What are Meme Coins? Is it safe to invest in them?
- What are Meme Coins?
- Existence of Meme Coins?
- Position of Meme Coins
- Risks surrounding Meme Coins?
- What is the next big Meme Coin Crypto?
- Momentum on Meme Coins persists – Doge on Twitter takes flight.
- Shiba Inu – The Underdog on the Rise
- Big Eyes Coin joins the trend of Memes-Inspired Cryptocurrencies
- 5 Best Crypto Meme Coins
- DigiToads (TOADS) frenzy
What are Meme Coins?
While there is no universally accepted definition for meme coins, they typically stem from an online meme or a widely circulated joke to put it simply.
Additionally, the primary purpose of most meme coins is to build a large community and undertake initiatives to keep their audience engaged.
For instance, Dogecoin, a popular cryptocurrency, was modeled after “Doge”, an online based on a Shiba Inu dog that became popular in 2013.
Existence of Meme Coins?
Firstly, the primary purpose of most meme coins is to build a large community and undertake initiatives to keep their audience engaged.
Secondly, a large reason behind Dogecoin’s and Shiba Inu’s success is because of how active their community members are in spreading the word on social media websites.
Speaking of Dogecoin, April 2019 became a watershed moment for the meme project. And then, by extension, other meme coins.
Additionally, a simple tweet by Elon Musk propelled its price by 135 percent in just 4 days. Since then, Dogecoin’s price has grown by nearly 2,600 percent on the back of celebrity endorsements.
Further, following Dogecoin, meme coins such as Shiba Inu and Floki Inu emerged and aimed to mimic their predecessor’s success.
Especially, Shiba Inu performed exceptionally well and at one point in October 2021, outgrew Dogecoin by market capitalization.
Read More DEX Tools – How To Buy Crypto? 2023
Position of Meme Coins
Basically, the year 2022 proved to be a difficult year for cryptocurrencies. Especially, as Bitcoin fell into a bearish slumber and the domino effect turned the entire crypto market into a sea of red.
Essentially, as investments dried up, the total crypto market cap plummet from $3 trillion to $900 billion at one point.
Eventually, most people expected meme coins, which had less utility than DeFi coins to be completely wiped out.
That, however, was not the case. While Doge and Shiba Inu returned from the moon’ they managed to stay relevant and maintain their position among the top 15 coins by market cap.
Risks surrounding Meme Coins?
Chiefly, when talking about the meme sector, it is not considered safe, but it really depends on which projects you choose.
Investors typically seek cryptocurrencies that run on a robust foundation, have a clear roadmap, and have strong use cases backing their technology.
Additionally, meme coins, on the other hand, do not carry so much utility. Most of their value is driven by branding and the ability to develop a large community.
Why Meme Coins are necessary for Crypto Market?
Firstly, advocates of meme coins say that the coins are essential to the crypto market as they provide traders with exuberant returns, even though the gains are short-lived.
Secondly, they also claim that the large price increases compensate for the time the price was sluggish.
Meanwhile, critics argue that these price hikes are anomalies and often occur as a result of pump-and-dumps or celebrity endorsements that cannot be relied upon for long-term success.
Further, they suggest that large coin holders hype the currency, creating a window for FOMO (fear of missing out) investors to buy in, only to dump the currency after making a profit.
Additionally, there are always two sides to a coin, especially for meme coins, where investors either receive significant returns or end up with meme coins that are worth one-tenth of their purchase price.
Read More Meme Coins – 3 Amazing Coins To Grow Your Crypto Portfolio
What is the next big Meme Coin Crypto?
Firstly, many analysts and market commentators believe that the next meme crypto to explode in 2023 will be Tamadodge.
Basically, for those unaware, Tamadodge was a breakout star in the market last year, offering an exciting blend of NFTs and Play-to-Earn (P2E) mechanics.
Momentum on Meme Coins persists – Doge on Twitter takes flight.
On April 3, 2023, Dogecoin (DOGE) saw a substantial 35% surge in its valuation, rising from $0.0077 to $0.098.
Chiefly, the credit for this significant growth goes to Elon Musk and Twitter’s influence, as the social media giant replaced its traditional bird logo with the DOGE meme.
In contrast, Ethereum (ETH) experienced only a 0.9% increase during the same period, highlighting the meme coins’ potential to generate remarkable profits.
Read More Crypto Market – How To Make Money While In A Bear Market ?
Shiba Inu – The Underdog on the Rise
Firstly, Shiba Inu (SHIB) is a meme coin that has always lived in the shadow of the DOGE.
