Meme coins also called “joke coins” or “memetic coins,” are a new type of digital currency that has become more popular in recent years. They are digital currencies based on online memes, like Dogecoin, which shows the Shiba Inu from the “Doge” meme. These coins may appear to be a joke, but they have real worth and can be traded on cryptocurrency platforms. However, investing in meme coins can be a high-risk, high-reward venture because their value can be highly volatile, and there needs to be more market oversight.
Meme coins are a cryptocurrency that rose to prominence in the late 2010s and early 2020s. Their association sets them apart from online memes and their use as a speculative investment rather than a medium of commerce. However, the meme coins niche has since evolved into a social movement, with social media platforms playing a significant role in their rise. These projects are more community-driven than other crypto initiatives, and most have limited use cases.
As an example, Dogecoin was made in 2013 as a joke about Bitcoin. It was the first significant meme coin. Even though Dogecoin started as a joke, it quickly became popular, and its value peaked in late 2013 and early 2014.
Meme coins have only been around for a short time, but they have already had a big impact on the cryptocurrency market and have become a hot topic of debate among investors and traders.
Meme Coins and How They Work
Like other cryptocurrencies, meme coins use blockchain technology to make transactions possible and keep a decentralized record of everything on the network.
A user can get meme coins by “mining,” which is when they use specialized software to solve complex mathematical puzzles and verify network transactions. This procedure generates new coins, which are added to the total supply. Users can also buy meme coins on cryptocurrency exchanges and trade them for other cryptocurrencies or fiat currencies.
Like other cryptocurrencies, meme coins have a value that depends on speculation, and they can be traded on more than one platform for cryptocurrencies. Media attention, community support, and perceived utility can influence a meme coin’s value.
Most people don’t use meme coins to buy and sell things. Instead, they use them to speculate and make big profits. But some meme coin communities have tried to make their coin/token more useful by finding ways to use it, like tipping content creators.
The Current Market for Meme Coins
The meme coin market is volatile and dynamic, with prices shifting regularly and rapidly. Some meme coins, like Dogecoin, have recently seen their prices rise, and investors and dealers are becoming more interested in them.
Dogecoin saw a large price spike in early 2021. Its market cap climbed dramatically, making it one of the top ten cryptocurrencies by market cap. This price rise was caused by media attention, excitement on social media, and a growing number of fans.
Shiba Inu (SHIB), another meme cryptocurrency, saw a big price spike in early 2021, quickly becoming one of the top 20 cryptocurrencies by market valuation.
Other meme coins, like SafeMoon, SafemoonCash, and Elongate, have seen price increases like this in 2021 and have many fans.
However, it is important to note that most meme cryptocurrencies have no underlying value or real-world use cases. A major portion of their value is driven by speculation and excitement, making them extremely risky investments.
Currently, the market for meme coins is unstable and based on speculation, with prices changing very quickly. Before putting money into any cryptocurrency, especially meme coins, investors should know the risks and do their homework.
Popular meme Coins
Among the most popular meme coins are:
- Dogecoin (DOGE) is a cryptocurrency that originated as a joke but has since grown in popularity.
- Shiba Inu (SHIB) is a joke cryptocurrency based on the Shiba Inu dog breed, which is also the mascot for Dogecoin.
- Marscoin (MARS) is a cryptocurrency aiming to become the official currency of a future Martian colony.
- Eloncoin (ELON) is a cryptocurrency named after Elon Musk, the CEO of Tesla and SpaceX.
- SafeMoon (SAFEMOON) is a cryptocurrency launched in 2021 with distinct tokenomics, a deflationary token that encourages holders while punishing sellers.
- Akita Inu (AKITA) is a cryptocurrency named after the Akita dog breed, related to the Shiba Inu.
- Garlicoin (GRLC) is a cryptocurrency named after a meme about garlic bread that was created as a prank.
- Mooncoin (MOON) is a cryptocurrency invented as a prank named after the internet phrase “to the moon.”
- Useless Ethereum Token (UET) is a cryptocurrency established as a prank and promoted as having “no value.”
Please keep in mind that these are high-risk investments, and before investing in any cryptocurrency, you should conduct your research.
Is it a good idea to invest in meme coins?
