Buy Meme UPDATED
There are a variety of different tokens and coins in the cryptosphere. Bitcoin acts as digital gold, privacy coins like Monero allow confidential untraceable transactions and utility tokens like Filecoin help utility users interact with the Filecoin decentralized data storage platform. Conversely, meme cryptocurrencies often follow a get-rich-quick purpose, or they exist as more of a joke than anything else.
As you may notice, many meme cryptocurrencies share the name (and even the likeness) of patron crypto meme saint Elon Musk. Musk has been involved with Bitcoin and crypto since around 2019 and 2020 and has even spearheaded Tesla accepting Bitcoin payments (at least for a few months). Musk is notorious for tweeting about cryptocurrencies like Dogecoin and drastically increasing or decreasing their value. This has earned him both love and hate from the crypto community, and many have questioned his seeming price manipulations, but he continues to be an influential figure in the space.
Some meme coins are available on popular centralized exchanges like Kraken, Robinhood or Coinbase. But more often than not, meme coins are not accepted by these exchanges for not meeting safety and value standards. Most often, meme coins are only available for trading or swapping on decentralized exchanges (DEXs) like PancakeSwap. You will already need to have a cryptocurrency to trade for meme coins like SpacePenguin (PNGN) or Tendies (TEND).
Identifying a meme cryptocurrency is important to avoid schemes and malicious activity from token creators like rug pulling. It is important to be able to tell if a founding team is in it for the long haul with their meme currency project or if they are just trying to make a quick buck off of those who buy their tokens. If a token is listed on centralized exchanges, that is usually a good sign that many have done their due diligence on behalf of crypto investors.
The meme stock craze, driven largely by investors on social media platforms and in online forums like Reddit, caused certain stocks to go viral. Perhaps the most famous was the WallStreetBets Reddit thread that encouraged people to buy GameStop and AMC Entertainment stock at the beginning of 2021.
Meme stocks refer to a select few stocks that gain sudden popularity on the internet and lead to sky-high prices and unusually high trading volume. While some Reddit traders were able to make a lot of money in a short amount of time by buying and then selling AMC and/or GameStop at the exact right moment, investing in meme stocks is generally very risky.
A meme stock's value is a result of its hype on social media and not necessarily the company's performance. Though there is a potential for monumental gains, meme investors are more likely to experience potentially bigger losses as the stocks become overvalued and their price dramatically plummets.
Though the idea of amassing crazy wealth overnight is obviously appealing, the reality is that the odds are heavily stacked against anyone trying to outsmart the market. The meme investors who walked away with a lot of money were arguably just very lucky. This kind of trading is ultimately not that much different than gambling.
In this article, we will be taking a look at the 11 best meme stocks to buy now. To skip our detailed analysis of these stocks and their past performance, you can go directly to see the 5 Best Meme Stocks to Buy Now.
One of the major investment trends observed in late 2020 and early 2021 was the surge in retail trading. Investors, primarily online retail traders, collectively conspired to drive up the prices of a select few stocks that attained the label of "meme stocks." The name came up as a result of the overwhelming social media popularity observed for all these stocks, particularly on platforms such as Reddit's WallStreetBets forum.
One of the primary reasons for the rise of meme stocks was the resentment most people felt toward corporate America in light of the COVID-19 pandemic and rampant inflation. However, the performance of these stocks soon became another factor that increased their popularity. According to an Acuitas Investments report from September 2021, meme stocks outperformed traditional stocks by a significant margin in that year. In January and February 2021, the performance of these stocks was on the rise by 110.2% and 9%, respectively, while the Russel Microcap Index showed figures of 14.2% and 6% for the two months. In June as well, meme stocks rose by 24.7% while the Russell Microcap Index rose only by 2.2%.
The benefits demonstrated by investing in meme stocks have led to an overall rise in individual investors' estimated share of US equities trading volume. According to a BNY Mellon report on the future of meme stocks, between 2018 and 2020, the estimated share of US equities trading volume held by individual investors has increased from a little over 15% to nearly 20%. As such, these stocks are currently among the most popular securities in the market.
