Meme coins have been gaining quite a lot of attention over the last couple of years (e.g. In 2021, Dogecoin surged by over 12,000% before stabilizing.), mainly because they can provide investors with high returns in short periods. Hence, it’s normal for investors to want to find new meme coins and catch big trends before they become popular. Crypto exchanges post new projects regularly, so knowing how to evaluate a young meme coin is essential.
For a young investor, it might be challenging to separate a genuine meme coin project from one based only on momentary hype. Therefore, you need to research to identify those with real potential for growth. 
With each hype cycle, new contenders emerge, and one of the latest gaining attention is the Trumpcoin. Will it reach the heights of Dogecoin? To identify promising meme coins early, you must analyze key factors beyond just social media buzz. Let’s try to find out!
Guideline to find meme coins early
Crypto has proved to be a thriving sector lately, so developers are willing to join the industry and create projects, hoping to launch the next Dogecoin. But with countless names entering the market periodically, it’s challenging to find the next rising star, so it’s paramount to learn how to navigate the chaos. You want to find projects with real potential before they gain the public’s attention and their prices grow. Here are some strategies that will help.
Stay engaged with the crypto community
People tend to get excited when a new project is launched on the market, especially if the signs show that it holds potential. When this happens, they create buzz around the new meme coin, and this is your signal that you should look into it. When the community is thrilled to find more about a meme coin it rallies support which in turn sustains momentum. A strong community is essential for a crypto project’s success because the level of support it gets, directly impacts its success.
However, you must ensure that those are real people who excitedly promote the project and not just bots used to gain the public’s attention. Are crypto users genuinely interested? Join groups and forums on Discord, Telegram, and social media channels to stay up to date with the discussions about emerging meme coins. Some platforms even allow you to track activity and sentiment levels.
You want to invest in a meme coin with a supportive community because this guarantees its sustainability in the long run. Projects with die-hard supporters usually survive even challenging times.
Keep an eye on Decentralized Exchanges
The crypto world tends to be a sort of jungle where new projects sprout daily, and it might get quite difficult to identify the ones that could turn profitable for you. Decentralized Exchanges are the ideal place to look for new meme coins because they usually list the projects before they gain any hype in the sector. Moreover, some of them are specialized in meme coins.
Decentralized Exchanges work as treasure maps for the investors interested in finding the latest meme coins that might boom in price because they are open, fast-listing, and don’t require the projects to meet a strict list of requirements. You can also use some tools like TokenSniffer and DEXTools to filter the meme coins according to your criteria and gain real-time trading data.
Check the Tokenomics
Crypto specialists compare a meme coin’s tokenomics to DNA because it provides information about its potential evolution in the market. If you want to ensure you find the meme coins with the greatest potential in their early days, take time to dig into the tokenomics. The numbers will reveal some crucial information, but you must learn to decode them. Here’s what to look after:
– The total supply of coins. From Bitcoin, we learned that scarcity drives demand, and a cryptocurrency with a limited supply is more appealing to investors than one that floods the market.
– The coin’s distribution. Check if a small group (whales) holds an excessive percentage of the supply, as this could lead to price manipulation. You don’t want to join a project with a small group controlling the largest portion of coins.
– The meme coin’s liquidity. Cryptocurrencies with decent liquidity allow you to buy and sell issue-free. The coins that feature low liquidity tend to experience dramatic price swings, which could have a negative effect on your portfolio.
– The burning mechanism. Does the meme coin you’re interested in have a token-burning mechanism to control its supply? Check in the project’s White Paper if it has a plan for burns in the future.
A project’s solid tokenomics will act as your safety net, so make sure you invest time in research.
Follow crypto thought leaders and influencers
Influencers have a lot of power over the public these days, and in the crypto world, they can directly impact the success of a coin. Elon Musk is one of the most prominent crypto influencers, and every time he discusses a project online, it registers price movements. Celebrities have the power to drive attention to a meme coin with their social media posts. But make sure to proceed with caution because influencers don’t always post genuine opinions. Some meme coin developers pay well-known personalities to preach about their products online. However, you can follow reputable thought leaders and influencers known for sharing their sincere opinions about the projects they evaluate and invest in.
Learn about the development team behind the project
Meme coins are meant for fun, so their aesthetics are often lighthearted. But their development team should be professional and serious in their efforts to provide the community with a project that genuinely offers what it promises. You want a team that is transparent about the project’s tokenomics and willing to share a track record of their experience in the sector. If you lack knowledge about the developers, use the Internet to check their history and find out if they created other crypto projects. 
While Bitcoin’s creator is anonymous, and the cryptocurrency has been a real success, anonymity isn’t something to always trust in the sector. Sometimes, it can be a red flag, and it’s best not to invest too much into a project with an unknown developer.
To conclude
New projects could always rise to the heights of Dogecoin, but it’s up to you to evaluate their features and find the ones that work best for you.
