Why, with the bear market, Meme Coin is emerging as an ideal option to invest in? But can these be used as a real currency?
Table of contents
What is a Meme coin?
Firstly, MemeCoins as their names imply, are a type of cryptocurrency that features characters from memes.
Additionally, it is intriguing or hilarious concepts recorded in a picture, video, or another media format.
Secondly, most people are familiar with Bitcoin, but it isn’t the only cryptocurrency around.
Essentially, Meme-based currencies like Dogecoin(Opens in a new window) have gained a massive following over the years.
History of MemeCoins
Memes have a rich and complex history that can be traced back to the early days of the Internet.
But the term”meme” was actually first coined by one of the world’s foremost evolutionary biologists Richard Dawkins in his 1976 book.
Today, a meme is commonly understood to mean anything that is a joke or humorous image circulated online.
Memes often incorporate self-depreciation, sarcasm, and irony. They can take the form of images, videos, or texts that others can copy, share, and modify, potentially altering their original intended meaning.
Actually, a study by Statista showed that menes were among the top types of content most likely to be shared on social media by Gen Z and Millennial internet users.
Memes have also become an integral part of the cryptocurrency world, with many popular memes and internet trends being adopted by the community and used to promote various projects.
Currently, meme coins and NFTs are the main representations in the crypto space.
Memes to Metaverse
Memes have also made their way to the Metaverse. For example, SHIB demonstrated an impressive journey from being a meme coin to building a strong community and now expanding into the metaverse.
Shibarium, SHIB’s Ethereum-based layer-2 blockchain network. Inspired by the Shiba Inu meme coin, the metaverse project will allow you to own, build, and monetize your own virtual land.
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Features of MemeCoins
Additionally, These coins are extremely volatile and vulnerable to significant swings in worth over really brief periods.
Essentially, many of them have had an abundant amount and their appeal is mostly determined by modern media.
Secondly, Meme coins operate similarly to other cryptocurrencies. Especially, fully utilizing the blockchain and associated technology.
Additionally, these coins have particularly appeared on blockchains like Ethereum and Solana. Essentially, which makes its usage payment systems.
Similarly, investors can buy substantial numbers of tokens for a low cost. Additionally, these coins are often priced at cents per token.
Consequently, if the price of these crypto coins increases, investors stand to make large profits.
Especially, Memecoins are frequently volatile. Additionally, they can be traded for a gain, so many investors see them as a quick method to make money.
Firstly, for some time now, these coins have come under increased scrutiny. Additionally, within the crypto industry for several reasons.
First, including a lack of use cases or real-life applications. Due to this, many members of the cryptocurrency industry refuse to take this crypto category seriously.
However, these coins are proving their worth in an industry that is laden with serious competition.
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Bear Market scenario
First, with the bear market in full swing, these coins are emerging as ideal options. Essentially, for long-term cryptocurrency investing.
Additionally, this is largely down to their massive utility. As well as they are the type of cryptos that can increase in value tremendously overnight.
Similarly, with the recent crypto pump, it could provide much value for crypto investors. Additionally, they can yield massive returns in the long run.
Are Meme Coins safe to be used as Real Currency?
First, security and dependability as a medium of exchange remain a topic of debate in the crypto sphere.
These are said to be safe and decentralized, but some are concerned about their volatility and lack of oversight.
Second, proponents claim that because they are decentralized, users have more control over their money. As well as, protected from fraud and theft.
Furthermore, coins leverage blockchain technology, ensuring transactions are securely recorded on a decentralized ledger, making them resistant to hacking and manipulation.
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Governments and central banks that implement measures to maintain stability, control inflation, and guarantee the integrity of the financial system support traditional currencies.
On the other hand, are more vulnerable to increased volatility and market manipulation due to their decentralized structure and lack of governmental oversight.
The volatility is a source of worry because of their propensity for sudden, erratic price changes.
As a result, using it as a trustworthy medium of exchange or store of value may present difficulties.
Nonetheless, these risks can be reduced with appropriate regulations in place. Thereby, improving the security and dependability as a medium of exchange.
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How do Meme coins compare to Traditional Currencies as a means of exchange?
Chiefly, these coins offer several benefits over conventional currencies as a medium of exchange.
But their volatility and lack of popularity may make them difficult to use widely. It is unclear whether these will become a widely used medium of trade as their underlying infrastructure and technology continue to advance.
Meme coins’ decentralized nature is one of their benefits. Since these are not governed by a single entity, there is no need for intermediaries like banks or payment processors to facilitate transactions between two parties.
It may become an effective medium of exchange due to low transaction fees and improvement in transaction speed.
However, compared to conventional currencies, these coins ‘ high level of volatility is a significant drawback.