We picked the most discussed stocks on Reddit's WallStreetBets forum over the past few weeks. Some of these include Tesla, Inc. (NASDAQ:TSLA), GameStop Corp. (NYSE:GME), and Bed Bath & Beyond Inc. (NASDAQ:BBBY). Redditors are banding together to invest in these stocks. Some of these are pure meme stocks that are set to gain further on the back of Reddit activity, while others, like Tesla, have strong growth catalysts and bullish investor sentiment.
Atomera Incorporated (NASDAQ:ATOM), like Tesla, Inc. (NASDAQ:TSLA), GameStop Corp. (NYSE:GME), and Bed Bath & Beyond Inc. (NASDAQ:BBBY), is highly popular among meme communities on major social media platforms today.
GameStop Corp. (NYSE:GME) is one of the most famous meme stocks in the market, having been at the center of a major short squeeze that cost many investors billions of dollars. The company has a year-over-year revenue growth rate of 8.55%, and in the fiscal second quarter of 2023, the company's EPS of -$0.35 beat estimates by $0.07. This September, the company also announced a new partnership with FTX, leading it to rise 6.6% within the first week of September. GameStop Corp.'s (NYSE:GME) revenue in its latest earnings report stood at $1.14 billion.
The CEO of AMC Entertainment Holdings, Inc. (NYSE:AMC), Adam Aron, has a marketing strategy catering to a crowd of retail investors calling themselves "Apes." AMC Entertainment Holdings, Inc. (NYSE:AMC) has thus been on the rise among meme stocks in the market with its rising popularity among these retail investors. The company's EPS in the second quarter was -$0.20, beating estimates by $0.03. AMC Entertainment Holdings, Inc. (NYSE:AMC) also brought in revenue of $1.17 billion, up 162.29% year-over-year.
Over the next three to five years, its EPS is expected to rise by 10.01% as well. The company also has a one-year dividend growth rate of 58.06%. The company also began gaining fame on Reddit's WallStreetBets forum last year and well into 2022, suddenly converting it into one of the most popular meme stocks in the market.
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You can buy meme coins using a cryptocurrency exchange. Centralized cryptocurrency exchanges such as Coinbase, Gemini, Binance, FTX, and Kraken enable you to buy and sell directly with other users through their online marketplaces. Decentralized exchanges like PancakeSwap require using a cryptocurrency wallet that lets you to maintain custody of the currency outside an exchange."}},"@type": "Question","name": "Can you create meme coins?","acceptedAnswer": "@type": "Answer","text": "Anyone with the necessary technical knowledge is easily able to create a cryptocurrency. However, turning a coin or token into a popular meme coin is extremely difficult and has only been successfully achieved a few dozen times.","@type": "Question","name": "What are the most popular meme coins?","acceptedAnswer": "@type": "Answer","text": "According to CoinMarketCap, the top four meme coins in terms of market capitalization are Dogecoin, Shiba Inu, Baby Doge Coin, and Dogelon Mars. Others include Shiba Floki Inu, Doge Killer, Kishu Inu, Samoyedcoin, Shiba Predator, and many others."]}]}] Investing Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Economy Government Policy Monetary Policy Fiscal Policy View All Personal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All News Markets Companies Earnings Economy Crypto Personal Finance Government View All Reviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All TradeSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard EconomyEconomy Government Policy Monetary Policy Fiscal Policy View All Personal FinancePersonal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All NewsNews Markets Companies Earnings Economy Crypto Personal Finance Government View All ReviewsReviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All Financial Terms Newsletter About Us Follow Us Facebook Instagram LinkedIn TikTok Twitter YouTube Table of ContentsExpandTable of ContentsWhat Is a Meme Coin?Understanding Meme CoinsMeme Coins Have High VolatilityPros & Cons of Meme CoinsFrequently Asked QuestionsThe Bottom LineCryptocurrencyAltcoinsMeme Coin ExplainedByEric Rosenberg Full BioEric Rosenberg is a finance, travel, and technology writer. He has 10 years of experience in banking, corporate finance, and corporate accounting.Learn about our editorial policiesUpdated February 28, 2023Reviewed by 041b061a72