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What are meme coins?
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Meme coins are cryptocurrencies that have gained popularity in a short amount of time, usually as a result of influencers and retail investors promoting them online. Meme coins and tokens are based on Internet memes, current events, online communities and influencers.
Dogecoin is the original meme coin: It was created as a joke based on a meme back in 2013. It rose to fame after Elon Musk began tweeting about the cryptocurrency, and retail investors started buying in droves.
Because anybody can create a new cryptocurrency, developers have released a slew of meme coins after Dogecoin. Many of these coins are spinoffs of Dogecoin (such as the coin Shiba Inu, aka the "Dogecoin killer"), but there are thousands of other meme coins out there. In fact, according to the website CoinMarketCap, there are more than 5,000 meme coins in the crypto space as of this writing. Some of those include baby doge coin, hodl coin, dogecoin, and shiba inu.
What's the difference between cryptocurrency and meme coins?
Meme coins are a type of cryptocurrency (digital currency), but there's one major difference between coins like Dogecoin and Shiba Inu and currencies like Bitcoin and Ethereum, and it comes down to utility and the number of token holders.
Major cryptocurrencies like Bitcoin (developed by Satoshi Nakamoto) and Ethereum (created by Vitalik Buterin) were developed to solve real-world problems. The goal is to eventually become widely accepted by merchants, creating a new form of decentralized currency and revolutionizing a variety of industries.
Meme crypto coins (or meme tokens), on the other hand, serve no real-world purpose right now. In fact, most of them were created as a way to make a quick buck. However, some meme coins eventually gain widespread adoption and eventually gain a use case.
Most of the attention is focused on the biggest names in cryptocurrency, like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH). However, countless newer coins have popped up over the past few months. Ever since Elon Musk started championing Dogecoin, they have been popping up, with two of the most popular including Shibu Inu coin, and Safemoon.
Some of these coins have gained notoriety because they're promoted by influential celebrities. Adding fuel to this fire, retail investors have pumped up their prices by promoting them heavily online. This is why these coins tend to experience explosive growth despite their shaky fundamentals.
Influencers have always featured prominently in cryptocurrency culture, but never more so than recently. When Elon Musk threw his weight behind the original meme cryptocurrency, Dogecoin, it sparked a wave of imitators.
Some call investing in meme coins insanity, while others think of it as a cheap bet with the potential to realize 1000% profits. Whoever’s right, interest in meme coins or tokens has surged in recent months. The price today could be very different from the price tomorrow or in a few weeks. If you think you can pick the right coin(s), this is the perfect site for you to buy meme coins.
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A cryptocurrency that is associated with some theme, often as a joke rather than a serious product. Dogecoin was the first memecoin because it was named after a popular dog on the Internet. Meme is the actual name of another cryptocurrency, and there are cryptos with "meme" names such as imemecrypto, pepememefrogree and jakememe70.