If you were to type “meme coins” in a crypto search bar, you would get around fagillions results. These phenomenon-currencies are indeed currencies which were supposedly introduced with the focus of having fun and cracking a joke, however turned out to be hugely accepted within the larger circles of the crypto community. Meme coins are serous trends yet pretty funny on the first initial thought. The bigger question remains: “What are really meme coins and why so popular among people?” This article covers the whole information on meme coins for you to know more about their attractiveness and whether it’s worth your attention.
What are the Meme Coins?
Meme coins are cryptocurrencies inspired by internet memes or trends. They are usually made as a joke or for fun, but some have gained quite a lot of attention and value over time. The most famous meme coin is called Dogecoin, which started in 2013 as a parodic currency for Bitcoin, and is based on the famous image of a Shiba Inu dog meme, which became known as “Doge.” Despite being started on a joke, Dogecoin is now counted as among the largest cryptocurrencies by market capitalization, based mainly on a good amount of buzz via social media and celebrity endorsements. Basically, meme to money.
Meme coins do not solve any major problem or have any kind of specific use such as those for Bitcoin or Ethereum; they depend mostly upon communities and viral trends by which they hype up through social media. Putting it in blunt words, value of meme coins could really swing widely and perhaps be even pushed by the trends online rather than any real application in the real world.
Why are Meme Coins So Trendy?
There are a number of reasons that make the meme coins popular. To start with, they are very easy to buy, especially from platforms such as Robinhood or Binance that have made trading quite easy for learning newbies like you. They can also be found widely discussed by various celebrities and influencers on social media. People bring much attention to these coins so prices can go up pretty much with its attention from the right company.
Another reason for their widespread popularity: the sense of fun and community that carrying meme coins tends to bring about. If you’re a user of a meme coin, you may feel, to some extent, as if you were part of a crowd that is a much bigger group of folks who believe in the same coin.
Meme Coins that are Popular
While the most notorious out there is indeed Dogecoin, there are plenty of other meme coins that have captured the public spotlight. Some of the most famous ones are:
Shiba Inu (SHIB): Dubbed the “Dogecoin killer”, Shiba Inu, although inspired by the same breed, has now become another meme coin. In terms of popularity, Shiba Inu has risen to great heights in a couple of years and owes its growth to a strong community.
Floki Inu (FLOKI): Another meme coin that grabbed attention for its fun, community-based approach that famously draws inspiration from a pet dog owned by one Elon Musk.
SafeMoon: Not exactly a meme coin in the traditional sense, but SafeMoon did earn much of its fame because of being a “community-driven” token. Apparently based on a unique mechanism that rewards holders, its hype over the internet put wind under its wings.
PEPE: PEPE is a cryptocurrency inspired by the iconic internet meme, Pepe the Frog. Created by artist Matt Furie in the mid-2000s, Pepe the Frog evolved from a harmless cartoon character into a global internet sensation.
Should You Invest in Meme Coins?
If you think about investing in meme coins, do so very cautiously. High returns come over a very short time span; but are, nonetheless, highly volatile and risky. Market prices for meme coins are very volatile, whereas it is celebrity tweets, or online challenges that drive the prices in and out, making them least predictable as compared to more established cryptos.
Only invest as much as you can afford to lose in meme coins. It is also better to do proper research before you invest in any meme coin, even if it is trending on social media.
Conclusion
Meme coins, a bit of fun and quirkiness in the cryptocurrency world, began as a joke and received serious attention through communities supporting them and their social media influence. Remember, if you make this adventure, to be safe and do your homework because meme coins are quite a wild ride but not for the faint-hearted. Enjoy the ride, and do not forget to have responsible investing!