Top 5 Meme Coins to Watch in January 2023

Meme cryptocurrencies were the highlight of the 2021 bull market, with meme coins like Dogecoin (DOGE) recording a meteoric rise in value. However, over the past year, the value of most meme coins has dropped significantly as the general market has sold off.

Notably, some memecoins remain in focus, aided by factors such as network development and increased use cases. Therefore, below are the five best meme coins to watch in January 2023, as analyzed by Finbold.

Dogecoin (DOGE)

Although Dogecoin traded mostly in the red zone in 2022, the asset saw small gains supported by news of network development and adoption. In fact, the asset soared after receiving the backing of Tesla (NASDAQ: TSLA ) CEO Elon Musk.

DOGE remains a viable investment option, given that speculation remains that the token could be integrated as a payment option on Twitter. At the same time, investors are looking for possible breakthroughs after it became known that Musk and Ethereum founder Vitalik Buterin have plans to develop the network.

Furthermore, the DOGE may aim to build on the minor highs of 2022. In this case, Dogecoin was the second best performer among the top ten cryptocurrencies of 2022 by market capitalization, dropping 54% in value. As things stand, the asset is trading at $0.072, with gains of around 2.8% for the day.

Doge price chart
Dogecoin daily price chart. Source: CoinMarketCap

Shiba Inu (SHIB)

Aside from the significant price correction, Shiba Inu ( SHIB ) is looking to achieve several milestones in 2023 as the community looks to bring various products online. For example, decentralized finance (DeFi) is hoping to launch a Shiba Inu layer 2 scaling solution called Shibarium along with accelerated interest in the metaverse.

As of press time, Shiba Inu was trading at $0.0000082, gaining more than 2% in the last 24 hours.

Shib price chart
Shiba Inu daily price chart. Source: CoinMarketCap

Bonk (BONK)

The Shiba Inu-themed asset is adding to the community’s boom, despite the market’s downturn for early investors. Notably, Bonk (BONK) Solana (SOL) was airdropped to the non-fungible token (NFT) community and creators, resulting in a spike in trading volume and increased buying pressure.

While Bonk is gaining steam, it will be interesting to monitor whether the token replicates the success of other meme coins. Based on initial returns, the token is definitely clocking in for January 2023. Bonk is currently changing hands at $0.0000020 with gains of over 60% in the last 24 hours.

Bonk price chart
Bonk one day price chart. Source: CoinMarketCap

Terra Classic (LUNC)

Following the crash of the Terra (LUNA) ecosystem, the platform’s original Terra Classic (LUNC) chain has mimicked the price movement of meme coins. Backed by coordinated short squeezes from the community, LUNC defied the overall market price movement to record gains.

For the time being, LUNC’s prospects will largely depend on continued support from established crypto entities, along with initiatives such as the permanent burning process. However, any developments surrounding Do Kwon Terra’s creator make it interesting. LUNC is trading at $0.00015, gaining more than 1.3% in 24 hours.

Lunc price chart
Terra Classic daily price chart. Source: CoinMarketCap

Floki Inu (FLOKI)

Floki Inu (FLOKI) was born out of the success of the Shiba Inu. Today, the Floki community is developing three main areas of NFT markets, metaverse-based games, and educational platforms.

The success of the development is likely to bring more utility to Floki Inu, making it appealing to the masses. Like SHIB and DOGE, FLOKI will also seek possible input from Musk. As of press time, FLOKI was trading at $0.0000078 with gains of about 0.5% over the past 24 hours.

Floki price chart
Floki one day price chart. Source: CoinMarketCap

In conclusion, the ability to collect meme coins will be dictated by the general movement of the market that remains in the consolidation phase. The respective communities will also have to do a lot of work, considering that meme coins have been criticized for not having a strong utility.

Note: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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