What is Meme Coin?
All are familiar with Bitcoin, but it isn’t the only cryptocurrency available. If you are familiar with cryptocurrency trends, you would have come across the rise in popularity of meme coins. A lot of meme-based currencies like Dogecoin, Shiba Inu, Pepe, and Doge Killer have gained a massive attention in the recent times. Continue reading to explore the characteristics of meme coins.
All about Meme Coins
Meme coins are cryptocurrencies created based on jokes or memes on social media and the internet. The first designed meme coin was Dogecoin (DOGE) launched in 2013. It is inspired by a notable Doge meme of a Japanese Shiba Inu dog. These coins can be traded on cryptocurrency exchanges and are similar to standard cryptocurrencies. Businesses like Tesla, Nordstrom, and AMC Entertainment are accepting meme coins.
Characteristics of Meme Coins
One of the key features of meme coins is unlimited supply. Meme coins often have huge production compared to Bitcoins and they have billions of units in circulation. For example, there is a total supply of 1 quadrillion tokens for Shiba Inu (SHIB). On the other hand, the value of these coins is comparatively less. Low price is the main factor influencing the value of meme coins and you can buy millions of meme tokens for just $1.
What is the first designed meme coin?
- A. SafeMoon
- B. Akita Inu
- C. Dogecoin
- D. Shiba Inu
Notable Examples of Successful Meme Coins
A lot of meme coins are competing in the crypto world, but only a few are noticeable in the community. Here is the list of some popular coins you must invest in.
1. Dogecoin (DOGE)
Dogecoin was designed by Jackson Palmer and Billy Markus in 2013. This coin was created as a joke cryptocurrency to gain mainstream attention. The coins are priced at very low margin making transactions more affordable.
2. Shiba Inu (SHIB)
SHIB is referred to as the ‘Dogecoin killer’ because it is the rival of Dogecoin. This meme coin was named after a Japanese dog breed and created by Ryoshi, an anonymous developer in 2020.
3. Kishu Inu (KISHU)
Kishu Inu launched in 2021 gaining popularity rapidly due to its active users, and non-fungible tokens. It recorded over 2 billion dollars in market capitalization after one month of its launch.
In addition to these, other characteristics of meme coins include trading, price fluctuations, and social media trends. Meme coins are highly volatile in contrast to other currencies. Moreover, there are a lot of risks and challenges associated with meme coins. So, you must learn about the correct trading of meme coins before investing.