- With April 20, 2023, approaching, the 420 (four-twenty) meme is trending.
- As a result of this trend, meme coins have begun to note massive gains.
- Investors are expecting Twitter CEO Elon Musk to join the hype, triggering a massive rally for this category.
Memes and meme coins have become an integral part of the crypto ecosystem. While Dogecoin remains the original meme coin, others have popped up to vye for center spot, like Shiba Inu, Floki Inuand countless other dog-themed cryptocurrencies. Recently, PEPE - a frog-themed cryptocurrency, grabbed the attention of many investors ahead of April 20.
Elon Musk, 420 and meme coins
The “420 memes” is embedded deep in the meme culture, and it originally meant smoking cannabis at 4:20 PM, Now, April 20, dubbed 420, is celebrated annually with Cannabis-oriented celebrations.
Twitter CEO Elon Musk is an avid supporter of memes and has embraced Dogecoin as seen in the past. In a podcast with Joe Rogan, Musk smoked Cannabis, triggering a massive reaction in Tesla and SpaceX stock prices. In addition, Elon Musk got into big trouble with the regulators after tweeting, “...$420. Funding secured.”
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
To further illustrate how critical Elon Musk is to the meme community, he recently changed the logo of Twitter to Dogecoin. This triggered a massive response in Dogecoin price, which shot up 32%.
Enter: Meme coins
Dogecoin is the original meme coin and has Elon Musk’s full support, but Shiba Inu came along and reinvented what being a meme coin meant. During SHIB’s reign between September and October 2021, a lot of the dog-themed cryptocurrencies shot up. It was easy money.
With the four-twenty event, just a day away, things have gotten interesting again with the surprising launch of Pepe (PEPE) on April 14. With a market capitalization of just $113 million, PEPE has seen a stark rise of 379% since April 17. The token has grown nearly four times in the last two days.
As a result of this coin’s success, other meme-related tokens are likely to see massive traction and rally. Investors do need to be careful about scams when investing in unknown tokens.
After the PEPE hype, Dogecoin is next. DOGE holders are ecstatic and are expecting big things from the token in the near future due to Musk’s involvement.
Read this DOGE article for more information on Dogecoin price targets for the upcoming rally.
While most high-impact events turn out to be a sell-the-news kind, the decline in Bitcoin dominance paints a hopeful picture for altcoins and alt season generally. Buying now, albeit a little risky, could pay off handsomely.
$200 meme coin portfolio experiment
Disclaimer: I have decided to invest $200 into meme coins to ride the ongoing hype. This investment is done knowing full well that I might lose all of the funds should these projects turn out to be scams or rug pulls. This is not financial and/or investment advice of any kind.
To ride the meme coin hype wave, I have decided to invest $200 into three hot meme coins. The goal is to make as much money as possible from the hype cycle.
$200 meme coin portfolio experiment
The table will be updated every day for a week.
This article is the first part of a shitcoin portfolio experiment series:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.