As you probably know, meme coins are cryptocurrencies that are inspired by jokes and memes. They are different from other cryptocurrencies such as Bitcoin or Ethereum. According to a blockchain and emerging tech evangelist Sharat Chandra, “Meme coins are devoid of fundamentals. They are more of a community-driven phenomenon, a form of expression of sorts for millennials and the Gen Z generation. It has all the bells and whistles of reckless gambling if you will. Meme coin investing isn’t bereft of associated risks and rewards. The recent boom and bust of Squid Games token is a testament to this fact”.
Prices of meme coins are so volatile. They can be hyped by influencers or some famous persons on social media platforms. So, what are they, coins inspired by memes? Let’s take a quick look.
Dogecoin was created in 2013. It was started as a joke, but it’s getting a lot of traction nowadays. Here are some interesting facts about this coin:
- Billy Markus, a creator of Dogecoin sold all his doge. He has mentioned about it on Twitter.
- Dogecoin was created in 2 hours.
- Dogecoin has one of the biggest communities and the slogan of this community is “To the Moon”. All members really believe in the bright future of Dogecoin.
- The Dogecoin mining process is very fast. The block rate is one block per minute; this provides an excellent opportunity for miners to mine more blocks and earn as many block rewards as possible.
- This coin is also popular on social media platforms such as Twitter, Tik Tok etc.
At the moment of writing this the price of Dogecoin is $0.1524.
Shiba Inu Meme Coin
Shiba Inu is an Ethereum-based altcoin. It was the most popular crypto in 2021, with 43 million more views than Bitcoin. The top 2 reasons why this token has become this popular are:
- A billionaire Elon Musk once tweeted expressing his interest in owning up a Shiba pup that hyped the crypto market which led its prices to rise by 300%.
- Its prices fell up to 40% when after the founder of Ethereum Blockchain Network, Vitalik Buterin donated 50 Trillion Shiba Inu Coins to India, Covid Relief Fund of an Indian crypto entrepreneur Sandeep Naiwal.
Current price of Shiba Inu is $0.00003103
Dogelon Mars (ELON)
This is a cryptocurrency on its way to be as popular as DOGE coin. Like Shiba Inu, the creator of Dogelon Mars also sent half the supply of the coin (500 trillion tokens) to Vitalik Buterin, the founder of Ethereum.
One of the reasons Dogelon Mars has become popular is a combination of two popular Twitter trends:
- Elon Musk.
So, the statistics show that Dogelon Mars will keep rising because of its popularity in social media platforms like Twitter and Reddit. To clarify, Dogelon Mars’ Twitter account has more than 300k followers while its Telegram account has more than 85k followers.
Current price of Dogelon Mars is $0.000001038
Is it right to invest in meme coins?
Despite the popularity meme coins have, it should be noted that this type of investment is still risky. For example, one day only one tweet can impact their prices. So, in order to invest in crypto and increase your digital assets you have to choose currencies with strong fundamentals and also you have to consider three things: the hype, the developer team and use cases.