Memecoins offer a high-risk high-reward option for crypto investors. But not all meemcoins are created the same. Only a few get to reach a market cap of millions of dollars.
That’s why, in this article we want to take a look at the market and identify the way on how to find the next Best Base memecoin out there.
If you are looking to find the top Base memecoins by market cap, that’s easy. Coingeko lists the top Base memecoins in the “Categories” section of the website.
Here are the top 10 Base memecoins by Market Cap at the time of writing this article (12.06.2024):
Now, $STEPUP is not up there yet, but we can only stepup from here.
A good memecoin is not guaranteed to step-up to a high market cap, but there are some things most top Base memecoins have in common.
When looking to invest into a Base memecoin, you need to take many things into consideration: is the concept behind the memecoin a good one? How is the community? What is the potential for growth? Of course, some luck is also involved, but you can take steps to “step-up” your odds of success and to find one of the top base memecoins before they go viral.
Here are 5 things to look for when searching to find the top Base memecoins:
1. Avoid scams and Rug Pulls
You might be tempted to find a memecoin that just launched and invest in that one, but 99% of the time, that’s just going to be a rug pull / scam. Nothing is a guarantee in crypto, but there are ways to minimize risks. Identify memecoins that have:
- Locked Liquidity or Burned LP Tokens: Verify if the project has locked liquidity or burned liquidity pool (LP) tokens. Locked liquidity means the funds are secured in a smart contract for a specified period, preventing developers from running away with the funds.
- Fixed supply: Verify that the contract owner can’t mint more tokens. If they can, your holdings can be devalued in time.
- Fair Launch: Avoid projects with pre-sales or initial coin offerings (ICOs) where early investors can dump their coins on newcomers. Fair launches distribute coins more evenly among investors from the start, reducing the risk of price manipulation.
- Distribution Analysis: Check the distribution of the memecoin’s supply. Ensure there are no top wallets or developer wallets holding a significant portion of the supply, as this can lead to market manipulation. You can easily check this with BaseScan.
- Transparency in Smart Contract: Some coins / tokens can use various functions in their Smart Contract to freeze transactions or enable other forms of fraud. Look for memecoins that have undergone third-party audits or at least ones that have their Smart Contract verified on BaseScan (making it visible to the public).
By the way, $STEPUP meets all these criteria:
- We are a memecoin with liquidity locked for 3 years through UNCX Network;
- When we launched, we included $STEPUP’s entire supply in the initial liquidity pool – no pre-sale, no airdrop, just a clean launch;
- We bought back a small part of our token’s supply at the beginning. Our transactions are transparent and we currently hold just around 5% of the memecoin’s supply;
- Our Smart Contract was created using open-source resources and it can be easily verified on BaseScan. Our memecoin is just a simple ERC20 token so anyone with some basic crypto knowledge can check that there is no shady code in our Smart Contract.
Tools to use to identify safe memecoins:
- TokenSniffer: input the contract address and the website will quickly show you some basic info about the respective token – if liquidity is locked, share of supply held by creator website, if smart contract is verifiable, a bubble visualization of token holder etc.
- Dextools or Dexscreener and other similar websites: verify if liquidity is locked and scan transactions with the token
2. Brand, Identity and Concept
The identity and concept behind a memecoin can significantly influence its success:
- Unique Branding: A distinctive and relatable brand can set a memecoin apart. Look for coins with strong, memorable names and logos that resonate with the meme culture. For example, as far as we know, there is no other memecoin named STEPUP out there (for now).
- Clear Vision: While many memecoins are created as jokes, the best ones often have a clear vision or unique proposition. Our vision is fairly clear: help crypto newbies stepup their crypto skills and challenge the crypto space to stepup to better practices.
- Engaging Story: The story behind the coin should be engaging and shareable. A good narrative can drive community interest and media coverage, helping the coin gain traction. For example, we’ve decided to focus on trying to elevate the crypto space (specifically the memecoin space) and promote fair practices.
- Viral potential: This one is more difficult to evaluate, but you basically have to think how meme-able is the memecoin? Most of the times, a memecoin can represent be a simple meme or a character / mascot or some variation of another meme. With the right formula, it can also lead to a movement. It can also be a play on words, like STEPUP: get it? Because it’s the word “stepup” which can signify an increase in value or being more responsible, but it also has the word “pup” in it.
- Fit with Base’s branding: The most successful memecoins on Base have a branding that is reminiscent with Base’s own branding. For example, we like the color blue so we used it in our logo. We also have our logo in the shape of a circle that is reminiscent with Base’s own logo.
- Website, social media accounts: A memecoin with it’s own website that has it’s own domain name may indicate the devs’ intention to work on the memecoin in the long term (just like us). On the other hand, if the memecoin doesn’t even have social media accounts set up, then that might indicate the devs aren’t in it for the long run.
