As Bitcoin (BTC) consolidates in the $68,000s as trading volumes drop off ahead of the weekend, meme coins are stealing the limelight as the bulls regain control, with traders hunting for the best crypto to buy today flocking to major names in the hope of making quick gains.
Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) momentarily hit $4,000 for the first time since December 2021.
The major cryptos were boosted by strong continued inflows into spot Bitcoin ETFs, and by macro tailwinds.
Fed Chair Powell’s comments earlier this week that the Fed is close to becoming confident enough on inflation to start cutting interest rates have weighed on the US dollar and US yields this week as traders upped bets on rate cuts starting in June.
Those bets were further supported by US data on Friday which showed the US unemployment rate rising unexpectedly to 3.9%.
But Bitcoin and Ether have both since pulled back from earlier session highs.
Traders have seemingly been opting to take profit on these coins in order to scale into riskier altcoins.
And meme coins appear to be at their top of their crypto shopping carts.
Here are some of the top performers on Friday that could be the best crypto to buy now.
Best Crypto to Buy Now
Floki (FLOKI)
FLOKI (FLOKI), the Shiba Inu meme coin that was created in honour of Elon Musk’s pet Shiba Inu dog, is leading the market on Friday.
As per CoinMarketCap, it’s the top-performing cryptocurrency in the top 100 by market cap, up 67% in 24 hours.
Its market cap is now back above $2.0 billion.
But with Dogecoin and Shiba Inu both valued above $20 billion, it could have a long way higher to run.
That’s why, despite having already pumped a long way, it could be the best crypto to buy today.
Pepe (PEPE)
Pepe is up 32% on Friday and has clinched a market cap of $3.8 billion, as per CoinMarketCap.
Its main selling point versus the other meme coins is that it isn’t a Shiba Inu dog.
Rather, it is themed after Pepe the frog, a legendary character of internet meme culture.
Pepe could become a rival to Dogecoin and Shiba Inu.
That suggests it could see gains of at least 5x, making it amongst the best crypto to buy today.
Dogwifhat (WIF)
Dogwifhat (WIF), the latest iteration of the Shiba Inu dog meme, featuring a dog wearing a hat, is up nearly 25% in 24 hours, as per CoinMarketCap.
The Solana-based meme coin’s market cap was last around $2.2 billion, slightly ahead of its predecessor Bonk (BONK)’s.
That means it remains very cheap compared to Dogecoin (DOGE) and Ethereum-based Shiba Inu (SHIB).
Just like as with Pepe and Floki, dogwifhat could have a lot further to run to the upside.
That’s why it’s a candidate for best crypto to buy today.
Alternatives to Consider – Smog (SMOG)
Meme coins like Floki, Pepe and Dogwifhat come with a lot of risk given their inherent lack of utility.
Moreover, all of the above-mentioned coins already have bloated multi-billion dollar market caps.
That reduces the potential for further upside.
Traders looking big returns (of 20x or more) are better off looking for meme coins that have a lower valuation.
If the meme coin also has a compelling use case and unique selling point, even better.
One such meme coin is a recently launched Solana coin called Smog (SMOG).
Its price has pumped nearly 8x since late February to reach a market cap of $270 million, as per DEXTools.
The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.
Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.
Even though its market cap remains modest, SMOG already boasts a strong community.
Indeed, as per birdeye.so, it already has over 60,000 holders.
Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.
SMOG could deliver at least 10x gains to investors, hence its rank in the best crypto meme coins to buy now.
Traders should note that they can clinch a 10% discount when buying SMOG directly through the project’s website.
They can also stake their tokens for a 42% APY.
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