In the following report, we examine the most important information about meme coins, how they are traded and the most famous of them.
What are meme coins?
These coins are often topics for “memes” on the Internet or those jokes and comic images that are widely spread on social networking sites.
Memes have the advantage of being able to gain immense popularity in a short period of time, usually as a result of promotion by individual influencers and online investors.
One of the most famous examples is the Dogecoin coin, which Elon Musk, owner of Tesla Electric Cars and SpaceX for space projects, promoted in a Twitter post through his Twitter account.
According to the Binance platform, meme currencies accounted for 2.8% of the cryptocurrency market value in June 2021, reaching more than $ 38 billion. But the disadvantage of these currencies is the high price volatility.
Read also .. Binance intends to buy a stake in Forbes for $ 200 million
How did the meme coins appear?
On the other hand, launching a cryptocurrency has become easy and practically feasible since the launch of Dogecoin in 2013.
It has also become available to everyone to issue cryptocurrencies against the backdrop of certain events, trends or even rumors.
For example, in May 2021, Mark Zuckerberg, CEO of Meta, who owns Facebook and Instagram, posted a photo of his pet goat.
Soon the cryptocurrency “Aqua Jot” was launched and its value increased by 300% within a few hours of posting on social networks.
Also, when Elon Musk wrote on Twitter that if there was to be a scandal about him, he had to invent “Elongate”, he released the “Elon Gate” code on a cryptocurrency within a few hours.
Read also .. Winter storms shut down Texas largest crypto mining facility
What is the difference between cryptocurrencies and memes?
Given that the goal of some digital currencies, such as Bitcoin, for example, is to avoid the defects of the world banking system and achieve a kind of revolution in the world of internet in general.
These intentions made the well-known cryptocurrency widely accepted by traders of all kinds, especially since these currencies have already created a new form of decentralization and have revolutionized the digital world.
But on the other hand, meme currencies do not actually serve any real purpose, as the launch of most of them was only to achieve a quick profit, or what might be known as “speculation”, but in the world of digital currencies coded.
How do you buy meme coins?
Shiba Inu can also be traded on Binance, Crypto and QCoin platforms, as well as decentralized or “DEX” exchanges such as Uniswap.
Often times, memes are provided for free or at very low prices when released to achieve the greatest possible expansion and extension.
Read also .. Russians own $ 214 billion in cryptocurrencies
What are the risks of meme coins?
The Thai regulator, for example, has ordered exchanges to remove memes from the list in 2021, along with “NFT” tokens and fan coins.
Also, the “Squid Game” coin which was launched after the Korean series of the same name gained great fame, when two friends decided to launch it and after their profits reached more than 4 million dollars, decided to run away and disappear. .
Also, relying on crypto-influencers to get the next currency is an unsustainable project and cannot be trusted.
With the exception of good regulatory measures like what happened in Thailand, meme currencies are ready to expand more and more, as the tools that make them more accessible are more accessible than ever.
Read also .. Its profits exceeded “Bitcoin” .. Ethereum currency expectations in 2022
What are the most prominent memes coins?
The Dogecoin meme, which was based on the image of a dog, is one of the most popular memes, such as Shipu Inu, which is built into a private blockchain.