet and assets
- Higher security when keys are properly managed
Disadvantages:
- Extremely high risk with 95% of new coins eventually going to zero
- Requires excellent investment judgment
- Needs familiarity with on-chain wallet operations like MetaMask and Trust Wallet. Best suited for experienced crypto investors with strong risk tolerance and clear investment strategies.
Memecoin Projects on OKX Web3 Wallet
Level Two: Buying through DEX or major CEX platform Web3 wallets.
Advantages:
- More flexible than direct on-chain operations
- Simpler process
- Rich liquidity pools on DEXes
- Suitable for mid-stage project entry
Disadvantages:
- Still requires technical knowledge
- Needs Web3 wallet creation and management Suitable for investors with some on-chain trading experience or those wanting to participate in newer projects while avoiding some on-chain risks.
Major DEXes include:
Memecoin Projects on OKX Web3 Wallet
Level Three: Direct purchase on mainstream CEXs.
Advantages:
- Low entry barrier
- Simple operations
- Only requires CEX account registration and KYC
- Lower slippage and no gas fees
Disadvantages:
- Later stage participation
- May miss early high returns Suitable for investors without on-chain experience or those seeking lower risk.
INVESTMENT STRATEGY & RISK MANAGEMENT
Memecoin concepts have become mainstream in the crypto market. During the fourth halving cycle in 2024-2025, we’re likely to see more memecoins achieve thousand-fold increases like DOGE, SHIB, and PEPE. However, most memecoins lack actual value support and can crash to zero after explosive growth. Approach memecoin investment with a lottery mindset – invest small amounts across multiple projects, avoid FOMO, and always prioritize risk control.