These coins are volatile stores of value because their value can vary greatly.
This can make it challenging for people and companies to budget efficiently or utilize it as a form of payment.
Another disadvantage is meme coins’ low level of adoption. These are a sort of currency that is accepted by some shops and companies.
Although, they are not yet extensively used. And then, this may restrict people’s ability to use it in routine transactions.
Table showing Traditional Currencies VS Meme Coins
|Decentralization||Operate on decentralized networks, removing the need for intermediaries||Often allow for anonymous trading, preserving user privacy|
|Volatility||Highly volatile, subject to rapid price fluctuations||May have lower liquidity due to fragmented order books|
|Acceptance||Limited acceptance by merchants and businesses||Widespread acceptance by a wide range of merchants and businesses|
|Transaction Speed||Generally faster due to direct peer-to-peer transacions||Generally faster due to direct peer-to-peer transactions|
|Transaction Fees||Lower fees compared to traditional payment systems||Fees can vary depending on payment methods, intermediaries, and payment networks|
How can these coin be integrated into mainstream payment systems?
First, a collaboration among developers, payment processors, financial institutions, merchants as well as customers will be necessary to integrate into widespread payment systems.
Second, Meme coins would need to be widely used and accepted before they could be integrated into traditional payment systems.
This would involve encouraging businesses to accept meme coins as payment for their goods and services and making sure that you have simple, secure ways to exchange meme coins for fiat money.
Third, the creation of payment processors that can instantly convert meme coins into fiat money at the point of sale is one potential solution.
Meme Coin Wallets
Meme coin wallets might also interact with already available payment services like PayPal and Venmo, making it straightforward for you to send meme coins to friends and family.
The creation of meme coin debit cards, which could be used at any retailer that accepts conventional debit cards, is another potential avenue.
Nonetheless, meme coins will still need to address issues with security, volatility, and regulatory compliance to become widely adopted.
Alternatively, smart contracts that automatically convert meme coins to dollars at the prevailing exchange rate could be created to settle transactions of a merchant that accepts meme coins.
This would make the payment process faster and more secure for both retailers and customers. And thereby, eliminating the need for payment processors to convert meme coins into to fiat currencies.
Moreover, smart contracts can be configured to follow pertinent rules and regulations, which may help resolve worries about regulatory compliance.
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What are the Ethical Implications of using Meme coins as Currency?
The ethical implications of using meme coins as currency include their speculative nature, environmental impact, the potential for illicit activities, and exacerbation of economic inequality.
One of the key issues is that the value of meme coins is frequently determined solely by excitement and conjecture rather than by any inherent worth or utility.
Because consumers and investors depend on stable currencies for financial security, meme coins could cause instability, which could have a detrimental effect on them.
Additionally, there are worries about the impact of meme coins on the environment, particularly in light of the energy needed for mining.
Like Dogecoin (DOGE), a lot of meme coins rely on mining, a process that uses a tremendous amount of computer power and energy.
As a result, concerns regarding meme coins’ carbon footprint as well as their potential role in climate change have arisen.
Another issue is the illegal usage of meme coins in money laundering and the financing of criminal businesses.
Meme coins may be a desirable choice for people wishing to engage in criminal activities because of their anonymity as well as their lack of regulation.
Lastly, using meme coins as money may also contribute to further economic inequality because those who have the knowledge, as well as resources to invest in meme coins, may benefit financially.
While those who lack these skills may be left behind.
3 Amazing MemeCoins to Grow Your Crypto Portfolio.
1. Dogecoin (DOGE)
Firstly, Dogecoin (DOGE) is the original meme coin. Additionally, a leading pioneer of the movement.
Secondly, the token is easily recognizable from its logo. Basically, a Shiba Inu dog meme popular on social media platforms.
Like most coins, Dogecoin (DOGE) is based on a popular Internet meme. In addition to this, it was created to poke fun at the cryptocurrency industry.
Especially, the token has since gone on to dominate the crypto market. Additionally, it is one of the largest cryptocurrencies by market cap
Features of Dogecoin (DOGE) –
Firstly, Dogecoin (DOGE) is notable for impressive speeds for transaction processing and confirmation.
Additionally, it is reportedly faster than industry leaders like Bitcoin (BTC) and Ethereum (ETH). As well as it is ideal for day-to-day transactions.
Dogecoin stock is listed on top crypto platforms within the cryptocurrency industry.
For example, Binance, Coinbase, and Huobi Global.
2. Shiba Inu (SHIB)
Firstly, Shiba Inu (SHIB) was a late addition to the family, but it has grown exponentially!
Essentially, an anonymous entity (by the name of ‘Ryoshi’) constructed Shiba Inu to parody Dogecoin (DOGE).