3. Community Enthusiasm
In order for a memecoin to be successful, it needs an active community:
- Social Media Activity: Check social media activity of the memecoin: twitter, telegram, reddit etc. How many followers do they have? Be careful though, if the meemcoin just launched and it has a thousand followers, those might be bots to create the illusion of interest. Or maybe it means the memecoin had a pre-sale or was announced way earlier even tough it just launched.
- Quality of social activity: Do the followers of the memecoin just shill the project everywhere they go and yell “TO THE MOOOOON” a lot? While that’s not necessarily bad, a more sustainable memecoin will also need people who actually believe in the project instead of people looking for a quick gain.
- Transparency: The development team should be transparent and accessible. Regular updates and open communication channels foster trust within the community.
- Appeal to beginners and the general public: There are just a handful of memecoins that have reached a general public: Dodge, Shiba, WIF, PEPE etc. These memecoins are usually easy to understand, have straightforward buying processes and have educational resources available for new investors. You may have noticed, but this is what we are aiming to do with $STEPUP.
$STEPUP is still in the process of forming its community. After all, we did just launch our Youtube channel. We are focusing on sustainable growth through honesty and transparency. If you want to join us on our crypto adventure, make sure to check our telegram.
4. No Tax Structure
Zero transaction taxes can be a positive indicator:
- No Buy/Sell Taxes: Some coins impose taxes on buying or selling transactions, which can be a red flag. These taxes can deter trading activity and reduce liquidity. Look for memecoins with no transaction taxes to ensure a more straightforward trading experience. Some memecoins have transaction taxes in order to help with the promotion budget and that is ok as long as it’s transparent and the taxes aren’t too high.
$STEPUP doesn’t have any taxes on transactions, but the initial PUP-WETH liquidity pool on Uniswap does have a standard 0,3% fee for all liquidity providers.
5. Potential for Growth and Associated Risks
While memecoins can be exciting, it’s important to remember that not all memecoins reach a high market value. The most common strategy employed by crypto investors in regards to memecoins is to invest a small amount in hopes it has a break-through. And usually, people don’t put all their eggs I none basket.
Furthermore, a lot of crypto investors go from meemcoin to memecoin on a relatively short term basis, thus chasing the trend.
So, when looking for a memecoin to invest in, you absolutely need to take into account how much higher you think that memecoin will stepup in terms of market value:
- Market cap value: If you are looking for a 100X or even just a 10X, you need to check the market cap value of the respective memecoin. Check the top memecoins and compare their market cap with the memecoin you’ve found. If the memecoin you’ve found already has a 10 million dollar market cap, can it really do a 100X in price in order to reach a 10 billion market cap? At the time of writing this article, BRETT, the top Base memcoin in terms of market cap has a 1,6 billion market cap. Obviously, you never know what will happen with crypto and the memcoin you’ve found could end up taking the top spot. But these are things you need to ask yourself how much more a memecoin can grow in value. On the other hand, you should realize that most memecoins (including Base memecoins) don’t ever reach a high market cap – usually due to low effort on behalf of devs, short-term vision etc.
- Risk Assessment: High rewards come with high risks. Ensure you understand the volatility and speculative nature of memecoins. Diversifying your investments and only risking what you can afford to lose is key.
At the moment, Base seems to be growing as a layer 2 in terms of volume. So, that may lead to an increase in interest and volume in Base memecoins as well.
$STEPUP is a memecoin that hasn’t yet gone viral so our market cap is still small, but that can also be an advantage. Since we’re close to the price support, our memecoin’s value can only go up from here.
The risk can be interpreted as being much lower when you buy at lower market cap (if the memecoin in question is not an outright scam), because if the memecoin doesn’t pick up, you can just sell your tokens at a later date and look for something else to invest in. For example, let’s saw we have memecoin with a 1 million dolalrs market cap and a memecoin with a 10 million dollars market cap and overnight, they both go down to 100k dolalrs market cap. That’s a 90% loss vs a 99% loss.
Meanwhile, at the time of writing this article, $STEPUP’s value is pretty much close to the level it was at launch.
Analysing the top Base memecoins and $STEPUP
The following image displays information that was clearly identifiable on the website of the respective Base memecoins, or on websites such as TokenSniffer or BaseScan. Do keep in mind that TokenSniffer is an automatic tool so information might not always be accurate.
Conclusion
Finding the best memecoins, especially on a new platform like Base, involves a mix of research, community engagement, and market analysis. By prioritizing safety, brand identity, community enthusiasm, and potential for growth, you can increase your chances of discovering promising memecoins early. Remember, while the potential rewards can be high, it’s essential to approach memecoin investments with caution and due diligence.
In terms of it’s value, branding and tokenomics, $StePUP ($PUP) is comparable to the top Base memecoins (by market cap). We are committed to making STEPUP a successful memecoin within the Base ecosystem.