According to the dictionary, a meme is a funny picture, video, or text that gets quickly shared online and is frequently copied with only minor changes by other users. Meme coins are nothing more than cryptocurrencies inspired by memes and internet jokes, which are similar to the dictionary definition of a meme.
Are you curious and want to know what are Meme Coins and why they are so popular? This post will be helpful for you. Meme coins, as their name indicates, are a subset of cryptocurrencies that have humorous qualities or are influenced by memes. Two popular examples are Dogecoin and Shiba Inu. Let’s discuss this in detail.
What is a Meme Coin?
One kind of cryptocurrency, or sort of subset of the market, is a meme coin. A meme coin is a cryptocurrency that has an amazing attribute or was inspired by a web meme. Meme coins, in contrast to standard cryptocurrencies, frequently have no purpose other than to symbolize certain social and cultural phenomena.
Floki Inu (FLOKI), Shiba Inu (SHIB), Dogecoin (DOGE), and other well-known instances are among them. Each of these has a doge meme theme. Pepe the Frog is the focal point of a sizable subset of meme currencies and meme cryptocurrency initiatives, including non-fungible tokens (NFTs). The largest undertaking is known as PEPE.
Most Popular Meme Coins on the Market
There are a lot of meme coins available on the market. A large amount of meme coins are created daily. Some of the famous meme coins are given below:
Dogecoin (DOGE)
The first meme coin, Dogecoin was introduced in 2013 as a “silly” counterbalance to the then-serious character of cryptocurrencies. Dogecoin was purposefully created to be available in infinite amounts and without a maximum number of tokens in circulation, in contrast to Bitcoin, which is intended to have a limited supply (and is hence immune to inflation).
Dogecoin is not just another transitory meme coin, as evidenced by the fact that it has genuine use applications. Certain platforms and e-commerce websites also accept DOGE cryptocurrency payments.
Shiba Inu (SHIB)
Like Dogecoin, Shiba Inu (SHIB) is an ERC-20 altcoin that runs on the Ethereum blockchain and is renowned for having a Shiba Inu dog on it.
Under the moniker Ryoshi, an anonymous group of people or one person created this meme coin in August 2020. The Shiba Inu coin’s original goal was to establish a currency that is entirely supported and maintained by its community, which eventually led to it being dubbed the “Dogecoin killer”.
During the bull market, SHIB increased in importance in 2021, reaching a market capitalization of more than $70 billion. While it’s nowhere near that number right now, the same is true for most coins, it demonstrates how popular meme coins can become.
Pepe (PEPE)
Pepe (PEPE) is another meme coin introduced on the Ethereum network. It was made as a tribute to the online meme Pepe the Frog, which became popular in the early 2000s.
This cryptocurrency initiative aims to promote itself as one of the most well-known meme coins, alongside DOGE and SHIBA. Given that it has been in circulation since mid-2023 and frequently ranks among the top 50 cryptocurrencies for trading, one could conclude that it has achieved its purpose.
Conclusion
Meme coins are an interesting cryptocurrency asset but they come with numerous concerns. Most investors should avoid risking more than they can afford to lose. However, there’s a slim possibility that you could become the next cryptocurrency millionaire if you predict the next great coin before internet enthusiasts rocket it “to the moon.” Therefore, it’s best to move carefully and conduct research before purchasing any risky meme coins. Meme coins have demonstrated that, with the appropriate catalyst, it is possible to create incredibly passionate and committed groups in incredibly short amounts of time. Additionally, they have brought attention to the industry’s volatility in a way that other cryptocurrencies find difficult to match.
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Source: Vietnam Insider