How to Check the Legitimacy of New Meme Coins

With the explosive growth of meme coins like PEPE, MOODENG, and others, investors are eager to jump on the next big opportunity. However, the rapid rise of meme coins has also led to an increase in scams, rug pulls, and illegitimate projects. It’s essential to know how to evaluate the legitimacy of new meme coins before investing. In this section, we’ll provide tips on how to check the legitimacy of new meme coins while incorporating key strategies to safeguard your investments. This will help ensure that you are investing in a project with genuine potential, and not falling prey to fraudulent schemes. Understanding these factors is especially important when evaluating the top new meme coins to buy in 2024 October.

1. Review the Team and Developers Behind the Project

One of the first steps in evaluating the legitimacy of a new meme coin is checking who’s behind the project. A transparent, experienced, and reputable team is a good indicator of a legitimate project. Legitimate meme coin projects typically feature team members who publicly disclose their identities, qualifications, and previous experience in the blockchain or cryptocurrency space. If the team is anonymous or lacks information on their backgrounds, this could be a red flag, especially for newer meme coins like WIF or STRUMP.

Key Tips:

Look for LinkedIn profiles, previous projects, and past involvement in the crypto community.
Avoid investing in projects where team members have little to no online presence.
Verify that the development team is actively involved in the project’s social media channels and community forums, such as Telegram or Discord.

2. Examine the Whitepaper and Roadmap

A whitepaper is the document that outlines the project’s goals, vision, tokenomics, and long-term plan. While meme coins are often seen as humorous or lighthearted, serious projects still produce a professional whitepaper to provide clarity for potential investors. The whitepaper should offer detailed insights into the coin’s use case, how it plans to engage with the community, and its plans for future growth. For instance, if you’re considering MOODENG or MANEKI, be sure to check their whitepaper for an in-depth understanding of their business models.

Additionally, the project roadmap is crucial for determining whether the coin has realistic milestones. A solid roadmap that outlines achievable goals helps establish credibility.

Key Tips:

Ensure the whitepaper is detailed and addresses the coin’s utility, token distribution, and market strategy.
Review the roadmap for clear, attainable objectives with set deadlines.
Watch out for vague or unrealistic promises like “guaranteed high returns” without any backing.

3. Community Engagement and Social Media Activity

The strength of a meme coin lies heavily in its community. As seen with PEPE and other leading meme coins, community support can drive prices and create organic demand. Look into the social media presence of the coin. Legitimate meme coins often have a thriving community that discusses the project in detail. Community engagement on platforms like Twitter, Reddit, Telegram, or Discord is essential for meme coins, given their viral nature.

A strong, engaged community helps to legitimize a meme coin project, while a lack of interaction or overreliance on bots and paid promotions may signal foul play. It’s also worth noting that the behavior of the project’s community members can provide clues regarding its legitimacy. For example, genuine communities offer constructive criticism and positive dialogue, while illegitimate ones may rely on hype without addressing concerns.

Key Tips:

Join the project’s official Telegram or Discord channels to gauge community sentiment.
Look for consistent and meaningful engagement from the project’s founders and core team.
Check for regular updates and transparency about project milestones and future plans.

4. Tokenomics and Market Cap

Tokenomics refers to the economics behind the token, including aspects like total supply, token distribution, staking incentives, and reward mechanisms. A well-designed tokenomics model is crucial for ensuring the sustainability and value of the project. Pay special attention to the allocation of tokens: if a large portion of the tokens is held by the development team or early investors, it could lead to a rug pull, where insiders dump their tokens for profit, leaving late investors with losses.

Also, check the token’s market capitalization. New meme coins with extremely low market caps may offer massive upside potential, but they also come with higher risks. Conversely, meme coins with excessively high market caps might already be saturated, limiting the potential for growth.

Key Tips:

Assess the fairness of token distribution. Look for projects where tokens are distributed across the community, ensuring no single entity holds too much power.
Check the total supply of tokens—an excessive supply could lead to inflation and devaluation.
Examine staking, liquidity, and burn mechanisms that aim to sustain long-term value.

5. Audit Reports and Code Transparency

Legitimate meme coin projects often undergo third-party audits to ensure the security of their smart contracts and platform. Audits help identify any vulnerabilities or potential exploits in the code. For newer meme coins like PEPE or MANEKI, having an external audit adds an additional layer of trust. Always check whether the project has been audited by reputable blockchain security firms, such as CertiK or Quantstamp.

If a meme coin project’s smart contract code is available for public review (open-source), this is another positive sign of transparency. Open-source projects allow developers and the community to inspect the code for potential flaws or exploits, further verifying the project’s legitimacy.

Key Tips:

Look for third-party audits conducted by reputable blockchain security firms.
Ensure that the project has taken steps to address any vulnerabilities found in the audit.
Check for publicly available code on GitHub or similar platforms to confirm transparency.

When evaluating new meme coins now or exploring the top new meme coins to buy, always prioritize thorough research and due diligence. While the viral nature of meme coins like PEPE, WIF, and MOODENG offers high potential rewards, they also come with significant risks. By following the tips outlined in this section, you can better safeguard your investments and identify legitimate opportunities in the meme coin space.

Here is the list of new meme coins that we think might have potential for 2024 – 2025

1. PEPE (Pepe Coin)

PEPE, named after the iconic internet meme “Pepe the Frog,” has captured the attention of meme coin enthusiasts due to its strong community backing and meme potential. PEPE has generated buzz with its humorous branding, but what makes it interesting is the increasing community activity and marketing that has led to a surge in trading volume. With its listing on major exchanges like, PEPE has gained significant exposure.