Meme Coins - Surpassing The Popularity Of Mainstream Cryptos
As their name suggests, meme coins are a kind of cryptocurrency inspired by memes, which are interesting or funny ideas that are depicted in an image, video, or other forms of media. The Dogecoin cryptocurrency and the Shiba Inu dog breed are two of the most well-known and popular examples.
Bitcoin may be the most well-known cryptocurrency, but it is far from the only one currently in circulation. Meme-based currencies like Dogecoin(Opens in a new window) have gained a massive following over the years, prompting several copycats.
These copycats include Dogecoin-derivatives such as Shiba Inu, Dogelon Mars, Samoyed coin, and Doge Dash, amongst others. These coins have the potential to become popular despite the fact that they are frequently developed as jokes.
According to CoinMarketCap, Dogecoin's value experienced a sharp increase in May 2021 before reaching a point where it remained stable. The cryptocurrency is currently ranked eleventh in terms of market capitalization.
Despite this, their individual value is never very high; for example, one Dogecoin is worth approximately $0.15 at the moment.
COPYRIGHT_WI: Published on https://washingtonindependent.com/meme-coins/ by Camilo Wood on 2022-09-20T10:06:17.683Z
When you look up the word "meme" in the dictionary, you will find that it refers to a humorous image, video, or piece of text that is copied, typically with slight variations, and rapidly spread by users of the internet.
Meme coins are not too dissimilar from the definition of a meme that can be found in the dictionary; in fact, they are nothing more than cryptocurrencies that have been inspired by memes and internet jokes.
Meme coins are a type of cryptocurrency that have been produced as a joke by the creators of the coin. Despite this, there are meme coins that have skyrocketed in value, reached market caps of multiple billions of dollars, and garnered endorsements from celebrities.
In spite of the fact that these traits give the impression that meme coins have some sort of fundamental value or utility, the reality is that almost all of them are devoid of anything resembling fundamental value or distinctive applications.
Rather, crypto investors frequently purchase meme coins in order to participate in a community or for the entertainment value they provide. Pure speculation is the only use case for the vast majority of meme coins.
According to Bryan Hernandez, co-founder of the trading and investment platform Structure.fi:
Meme coins are designed like any other cryptocurrency, like Bitcoin or Ethereum, Meme coins are a type of digital currency.
The primary distinction is that their existence is typically predicated on a humorous concept or moment that goes viral, and the extent to which they are valuable is directly proportional to the amount of traction that idea is capable of producing.
For instance, the cryptocurrency known as Dogecoin got its start because of a meme called "Doge," which originated from a picture of a Shiba Inu that went viral.
These cryptocurrencies aren't always meant to be taken seriously, but they can still gain momentum when members of the community buy into the newest one in order to be in on the joke with everyone else.
When something becomes well-known and its price begins to rise, retail investors may begin purchasing it in the hopes of further increasing its value. Certain meme coins' popularity also rises as a result of the involvement of prominent online figures and celebrities.
There is even a fork of Dogecoin called Floki Inu, which is based on Musk's actual pet dog and is named after him. Elon Musk is probably the person who is most famous for it.
Some meme coins are intentionally made to be insulting to other memes. During a hearing on digital currency in December 2021, a member of Congress came up with the name "Mongoose Coin," which led to the coin's subsequent creation.
Meme coins have been in existence for a few years at this point; however, some people believe that the current boom can be traced back to the meme stock war that occurred in late 2020.
At that time, the WallStreetBets community on Reddit artificially inflated the value of GameStop's stock. After that, another group of Redditors made a joke about artificially inflating the price of Dogecoin using a similar method, and the trend quickly gained traction.
In the year 2021, another community on Reddit known as SatoshiStreetBets began a stock war similar to the one fought against mainstream cryptocurrencies such as Bitcoin and Ethereum.
Internet celebrities such as Musk joined the meme coin train, and the subsequent popularity prompted more people to create cryptocurrencies that were similar to the ones that were already out there.
Some meme coins are more than just jokes. For instance, the developers of the Floki Inu meme coin collaborated with the nonprofit organization Million Gardens Movement, which was established by Musk's brother Kimbal.
Meme coins are a form of cryptocurrency; however, there is a significant difference between cryptocurrencies such as Dogecoin and Shiba Inu and currencies such as Bitcoin and Ethereum, and that difference has to do with the utility of the coin.
