Meme coins to sell are not a hot topic of discussion right now as we move towards the fourth Bitcoin halving in mid-April. A deflationary event like the halving often sparks a Bitcoin (BTC-USD) bull run. Bitcoin, which already notched a new all-time high of around $73,000 this year, is the bellwether for the sector. So, if it grows, so does the industry. Pretty simple logic? However, at the heart of any investment is value.
Because Bitcoin functions as a hedge against inflation, investors favor it, particularly in countries like El Salvador and the Central African Republic, where it has been accepted as legal cash. In the case of Ethereum (ETH-USD), the ecosystem will be upgraded in 2024 by a number of innovations.
However, the meme coins we will explore do not offer the same type of utility. Now seems like a good time to cash out while their valuations are up.
Shiba Inu (SHIB-USD)
Shiba Inu (SHIB-USD) starts our discussion on meme coins to sell, as the gap between market speculation and genuine utility forces investors to take notice.
The meme currency was initially created as a joke in August 2020, and even with its $15 billion market valuation, it is still mostly just a joke with almost no real-world utility. A lack of use cases is its ultimate downfall, both as an investment and as a project.
Shiba Inu’s only ally is celebrity hype, chiefly Elon Musk, the CEO of SpaceX and Tesla (NASDAQ:TSLA). And, Musk has a history of openly supporting meme coins. His logic is that meme coins are for the little guy.
However, many fans of Shiba Inu realize that beyond trading, both ETH and BTC offer something to the investor, whether as a store of value or a platform for decentralized applications. That is the problem Shiba Inu needs to solve; otherwise, it will remain one of the meme coins to sell for the foreseeable future.
Dogecoin (DOGE-USD)
Dogecoin (DOGE-USD) follows in the footsteps of Shiba Inu, as there is more similarities than differences between the two.
It started out life as a lighthearted joke in December 2013. Two software engineers wanted to offer satire on the wild speculation of the crypto markets. Unfortunately, the two caused more inadvertent speculation in the crypto sphere when the meme coin caught on. Once again, thanks to Tesla CEO Elon Musk.
In March, Musk made hints that Tesla would accept the meme-based cryptocurrency as payment for its cars “at some point” during an event. Dogecoin is already accepted as payment for other Tesla merchandise purchases.
Dogecoin saw a price spike when Musk dubbed it “the people’s crypto.” The title reaffirmed support at a time when faith in the coin was wavering. And, many in the investing community thought his endorsement was a thing of the past.
Altogether, Dogecoin enthusiasts can use the meme coin for small tips and also fundraising activities. But they will have to wait for the next Musk X post or major announcement to move the needle in terms of price. And no one can accurately predict Elon Musk’s next move.
Pepe (PEPE-USD)
Pepe (PEPE-USD) is another one of the meme coins to sell as we head into the Bitcoin halving cycle. With respect to utility, the coin has little to say; much of its value is speculation.
Now, that’s not to say there is no market speculation from which to benefit. PEPE has experienced a lot of trading activity. Especially on Binance, accumulating millions of dollars worth of PEPE.
At the height of the meme coin frenzy, the PEPE token’s market cap soared to $500 million in 2023, doubling its value in a week’s time. However, PEPE let go of these gains later on in the year, as investors took profits, particularly in exchange for the more established Ethereum.
In addition, Pepe has encountered issues that have eroded investor confidence. Such as insider trading, with the founders reportedly stealing around $15 million worth of tokens. Such occurrences cast doubt on the project’s openness and governance, providing more headaches for investors who already have to deal with a lack of utility.
On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
