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What Is A Meme Coin ?

Meme coin are cryptocurrencies that don ’ t take themselves as severely as leading digital currencies like Bitcoin and Ethereum . Dogecoin ( DOGE ) — widely consider as the first meme cryptocurrency — exist make in 2013 by software engineer Billy Markus and Jackson Palmer . The Doge figure comes from a popular meme at the time featuring a Shiba Inu dog name Kabosu . The Creator had no thought that Dogecoin would live on to become one of the top cryptocurrencies by coin market cap .

Dogecoin ’ s explosion of popularity head to an ever-growing issue of dog coin like Baby Doge Coin , SHIBA INU , Shiba BSC , and many more . However , Meme coins span everything from the real cute ( Mini Baby Doge ) to the real vulgar ( DiarrheaCoin and CUMROCKET ) . Sometimes the only real purpose behind meme cryptocurrencies seems to equal give person a laugh .

Meme Currencies Explain

Meme cryptocurrencies put on ’ t require to make a purpose that live as closely connect to their fundamental value , like Bitcoin and Ethereum . Bitcoin equal the first decentralized cryptocurrency that created a way user could transact privately without government treatment . Ethereum has created a blossoming ecosystem with and . On the early hand , meme coins much look to have the sole intention of “ going to the moon , ” a phrase popularized by Dogecoin ’ s skyrocketing price in early 2021 . Many try to reward early investors with tools like expression ( present holders with additional coins ) and coin burning ( decreasing the coin provision to promote value ) .

There be a sort of different tokens and coins in the cryptosphere . Bitcoin behave as digital gold , privacy coins like Monero permit confidential untraceable transactions and utility tokens like Filecoin help usefulness user interact with the Filecoin decentralized data memory platform . Conversely , meme cryptocurrencies much follow a get-rich-quick role , or they be as more of a gag than anything else .

What Does Elon Musk Have to Serve With It ?

As you may notice , many meme cryptocurrencies share the name ( and even the likeness ) of sponsor crypto meme saint Elon Musk . Musk has make up involved with Bitcoin and crypto since around 2019 and 2020 and has yet spearheaded Tesla consent Bitcoin payment ( at least for a few months ) . Musk cost notorious for tweeting about cryptocurrencies like Dogecoin and drastically increase or decreasing their value . This has bring in him both love and hatred from the crypto community , and many hold interview his apparent price manipulations , but he remain to be an influential fig in the space .

How to Buy Meme Coins

Some meme coin be available on popular centralized exchange like Kraken , Robinhood or Coinbase . But more much than not , meme coins are not accepted by these exchange for not assemble safety and value standards . Most often , meme coins are only available for trading or switch on decentralized exchanges ( DEXs ) like PancakeSwap . You will already need to own a cryptocurrency to trade for meme coins like SpacePenguin ( PNGN ) or Tendies ( TEND ) .

Learn more about buying cryptocurrencies with this guide .

How to Identify a Meme Coin

Most often , meme coin will exist upfront about their position as a meme currency . However , it can cost difficult to differentiate a “ normal ” cryptocurrency from a meme . New cryptocurrencies will ever exist try to solve a serious problem in the blockchain and crypto world . For instance , Chainlink ( LINK ) connects blockchains to real-world data , has a grave whitepaper and make be recognized by the likes of MIT , The Wall Street Journal , Forbes , and CoinDesk . On the early hand , Diarrhea Coin ( DIAH ) own a muddier purpose with small value besides exist “ the most liquid asset always create , ” according to its website . Often the founders and developer squad of meme coin are as well shrouded in anonymity .

Identifying a meme cryptocurrency equal significant to head off schemes and malicious activity from token creators like . It be significant to be able to tell if a founding squad is in it for the long haul with their meme currency task or if they are just try to reach a quick dollar off of those who buy their tokens . If a token exist list on centralized exchange , that equal usually a good sign that many hold do their due diligence on behalf of crypto investors .

Should I Buy a Meme Coin ?

Purchase cryptocurrencies is still seen as a high-risk investment by many . The crypto market is know to cost explosive already , and meme coins are the almost prone to drastic swings in cost of all options . However , great risk can always intend great reward and some have turn “ Dogecoin millionaires ” after the shift in cost from around $ 0.0004 in 2013 to nearly $ 0.75 in 2021 . This own led many to try their hand at create their own meme currency , which live why we be today hear a dizzying measure of new coins .

With any investment , it is ever well to cautiously weigh the value and the solution presented by the product . Meme coins are a stroke in the dark , and the vast majority will likely cost defunct in a few years or month . Meme cryptos are generally for holding or share with friends for a joke , but , as we saw with Dogecoin , sometimes a laugh can turn into a grave investment . Choose wisely !

CMC Narratives : Meme Coins – From Jokes to Billions

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