As Bitcoin (BTC) consolidates at $68,000 with trading volumes falling ahead of the weekend, meme coins are stealing the spotlight as bulls regain control, as traders search for the best cryptocurrencies to buy today and flock to major names in hopes of making quick gains.
Bitcoin briefly surpassed $70,000 for the first time on Friday. Ethereum (ETH) has temporarily reached $4,000 for the first time since December 2021.
Major cryptocurrencies have been boosted by continued strong inflows into spot bitcoin ETFs, and macro tailwinds.
Fed Chairman Powell's comments earlier this week that the Fed is close to becoming confident enough about inflation to start cutting interest rates weighed on the US dollar and US yields this week as traders increased their bets on interest rate cuts starting in June. .
These bets were further supported by US data released on Friday, which showed the US unemployment rate unexpectedly rising to 3.9%.
But Bitcoin and Ether have since retreated from their highs in the previous session.
It appears that traders are choosing to take profits from these currencies in order to expand into riskier altcoins.
And meme coins seem to be at the top of cryptocurrency shopping carts.
Here are some of the best performing coins on Friday that may be the best cryptocurrencies to buy right now.
Best cryptocurrencies to buy now
Floki (FLOKI)
FLOKI (FLOKI), the Shiba Inu meme coin created in honor of Elon Musk's pet Shiba Inu dog, tops the market on Friday.
According to CoinMarketCap, it is the best-performing cryptocurrency in the top 100 by market cap, up 67% in 24 hours.
Its market capitalization is now back above $2.0 billion.
But with both Dogecoin and the Shiba Inu valued at over $20 billion, it may have a long way to go.
That's why, even though it has already come a long way, it could be the best cryptocurrency you can buy today.
pepper (pepper)
Pepe's price rose 32% on Friday and received a market cap of $3.8 billion, according to CoinMarketCap.
The main selling point versus other memes is that it's not a Shiba Inu dog.
Instead, it was designed after Pepe the Frog, a legendary figure of internet meme culture.
Pepe could become a competitor to Dogecoin and Shiba Inu.
This suggests that it could see gains of at least 5x, making it among the best cryptocurrencies to buy today.
Dujoyvat (WIF)
The price of DogwaveFat (WIF), the latest iteration of the Shiba Inu dog meme, which features a dog wearing a hat, has risen nearly 25% in 24 hours, according to CoinMarketCap.
The market cap of the Solana-based memecoin was around $2.2 billion, slightly ahead of its predecessor Bonk (BONK).
This means that it remains very cheap compared to the Ethereum-based Dogecoin (DOGE) and Shiba Inu (SHIB).
Just like with Pepe and Floki, Dogwifhat could have a lot of upside.
That's why it's a candidate for the best cryptocurrency to buy today.
Alternatives to Consider – Smog (SMOG)
Coins like Floki, Pepe, and Dogwifhat come with a lot of risks due to their inherent lack of utility.
Moreover, all of the above currencies already have an inflated market capitalization of billions of dollars.
This reduces the possibility of further upside.
Traders looking for significant returns (20x or more) are better off looking for meme coins with a lower valuation.
If the meme also has a compelling use case and unique selling point, so much the better.
One such meme coin is Solana's recently launched coin called Smog (SMOG).
Its price has pumped nearly 8-fold since late February to a market cap of $270 million, according to DEXTools.
The dragon-themed token markets itself as offering Solana's greatest airdrop ever.
Traders can qualify for the airdrop by purchasing SMOG on Solana, or staking the token on Ethereum.
Although its market capitalization is still modest, SMOG already boasts a strong community.
In fact, according to Birdeye.so, it already has more than 60,000 holders.
Given all the excitement over Solana airdrops in recent months, SMOG could receive a lot of attention in the coming weeks.
SMOG can generate at least 10x gains for investors, hence its ranking among the best cryptocurrencies to buy right now.
Traders should note that they can get a 10% discount when purchasing SMOG directly through the project's website.
They can also stake their tokens for 42% APY.
Buy SMOG here
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
