Hey all. You guys already know about the USDT coin and Bitcoin. But there’s another recent coins that’s globally popular now, which is the meme coins.
Meme coins are those cryptocurrencies prompted by prominent social media mockeries, satire, or puns. According to a source, there are about 124 meme coins, and tokens such as Dogecoin and Shiba Inu are some of the most distinguished meme coins in the market.
The value of the USDT is based on US currency, bitcoin is based on blockchain that pledges to revolutionize economic policies around the world, but the value of ‘meme coin’ is meme-based. Yes, correct! This coin was made as a joke.
One of the most famous examples is Dogecoin. The meme of this dog was quite renowned then; someone took it and made a coin out of it. Making a crypto coin can be done by anyone, and they need basic coding knowledge to do it.
After the vogue of Bitcoin, several people brought up its flaws like the long time required for trades or the energy expenditure that arises in the whole operation of mining Bitcoins, which isn’t good for the environment.
This led to people contemplating other options or making their coins. These coins are called Alt-Coins (Alternative-Coins). They were made to counter the disadvantages of Bitcoin. But after the emergence of Alt-Coins, people realized that anyone could create their coin.
So some people started creating coins just for fun. Even scammers made their coins, fooled people to invest in it to drive up the value of the coin, after which the scammer would take back his investment, and people suffered heavy losses, while the scammer would walk off with a hefty profit. This is known as the Pump and Dump scheme.
The purpose of creating Dogecoin wasn’t to scam people but to prank them. It was an internet joke. This Doge meme was at the height of its popularity in 2013.
Jackson Palmer, an Australian marketer, and Billy Markus, a software developer at IBM, had developed Dogecoin. Palmer said that he concocted this idea as a joke to integrate the two most popular trending ideas on the internet, Cryptocurrency, and the Doge meme.
A meme token like Dogecoin becoming so valued is the Reddit website. People on Reddit started using it as a joke initially. People would award some Dogecoins to the OP as a tip whenever someone liked a comment or a post on Reddit. It was known as the Dogebot tip. Usually, this was a tip of 5 Dogecoins. And at that point, the worth of Dogecoin was 0.0002¢. It was a very small amount but using Dogecoin as a tip started amassing popularity on Reddit. This intensified over the years.
Dogecoins were used so much and dealt with so many times that their value increased rapidly. In September 2018, the CEO of Tesla, Elon Musk, noticed it. Elon Musk met Jackson Palmer on the issue of Twitter spambots – the fake Twitter accounts that scam people using the guise of Cryptocurrency.
Elon Musk wanted to take them down because his name was being used to run these scams, so he asked Jackson Palmer’s help. That was the time when he came to know about Dogecoin. After seven months, he tweeted, “Dogecoin could be my favorite cryptocurrency.”
In March 2020, he tweeted, “Dogs rock. They are the best coins.” So in the consequent months and years, he tweeted several times about Dogecoin, which indirectly or directly endorsed it.
This was because Elon Musk is one of the most influential or famous personalities. So every time he tweeted about it, it sent up the value of Dogecoin by 25-50%. By 2021, at its peak, Dogecoin had almost touched the valuation of 80 billion dollars.
Leading 5 Meme Coins
Around 2013, the earliest meme coin, Dogecoin, was broadcasted, and since then, the dog-themed token had survived a rugged crusade until the year of the clown 2021, when it proceeded to skyrocket, surging more than 20,000% in a single year! It has been widely endorsed by Elon Musk, the world’s richest man, who seems to have acquired an obsession with the cute puppy and even used the DOGE token to fund a SpaceX project.
With over $30 billion market capitalization, Doge is indexed 9th overall and first among the present top 5 meme currencies! It has a virtually limitless quota, but that’s the case for another day.
2. Shiba Inu
Shiba, the 2nd biggest meme currency on our list and therefore the self-proclaimed DOGE killer, is another meme and community-driven dog-themed token. “SHIB is an attempt in decentralized involuntary community advancement,” according to its authorized explanation.
The cumulative stock of SHIB tokens is 1,000,000,000,000,000 (or 1 quadrillion). This project is titled after a Japanese hunting dog variety called Shiba Inu. It is established on the Ethereum blockchain and has a market cap of $27 billion. It shortly outperformed Dogecoin but is currently back in second place.
In March 2021, SafeMoon was published with the motto, “Safely to the Moon,” prompted by the common utterance “to the moon,” which means “to swiftly thrive in value.”
SafeMoon swiftly outperformed one million cryptocurrency holdings after its advent. After some celebrity endorsements involving rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy, SafeMoon’s worth ascended. SafeMoon is the model of why ascertaining merchandise first is so important. Investors purchased it because of the token’s guarantees, and now it’s plunging in cost. It’s a dangerous saga for investors who are inclined to brag.
4. Dogelon Mars (ELON)
The meme coin Dogelon Mars (ELON) is themed on Dogecoin (DOGE) and Tesla CEO Elon Musk. In 2021, the coin had enormous price fluctuations, and a few believe it can broaden.
5. Kishu Inu
Kishu Inu came up in August 2020 as a meme currency. Nonetheless, despite originally evolving from the recognition of Dogecoin, it’s anticipated to discern significant followers of its own.
Because of this popular method, surplus meme currencies are being developed, which has enabled them to attain favor and a decent reputation among other meme coins.
Meme coins are way more erratic than other cryptocurrencies as whales can steer the abrupt surge and plunge in their rates. For example, Shiba Inu rose 230 percent in 7 days after selling 6.3 trillion Shib tokens within the initial two days of October.
Their achievement and prestige are largely correlated with social media backing and buildup formulated by their influencers and that they are hugely community-driven. Many meme coins have unlimited stock that emphasizes a long-term effect on their costs.
The most outstanding meme coins like Shiba Inu and Dogecoin are currently down 21 percent and 14 percent, respectively. All additional important meme coins are within the red.
The government of India has planned to introduce 26 bills for the upcoming session of Parliament (Winter Session, 2021), including one bill to ban a set of private cryptocurrencies while authorizing digital currency by the RBI.
Soon after this news became viral, industry experts and investors criticized the move and led to heavy selling of cryptos across all major exchanges in India.
The market for altcoins is budding. It is an uneven pairing. The number of altcoins documented in cryptocurrency markets has quickly grown within the past decade and lured crowds of retail investors, feverishly hanging on their price activities to earn short-term profits.
But there is a problem. Cryptocurrency markets are not yet seasoned. Despite several attempts, there are no defined investment criteria or metrics to gauge cryptocurrencies. For the ultimate part, the altcoin market is run by supposition. Several cases of people who just vanished after obtaining investors’ cash exist.
Therefore, the altcoin market is for investors ready to expect the inflated peril operating in an unregulated and emerging market that’s susceptible to volatility. They should even be prepared to deal with pressure resulting from wild price swings.
There are thousands of altcoins available within the needs today, all claiming to serve a particular purpose and market.
The current state of affairs within the altcoin markets is uncertain about unifying into one Cryptocurrency. But it’s also plausible that a bulk of the entirely 1,800 altcoins documented in crypto markets won’t endure.
Altcoins are inexpensive for investors looking to diversify within crypto markets, thanks to broadening their perimeters beyond Bitcoin. Conventions in cryptocurrency markets have generated returns that are multiples of these caused by Bitcoin. But there are stakes involved in altcoin investing, not least of which is the lack of legislation. The blossoming of cryptocurrency markets will likely give rise to more intricacy and equity in the industry, building the path for regulation and rarer volatility.