What Are Meme Coins and What Do They Mean
Meme coins are cryptocurrencies that memes, popular online jokes, or puns. Meme coins, as a general rule, are cryptocurrencies with no value or utility.
They exist as a result of the excitement surrounding them and investors’ FOMO (Fear of Missing Out) mentality.
The majority of meme coins were as a joke, but a few have beaten all odds and become prominent cryptocurrencies. Young investors all across the world have embraced coins such as Shiba Inu and Dogecoin.
Meme Coins Have Changed Over Time
Meme coins have grown in popularity over time and have a high market value. One thing that all of the ones who got popular have in common is that they have a large and passionate community behind them.
One can either become an early adopter of a promising product or a victim of a pump and dump scheme by investing in meme currencies. There is no middle ground; it’s all about high-risk, high-reward.
Blacklisting and hating on cryptocurrencies that have had such rapid growth, on the other hand, maybe irresponsible. Isn’t it crazy? Listen to what we have to say.
Fundamental Reasons Why Meme Coins Are Criticized
1. Unrestricted Supply
Meme coins are unique among cryptocurrency currencies in that they have an infinite supply. For example, Bitcoin’s supply is set at 21 million coins, and Ether’s supply is capped at 18 million coins per year.
Meanwhile, the popular meme coin BitTorrent (BTT) has a circulating supply of 930 billion coins and a total supply of 990 billion.
2. Meme Coin Risk Factors
Because of the risk aspect, investors are hesitant to invest in meme coins. However, while considering investing in general, the risk is always a consideration. Risk is the common denominator in all investments, including equities, mutual funds, gold, cryptocurrencies, and meme coins.
Some of the most well-known memes coin now available on the cryptocurrency market.
Shibu Inu (SHIB)
Shiba Inu: A deeper look
Shiba Inu is another famous meme coin based on the Ethereum ERC-20 token, following in the footsteps of Dogecoin. Under the alias “Ryoshi,” the currency was secretly in August 2020. It was able to attract a community of investors as well as notable figures such as Elon Musk and Vitalik Buterin.
Shiba Inu was compete directly with Dogecoin. The meme currency was born out of a 2013 meme showcasing the same-named Japanese breed dog and has since grown exponentially. They even go by the moniker “Doge Killer.”
Dogecoin: A deeper look
Dogecoin is the coin that defied all meme coin clichés and rose to become one of the top ten cryptocurrencies. This meme coin was made as a joke in 2013 and was never intended to be used in the real world. However, it became well-known in the crypto sphere, where a thriving community discovered and developed new applications.
Since then, Dogecoin has grown at an exponential rate. It is in the top ten cryptocurrencies alongside Bitcoin and Ethereum!
It has the full support of Elon Musk, who calls himself the “Dogefather” of the project. Dogecoin’s price rocketed to new heights in early 2021 as a result of his influence, with growth rates exceeding those of Bitcoin.
Coinbase listed Shiba Inu on their platform in September 2021, leading the meme dog token’s price to surge by over 40% and pushing it into the spotlight.
The SHIBA INU price is $0.000033 USD as of December 17th, 2021, with a 24-hour trading volume of $914,606,930 USD. There are 549,059,715,372,757 SHIB coins in circulation, and the maximum supply is unknown. It has a market capitalization of $14 billion and is traded on 86 different markets. Shiba Inu recently reached an all-time high of $0.00007957.
The rise of this meme coin will be interesting to watch, given the community they’ve formed and their growing prominence in the crypto realm.