The year 2023 has been marked by a “resurgence” of cryptocurrencies, at least so far. 

In the previous year, the market had been heavily impacted by uncontrollable inflation and interest raises inherited by the economic turmoil caused by the COVID-19 pandemic.

To make things worse, the utter collapse of one of the most influential companies in the space, FTX, also led to major losses in nearly all currencies.

However, the market was able to get a second wind by late December. Since then, major currencies like Bitcoin, Ethereum, and Solana saw their prices surge up to 120% in value.

During the first three months of the year, mainstream currencies were able to trade freely — consolidating a bullish market that seemed like it was gonna make 2023 one of the most profitable years for crypto investors.

But the FTX case, which gained notoriety due to how badly the company had managed investor funds, turned out to be just what regulating parties needed to weigh down crypto.

Only recently, the SEC dropped the hammer on Binance, while also categorizing some of the biggest currencies in the market as “securities”.

Investors Turning to Memecoins For Profits

The fear of a potential crackdown by the SEC is changing the way many cryptocurrency investors trade. Instead of holding “mainstream” tokens awaiting news of upcoming projects that could cause these currencies to skyrocket, a lot of them are now diversifying their wallets with memecoins.

The surge in popularity of memecoins has reached new heights, with their prominence now greater than ever before. Elon Musk’s acquisition of Twitter has played a significant role in this trend, as his association with Dogecoin has caused it to trend multiple times throughout the year.

In addition to that, the market has already seen new assets like ArbDoge, WallStreetMemes, Alex The Doge, and Golden Inu surge by up to 1000% in value only a couple of days after their initial coin offering.

The Memecoin Race in 2023

This surge in interest in joke-inspired cryptocurrencies ignited an “arms race” of sorts in this market. While major memecoins like Shiba Inu already start showing signs of exhaustion, up-and-coming tokens capable of turning thousands of percent in yields are being looked at with more excitement by investors. 

Today, this market presents an almost boundless potential for profits. Although the memecoin realm is saturated with numerous tokens of questionable value, a select few assets stand out due to their legitimate projects backing them. These tokens possess the inherent potential to skyrocket in value and become the coveted “x100Gem,” as Twitter folks often like to say.

Amidst the sea of seemingly pointless tokens, these standout assets differentiate themselves by having substantial projects driving their development. This fundamental distinction positions them as candidates with the capacity to achieve remarkable growth and multiply investors’ returns manyfold.

While the landscape requires careful scrutiny to identify these promising opportunities, the prospect of discovering the next “x100Gem” adds an extra layer of excitement and anticipation within the memecoin market. 

However, due diligence, or “do your own research” is important before venturing into this market. After getting past the first barrier of potentially untrustworthy tokens, it is important to highlight what tokens have the best chance of establishing themselves as valuable cryptocurrencies in their own right.

In order to do that, checking what kind of work the companies are putting to bring value to their currencies is extremely important. Today, the market presents very promising and lucrative opportunities.

Some even allow investors to get in before the token launch, like Golden Inu’s current presale, allowing buyers to potentially see their investments skyrocket on the day of the launch.

Gone are the days when memecoins could rely on name value alone to stand out. Today, these currencies need to invest in security, growing an organic community, and most importantly, utility.

Wall Street Memes ($WSM)

Born from the incredibly popular Reddit community, r/WallStreetBets, $WSM already has an enormous following even before its launch.

The currency is currently on presale, with reports indicating that it has already gathered over $10 million.

Wall Street Memes rely greatly on the “joke” aspect of cryptocurrencies in order to build a large following. At the end of the day, that is what this subsection of cryptocurrencies was built around after all.

However, this currency could have a couple of problems in the long run that could affect its longevity. Their official website’s roadmap indicates several plans for community-building and marketing campaigns — but there is no real indication of any plans to develop software or applications capable of making $WSM really useful for its investors.

With that said, the outstanding number of people already gathered around this cryptocurrency could very well be enough for making it surge after its ICO.

Alex The Doge ($ALEX)

Built on Polygon, this memecoin is one of the newest “doge-type” tokens to brace the market.

Overall, this currency is keen on making a name in the DeFi Play-to-Earn blockchain gaming space. The token is also on a presale and, as of right now, $ALEX is currently valued at $0.0084.

The company intends on launching its own exclusive game, “ALEX & The Miracle Verse” at stage 2 of its predetermined roadmap. Moreover, the project will also release the NFT collection that can be used in-game. 

With a low-value token paired with a solid background project, Alex The Doge is certainly one of the tokens to be on your radar.

ArbDoge ($AIDOGE)

ArbDoge, also referred to as AIDOGE, is a deflationary memecoin in the Arbitrum ecosystem. 

With a total supply of 210 quadrillion tokens, it functions as the primary currency for various applications within the ecosystem. AIDOGE implements an 8% burning tax, making it a deflationary asset. 

The token displays an interesting functionality: every purchase of AIDOGE rewards the buyer with a Lucky Drop ticket, presenting an opportunity to win ARB prizes based on the purchase amount.

Users can also stake their AIDOGE holdings to earn additional rewards within the ecosystem, fostering active participation and engagement.

Currently valued at $0.0000000001547, the token has a lot of room for growth. However, the market cap of $30 million indicates that the currency is already “mature”. The relatively higher market cap suggests that the token has already experienced a certain level of recognition and possibly priced in some anticipated growth. 

As a result, the potential for it becoming the next “100xGem” becomes more challenging.

Golden Inu Token ($GOLDEN)

In contrast to tokens that have no interest in being useful to the eco-space, Golden Inu stands out as one of the few new memecoins going “all in” in utility.

Originally launched in February on the BNB Chain, the asset gained a tremendous amount of traction, catapulting it to a near 1000% growth in just two weeks. 

During its first month of existence, Golden Inu devs had already launched two different applications, plus an exclusive dashboard that allows holders to closely track the currency’s news and reports.

Today, developers are currently working on several different projects aiming to bring utility to the currency. They intend to launch a completely new and exclusive Play-to-Earn game, “Golden Inuverse”, that will bring the token to use, as well as several NFT collections to be used in-game.

On top of that, the team is also keen on launching a unique decentralized exchange that will allow users to swap tokens between several blockchains through $GOLDEN.

With that DEX project in mind, Golden Inu is currently promoting a presale before the launch of the Ethereum Blockchain version of the token. 

Taking Golden Inu’s BNB Chain coin offering as an example, the chances of doubling, or tripling investments overnight after the Uniswap listing are pretty significant. A study from Xangle indicates that these kinds of listings average 208% growth, due to the “Uniswap Effect”.

The BNB Chain version of $GOLDEN is currently valued at $0.000000000004368. Its total market cap, averaging around $170,000 gives this token the most room for growth in this list. 

What sets $GOLDEN apart is its incredible efforts to become useful within the crypto space. The token’s development team has been actively working on establishing partnerships, building utilities, and fostering a strong community.

Furthermore, the low market cap allows for significant upside potential. As $GOLDEN gains traction and adoption, its market cap has the potential to skyrocket, resulting in considerable returns for early investors. 

With its current valuation and promising efforts in becoming useful for the crypto space, $GOLDEN stands poised to be the next 100xGem, capturing the attention of savvy investors looking for high-growth opportunities.