BTC - Should You Buy Meme Coins in 2023?
2023-04-14 07:05:00 ET
In 2023, meme coins continue to underperform the broader crypto market. While Dogecoin (CRYPTO: DOGE) is up 21% for the year, and Shiba Inu (CRYPTO: SHIB) is up 37%, other crypto tokens are performing far better. For example, Ethereum (CRYPTO: ETH) is up 59%, and Bitcoin (CRYPTO: BTC) is up 82%.
In the equity markets, this type of underperformance would be punished quickly and severely. But in the crypto markets, this doesn't seem to be the case. Hope springs eternal that somehow -- somehow! -- Dogecoin will finally hit the $1 mark, or that the next hot meme coin will somehow turn all of us into crypto millionaires. The reality, though, is that meme coins are terrible investments, now more than ever.
While meme coins have always been highly speculative, at least in the past, they came with the promise of nearly unlimited upside. Remember back in early 2021, when Dogecoin experienced a massive 14,000% rally? Dogecoin eventually soared to its all-time high of $0.74. Billionaire Elon Musk was cheerleading for the meme coin, and the future looked as bright as it ever had for Dogecoin.
For further details see:
Should You Buy Meme Coins in 2023?