Memecoin is in the spotlight as Bitcoin (BTC) consolidates above the $68,000 level as trading volume declines ahead of the weekend and bulls regain control Traders looking for the best cryptocurrencies are flocking to major stocks with high expectations. It is rapidly becoming profitable.
Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) briefly reached $4,000 for the first time since December 2021.
Major cryptocurrencies were buoyed by continued strong inflows into spot Bitcoin ETFs and macro tailwinds.
Fed Chairman Jerome Powell's comments earlier this week that the Fed was starting to feel confident enough on inflation to start cutting interest rates have raised traders' expectations for rate cuts starting in June, with the dollar and US yields rising this week. It became a burden.
These views were further supported by Friday's US data, which showed the US unemployment rate unexpectedly rose to 3.9%.
However, both Bitcoin and Ether have since fallen from their previous trading highs.
Traders seem to be choosing to make profits on these coins in order to scale up to riskier altcoins.
And Meme Coin appears to be at the top of the cryptocurrency shopping cart.
Here are some of Friday's top performers that could be the best cryptos to buy right now.
Best cryptocurrencies to buy now
FLOKI
FLOKI (FLOKI), the Shiba Inu meme coin created in honor of Elon Musk's pet Shiba Inu, is leading the market on Friday.
According to CoinMarketCap, it was the best-performing cryptocurrency among the top 100 by market capitalization, rising 67% in 24 hours.
Its market capitalization is currently over $2 billion.
But Dogecoin and Shiba Inu are both worth more than $20 billion, and operating costs could be even higher.
That's why it could be the best cryptocurrency to buy today, even though it has already come a long way.
Pepe (Pepe)
Pepe rose 32% on Friday, giving it a market cap of $3.8 billion, according to CoinMarketCap.
Its main selling point over other meme coins is that it is not a Shiba Inu.
Rather, it's themed around Pepe the Frog, a legendary character of internet meme culture.
Pepe could become a rival to Dogecoin and Shiba Inu.
This suggests the potential to see at least a 5x return, making it one of the best cryptocurrencies to buy right now.
Dogwifat (WIF)
Dogwifhat (WIF), the latest version of the Shiba Inu dog meme featuring a dog wearing a hat, rose nearly 25% in 24 hours, according to CoinMarketCap.
The market cap of the Solana-based meme coin was last estimated at approximately $2.2 billion, slightly higher than that of its predecessor, BONK.
This means it is still very cheap compared to Dogecoin (DOGE) and Ethereum-based Shiba Inu (SHIB).
Like Pepe and Floki, dogwifhat has a lot more potential to rise.
That's why this is a great candidate for the best cryptocurrency to buy today.
Alternatives to consider – Smog (SMOG)
Meme coins such as Floki, Pepe, and Dogwifhat carry many risks due to their inherent lack of utility.
Additionally, all of the above coins have already grown in market cap to billions of dollars.
This reduces the possibility of further increases.
Traders expecting big profits (20x or more) would be better off looking for meme coins with lower valuations.
Even better if meme coins also have attractive use cases and unique selling points.
One such meme coin is the recently launched Solana coin called Smog (SMOG).
According to DEXTools, its price has increased nearly eightfold since late February, bringing its market cap to $270 million.
The dragon-themed token is being touted as offering the biggest airdrop in Solana history.
Traders can qualify for the airdrop by purchasing holdings of SMOG on Solana or staking tokens on Ethereum.
Although its market capitalization remains modest, SMOG already boasts a strong community.
In fact, according to birdeye.so, there are already over 60,000 holders.
Given all the excitement surrounding Solana's airdrop in recent months, SMOG is likely to garner a lot of interest in the coming weeks.
SMOG ranks among the best crypto meme coins to buy right now as it has the potential to provide investors with at least 10x returns.
Traders should note that they will receive a 10% discount when purchasing SMOG directly through the project website.
You can also stake your tokens at 42% APY.
Click here to purchase Smog
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