Secondly, in addition to, its alarming nickname (the ‘Dogecoin killer’), Shiba Inu also features a Shiba Inu dog as its logo.
Its consensus mechanism is proof-of-work but is switching to proof-of-stake, which lessens carbon footprint.
Secondly, from partnering with the Shiba Inu Rescue Association, Shiba Inu has a passion to collect donations that help Shiba Inu dogs.
Features of Shiba Inu
First, it is laying the groundwork for next-generation Coin. Additionally, it is the largest by market cap.
Second only to Dogecoin (DOGE). Especially, the token is notable for its role in the Shiba Inu ecosystem.
Additionally, an incentive centered around promoting decentralized community building within the industry.
In addition, its success has inspired several copycats, including Bitshiba, SHIBAVAX, and Captain Shibarrow.
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Features of Shiba Inu (SHIB)
First, Shiba Inu (SHIB) provides utility for the Shiba Inu ecosystem. Additionally, it facilitates several crypto operations.
Essentially, network governance, user interaction, and payment fees. The token is listed on several top crypto platforms.
3. Dogetti (DETTI) –
Firstly, this coin is here to stay. Dogetti (DETTI) is an upcoming sparkling excitement within the crypto industry.
Additionally, the token is a next-generation coin that is centered around community.
Essentially, it is part of an initiative that will offer, amongst other features, an NFT space Such as transactions, payment fees, User interaction, and network governance.
Dogetti (DETI) is the mafia-style dog that’s currently in presale. Just like the Corleone family.
Dogetti Community –
Dogetti is dedicated to its community; they’re called ‘the family’. The family is evolving and continues to evolve.
With DogettiSwap, it’s built on an Ethereum (ETH) network that uses ERC-20 tokens.
Key features –
Furthermore, they have an immaculate tax fee policy: 2% is redistributed to all Dogetti wallets, 2% goes to the charity wallet and 2% is added to a liquidity Dogetti.
It’s too awesome to find a coin that supports a charity! As well as this, the family is rewarded with free tokens with every transaction on DogettiSwap.
Dogetti aims to release DogettiNFTs in the future; a set of digital collectibles which include cute puppies!
Presale of Dogetti (DETI)
Dogetti ( DETI) is fast approaching its presale and could be a valuable portfolio addition in the current climate.
Additionally, this token is also gearing to work through its presale stages. In addition, it will offer great rewards to early investors.
Essentially, a limited 25% token bonus.
A fast-growing meme token with multiple utility projects. Including play-to-earn games and a vibrant marketplace.
5. Pepe Coin
As one of the most “memorable” meme coins, the Pepe coin holds no intrinsic value but serves as an ERC token on the Ethereum blockchain.
According to CoinGecko, Pepe coins’ market cap is above $600 million.
A meme coin aspired by the beloved character SpongBob SquarePants, offering a fun and light-hearted approach to the crypto market.
More than just a meme coin, Copium has gained attention for its potential benefits to holders and an engaging community.
8. Wall Street Memes (WSM)
A meme token inspired by the infamous Wall Street Bets movement.
Known for its unique tokenenomics, including static rewards and automatic liquidity generation.SafeMoon has gained popularity within the meme coin community.
10. Baby DogeCoin
Inspired by Dogecoin, Baby Doge coin aims to reward holders through reflections and supports various animal welfare causes.
Finding the ideal mix between regulation and innovation is essential, though. Overregulation may hinder creativity and obstruct the growth of the meme coin ecosystem.
Meme coins must be made safe and reliable over the long term to be a practical form of currency.
Hence, it is crucial to find a legal structure that addresses concerns while fostering innovation.
New generation coins, such as Dogetti (DETI), are challenging the status quo. Especially, redefining the space by introducing viable use cases for the crypto category that could see it soar into relevance.
The investment in crypto assets is not regulated. In addition to being suitable for retail investors and the total amount invested could be lost.
2023 might just be the year of the meme coin. Additionally, its economy showing promise over the past month by increasing 34.52% against the U. S. Dollar.
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Basically, cryptocurrencies that gain popularity based on internet memes and social media trends are called meme coins.
a.Wall Street Memes
1 MEM=0.0346 USD
DOGE, which has already made its grounds strong as the most popular meme coin. Experts predict that the growing market value of DOGE and TOADS will soon make these meme coins reach $1.
Meme coins have demonstrated the potential for rapid growth and short-term gains. However, the stability of these coins, in the long run, remains uncertain. Largely due to celebrity endorsements, and investor sentiment and it is highly speculative.
Meme coins are one of the most lucrative investments in the DeFi market. Projects like Dogecoin and Shiba Inu historically offered huge returns for early investors. Thereby putting meme coins on the radar worldwide.