Even though both coins share the same Shiba Inu dog mascot. As of April 3rd, SHIB was valued at $0.00001068 and has increased to $0.00001135 today.
Most importantly, the issue that concerns investors in SHIB is the high number of tokens in circulation, which prompted the Shiba Inu development team to implement a token burn program in 2021.
Additionally, this burnt program was well-received by the $SHIB community. The SHIB community has proposed a decentralized exchange (DEX) and automated market maker (AMM) called Shibarium.
Basically, which is a layer 2 solution for meme cryptocurrencies. Further, experts predict that once Shibarium goes live, the SHIB price could increase to $0.00015.
Big Eyes Coin joins the trend of Memes-Inspired Cryptocurrencies
Firstly, the realm of meme coins is rapidly expanding with the most recent addition being Big Eyes Coin (BIG).
While Bitcoin (BTC) and Ethereum (ETH) remain the top dog in the cryptocurrency market, meme coins are catching up real quick too!
Additionally, BIG is remarkable because it is the first cat meme token in the crypto world, which has already gathered support from the cryptocurrency community.
Despite not being released yet, BIG has already raised almost $33 million in presale funding.
Further, the token is expected to go live after the presale is still ongoing.
Read More Crypto – How To Earn Money – 5 Best Crypto
5 Best Crypto Meme Coins
Firstly, Meme Coins once considered little more than internet jokes, has emerged as a formidable force in the world of cryptocurrency.
Secondly, these digital assets were initially created as playful takes on popular internet memes, and have evolved into a dynamic segment of the DeFi market.
Thirdly, as their names and logos often pay homage to internet humor, meme coins have attracted a devoted following of enthusiasts who appreciate nature and the potential for significant returns.
1.DigiToads – Best Crypto for Beginners
Firstly, DigiToads is an emerging player in the dog-dominated meme-coin market. mainly, gaining significant traction among both gamers and investors.
Additionally, it is built on the Ethereum blockchain as an ERC20 token, this innovative project combines the excitement of gaming with the lucrative potential of decentralized finance.
Secondly, the platform’s ecosystem features a captivating Web3 game where players can obtain, trade, or win one-of-a-kind DigiToads NFTs.
Further, each NFT possesses distinct characteristics and abilities, offering players diverse digital companions.
Thirdly, beyond its gaming appeal, DigiToads also provides various income streams, such as NFT staking and on-chain trading competitions for holders of its native token, TOADS.
Notably, unlike the majority of the meme coins, DgiToads is a deflationary token, which means an automated burning mechanism constantly reduces its supply, more specifically, 2% of every transaction is destroyed.
Progressively, making the token more scarce and boosting its value once the demand grows.
Furthermore, DigiToads is in its presale stage. In its first 2 stages, the project raised over $1 million, which is a phenomenal performance for the new cryptocurrency.
Read More Web3 Marketing-Can Crypto Wallet Be Linked To Your Social Media Account?
DigiToads (TOADS) frenzy
Firstly, one of the major reasons behind this explosive growth is the project’s unique combination of features.
Secondly, DigiToads is not just another meme coin; it boasts a comprehensive ecosystem that includes a Play-to-Earn (P2E) game, Non-Fungible Tokens (NFTs), NFT Staking, and Platinum Toads.
Thirdly, DigiToads (TOADS) also strongly focuses on charity and environmental sustainability, with a commitment to donate 2.5% of profits to reforestation and rainforest preservation efforts.
Price of TOADS
Currently, TOADS is valued at $0.016 and with the final launch price set to be $0.055.
Consequently, investors can easily raise their early investments by up to 250%.
Besides DigiToads presale includes a handsome $150,000 worth of giveaways and weekly referral programs, so the project is simply flooded with opportunities for massive financial gains.
Lastly, with a strong and experienced doxxed team at its helm, DigiToads is a credible crypto poised to make a lasting impact in both the gaming and blockchain industries.
2. Dogecoin – The Original Meme Coin
Firstly, this was created as a joke in 2013. However, it has since grown into one of the top crypto coins with a passionate community of supporters.
Its Shiba Inu mascot, derived from the popular internet meme, has become a symbol of the coin’s lighthearted nature and resilience in the face of market volatility.
Despite its whimsical origins Dogecoin has managed to carve a niche for itself in the world of digital currencies.
Secondly, the coin has attracted the attention of high-profile figures, such as Elon Musk, whose tweets have been known to influence its price.
For instance, the latest event, when Musk changed the Twitter logo to the Shiba Inu mascot, massively increased the cost of the crypto and greatly rewarded its holders.
Further, the main drawback of Dogecoin is its unlimited supply, which makes it slightly challenging to raise in value.