When considering investing in cryptocurrencies, you may wonder whether digital assets are a smart investment. Regarding the best meme coins, it is important to remember that there are advantages and disadvantages. The disadvantage is that many meme currencies are just held together by the communities who support them. However, there are advantages to using meme coins, including:
Creating a large community
You’re safe if you can discover a meme coin with a large community. Some of the top meme coins on our list top meme coins to buy in 2023 are exactly like this. Shiba Inu, Dogecoin, etc. have a large community. Several other commodities on the meme cryptocurrencies list are also growing in popularity. You can invest in the most popular meme currencies with confidence that your investment will be safe and grow.
Adding to FOMO
One of the most important drivers of cryptocurrency growth is the fear of missing out (FOMO). And the best meme coins have ridden this to the moon.
When Dogecoin first appeared in early 2021, it did so with the support of people like Elon Musk, who continued to promote it. The asset soon became popular, and the FOMO was born. Everyone soon wanted to get their hands on some DOGE.
As FOMO grows in popularity, the coin’s value should rise significantly. Memecoins are thus among the most popular tokens for day trading cryptocurrency.
Meme Coins Might Rebrand
Another appealing aspect of meme currencies is that they can always become more useful. The truth is that meme coins can only receive so much assistance from their communities. However, if it lacks a clear purpose, it may lag.
Several of the greatest meme cryptocurrencies for 2023 have already begun to change to combat this. Dogecoin is now accepted as a payment mechanism at the Tesla store, and other businesses may follow suit. Shiba Inu has ShibaSwap, a decentralized exchange.
All of these will undoubtedly increase the utility of meme cryptocurrencies. When combined with their existing enormous communities, they should be able to make significant advances overall.
Meme Coin Value
Let’s look at the elements influencing the values of some of the finest meme currencies to invest in.
Volatility
Believe it or not, volatility is the primary motivator for meme currencies. Investors love that they can put tiny amounts of money into an asset and watch its value skyrocket in a few days. They’ve seen it happen before, and they’d want to bet on the next meme coin to go viral.
The hype of social media
As previously said, the entire purpose of meme coins is to garner attention from many people. Dogecoin exploded because Crypto Twitter became interested in it partly due to Elon Musk’s posts. It is now one of the market’s most valuable coins. The same thing happened to Shiba Inu.
It is critical to monitor social media mentions and what people say about most meme coins. This allows you to gauge the market’s sentiment toward the coin.
Bargain Pricing
Another important component influencing the value of a meme coin is its accessibility. Meme cryptocurrencies are inexpensive compared to established assets such as Bitcoin (BTC) and Solana (SOL). DOGE is still worth approximately $0.13 now, and other meme coins are considerably less valued.
Investors with little to lose will feel comfortable spending money on meme coins because they are worth less. So, whatever happens, their portfolios will be alright.
The benefits and drawbacks of investing in meme coins
Investing in meme coins can be a high-risk, high-reward venture. Among the potential benefits are the following:
- High volatility: meme coins may undergo quick price spikes, resulting in significant returns for investors.
- Low barrier to entry: meme coins are usually cheap, so it can be easy for people to start investing in cryptocurrencies.
- Some people find the concept of investing in meme coins to be interesting or funny.
However, there are numerous drawbacks to consider:
- Meme coins are highly speculative investments with a high potential for value loss.
- Lack of fundamentals: Many meme currencies have no real value or use, making it hard to determine their fair value.
- Lack of regulation: Generally, a cryptocurrency needs better regulation, and meme coins are even less regulated. This can make protecting oneself from fraud or fraudsters difficult.
- Lack of liquidity: Because meme coins are not commonly traded, buying and selling them can be difficult.
Where Can I Get the Best Meme Coins?
If you want to invest in meme coins, we recommend using a crypto exchange. These platforms specialize in arranging cryptocurrency trades, giving you access to the entire market from the comfort of your home.
Some meme coins, such as Floki Inu, that have yet to be listed on major centralized crypto exchanges, can be found on decentralized exchanges (DEXes) such as Pancakeswap and Uniswap. Use caution when utilizing these – check the coin’s official website to obtain the correct contract address.
We advocate trading with eToro above all other exchanges. The platform has everything you need to trade cryptocurrency, including an easy-to-use interface, a minimum trading amount, and zero-commission trading.
You can make payments on eToro using a variety of channels, including credit cards, bank transfers, and payment processors. Furthermore, the broker provides a Replicate Trader tool that allows you to locate and copy the top traders on its platform. In this manner, you profit when they profit. The eToro Copy Trader tool is a terrific approach for novices still learning the ropes to generate money while honing their skills.
In conclusion, remember that investing in meme coins is a high-risk venture that should be done with prudence. Before investing in any cryptocurrency, you should research and assess your risk tolerance.