The creation of major cryptocurrencies like Bitcoin and Ethereum was motivated by a desire to find practical solutions to existing challenges. The long-term objective is to have a wide range of retailers accept the cryptocurrency, thereby establishing a novel form of decentralized currency and revolutionizing a variety of different markets.
Meme coins, on the other hand, do not currently serve any purpose that is applicable to the real world, and the majority of them were created as a means of making quick money.
Some of these coins have become well-known as a result of the promotion they have received from influential celebrities, and the prices of those coins have been driven up by retail investors who have driven up demand for them by heavily promoting them online.
Because of this, the prices of these coins typically experience explosive growth despite the fact that their fundamentals are unstable. When their prices begin to rise, many investors decide to sell their holdings relatively quickly in order to realize a profit.
It is highly unlikely that meme coins will still exist in a few years' time or a few decades' time because they currently serve no practical purpose. Once investors shift their attention to another stock or cryptocurrency, it is likely that the value of meme coins will experience a precipitous decline.
Even though the only thing that comes to mind when we think of meme coins are those coins with a dog theme that are ridiculously popular on social media platforms, there is more to it than what meets the eye.
Public support and exposure on social media platforms are two factors that work extremely well for cryptocurrencies. Meme coins are light years ahead of other cryptocurrencies in terms of both of these criteria.
Here is a list of meme coins that are anticipated to experience significant growth in 2023 and beyond.
Shiba Inu is a favorite among the wealthiest Ethereum whales. SHIB was the most popular token in 2021, outperforming major cryptocurrencies such as Bitcoin and Ethereum. The investment community has praised the crypto's metaverse initiatives, which continue to pose serious threats to the likes of Dogecoin and Solana.
Dogecoin was the leading meme coin that began as a minor revolution in the cryptocurrency world. It was first used as an experiment in 2013. It has a dog on it because Jackson Palmer reasoned that most people love dogs and that it could easily gain popularity.
Dogecoin's value is rising, which is why most investors prefer to invest in it. Its value is expected to rise to US$0.98 by 2030. This is why it's a good idea to invest now while the price is low, so you can reap the benefits later.
The meme coin aspires to revitalize the crypto world by creating and organizing activities that make everyone feel good. Mehracki plans to create a system in which active MKI token holders control the platform.
All token holders and users will be able to submit proposals for amendments to the Mehracki platform.
Dogelon Mars is one of the canine currencies that has seen a surge in investment as a result of the popularity of Dogecoin (DOGE) and Shiba Inu (SHIB). Anything resembling those top cryptocurrencies gained a lot of attention.
This was due to a large social influence. Elon Musk, one of the most prominent crypto influencers in the known universe, was among those speaking about cryptocurrency. Dogelon Mars (ELON) has become an icon in the canine crypto communities, as evidenced by his shorthand.
Floki Inu is a dog-themed meme coin that refers to itself as "a movement" rather than a meme coin. It is a cryptocurrency created by Shiba Inu (SHIB) fans and members.
Elon Musk's Shiba Inu inspired the coin's design. The community is known as the "Floki Vikings" after Floki (Musk's dog), who was named after a Viking character. Floki Inu promises to take its community efforts seriously and has been listed in the top ten of LunarCrush's social engagement leaderboards several times.
- Tamadoge (TAMA)
- Dogecoin (DOGE)
- Dogelon Mars (ELON)
- Shiba Inu (SHIB)
- Floki Inu (FLOKI)
The two most popular meme coins are Dogecoin (DOGE) and Shiba Inu (SHIB); thus, when people in the cryptocurrency community hear the term "meme coin," they immediately think of these two cryptocurrencies.
While these characteristics imply that meme coins have some underlying utility or value, the reality is that nearly all of them lack fundamental value or unique use cases. Instead, cryptocurrency investors frequently purchase meme coins to be a part of a community or for entertainment value.
While memes are marketed as amusing and lighthearted, cryptocurrency editions can have a dark side. Not only are prices extremely volatile, with many meme coins falling 99% or even to zero in the current bear market, but there have been numerous accusations of foul play and bad intentions leveled against creators, who are frequently anonymous.
Making money with meme coins is technically possible, but it is not guaranteed. These cryptocurrencies are more volatile than mainstream cryptocurrencies such as Bitcoin and Ethereum, and the value of a meme coin can plummet overnight.