However, with a strong network effect, low transaction fees, and fast confirmation times, Dogecoin is not only a popular choice for meme coin enthusiasts but also a practical option for everyday transactions and micro-payments.
3. Shiba Inu- First Meme with Utility
Firstly, it is often referred to as the “Dogecoin Killer”, and has garnered significant attention since its inception in August 2020.
Secondly, the token was created as an experiment in decentralized community building and has rapidly gained traction among investors looking for the next big meme coin.
Thirdly, it is built on the Ethereum blockchain, Shiba Inu is the first to introduce the concept of “meme tokens with a utility”.
Further, its ecosystem includes the ShibaSawp decentralized exchange, which allows users to trade, stake, and earn rewards with the SHIB token.
Additionally, the project has plans to expand into the realm of NFTs and launch a decentralized Shibarium blockchain.
Moreover, Shiba Inu’s impressive growth and ambitious roadmap make it a compelling choice for investors interested in meme coins. Essentially, with tangible utility and potential for long-term success.
Lastly, the only drawback of SHIB is its massive supply of 1 quadrillion. However, with the introduction of the Shib Burn portal, the team is actively trying to make the token more scarce and help its price to grow.
4. Dogecoin Mars – Future Multiverse Crypto
Firstly, Dogecoin Mars (ELON) is an ERC20 coin based on the Ethereum blockchain. Especially, created as a playful fusion of Dogecoin and Elon Musk’s vision of colonizing Mars.
Secondly, the product aims to develop a digital currency that could be used as a universal currency for interplanetary trade.
Launched in April 2021, Dogelon Mars strongly emphasizes community development and engagement.
Additionally, the project implemented a deflationary mechanism through token burning to encourage long-term value growth and stability.
Lastly, a portion of every transaction is redistributed to existing token holders, incentivizing them to hold onto their ELON tokens.
5. Floki Inu – New Pup on the Horizon
Firstly, Floki is another meme coin inspired by the Shiba Inu meme and Elon Musk’s tweet about naming his Shiba Inu dog “Floki”.
Launched in June 2021, Floki is built on the Ethereum and Binance Smart Chain networks, offering fast, secure, and cost-effective transactions.
Additionally, the Floki project seeks to create an entire ecosystem around its native token, FLOKI.
Basically, its primary focus is on the development of Floki-themed NFTs, gaming, and educational platforms.
Aiming to establish itself as a leader in the blockchain =powered entertainment and learning space.
Further, the Flock Inuverse, the projects NFT and gaming platform, allows users to earn rewards in FLOKI tokens by participating in various games and purchasing some coolest NFTs.
moreover, the altcoin has also launched a decentralized financial ecosystem called FlokiPlaces, where users can access various DeFi products such as staking, farming, and lending all powered by the FLOKI token.
Essentially, with its ambitious roadmap and a dedicated team behind it, Floki offers an interesting investment opportunity for those interested in meme coins with a focus on utility and long-term growth.
To summarize, meme coins have come a long way since their inception as meme internet jokes.
Additionally, they have evolved into influential players in the crypto space, garnering attention and investment from both casual enthusiasts and seasoned traders.
Chiefly Meme Coins are known to be highly volatile and are generally unsafe investments if one is expecting stable returns over the long run.
However, some meme projects do offer a greater utility than their counterparts and it would not be a terrible idea to allocate a fraction of one’s portfolio to these high-risk high reward coins.
Read More Crypto Market – How To Profit off AI To Make Money?
Do Meme Coins have value?
Firstly, the success of crypto projects like Dogecoin, Shiba Inu, and Floki led to a new buzzword called meme coins. During the initial days of meme coins in 2013, people considered them a joke with no potential value. Yet, ten years later, in 2023 the same meme coin market is worth over $20 billion.
How much is 1 meme coin?
Is SHIB a meme coin?
Chiefly, SHIB was created in August 2020 and has since gained a massive following. SHIB is designed to be a “meme coin” and features the image of the Shiba Inu dog. Additionally, which has gained a significant following on social media platforms.
Will Shiba Inu ever each $1 cent?
Basically, to reach 1 cent, Shiba Inu will have to rise 900x. Further, At 1 cent, Shiba Inu’s market cap would be worth around 5.8 trillion. If SHIB were to grow at the rate of 25% every year, it would take Shiba Inu about 30 years to reach 1 cent. Please note, it is only a theoretical possibility.
Which Meme Coin is trending?
Dogecoin (DOGE). Mainly because DOGE is one of the few meme coins that have become adopted as a payment method, with over 2,100 merchants worldwide now accepting it.
Leave a Reply