Last updated on July 21st, 2023 at 08:59 pm
What are Meme Coins?
Meme coins are cryptocurrencies that started as or were inspired by a light-hearted joke. The first meme coin was Dogecoin (DOGE) which launched in December 2013.
Historically, of all crypto assets, meme coins have had some of the most spectacular bull runs. They have the ability to increase in price quite fast, sometimes increasing thousands of percent in a matter of days, as they spread across the internet.
What is Dogecoin?
Dogecoin (DOGE), the first meme coin, launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The two wanted to create a cryptocurrency that made fun of the wild speculation of the industry at the time. Dogecoin features an image of a Shibu Inu dog as its logo and is an open-source cryptocurrency based on Litecoin’s algorithm.
Markus and Palmer did not expect it to become a successful project and grow in price, but ironically it did as people saw the coin as humorous and cute. Further memes and images featuring the Shibu Inu dog spread on sites such as Reddit and Twitter often showing the dog using two-word phrases starting with modifier words like ‘so’, ‘such’, ‘many’, ‘much’, or ‘very’.
Over recent years, Dogecoin has become associated with Elon Musk, who frequently tweets about the cryptocurrency, heavily affecting its price movements as speculators flock to buy. It has been speculated that DOGE could become a payment method on Twitter.
Dogecoin Logo
Doge Meme
meme-arsenal.com
Popular Meme Coins List
| Meme Coin | Price | Circulating Supply | Market Cap | 24h Price Change | Exchange |
|---|---|---|---|---|---|
| Dogecoin (DOGE) | $0.09 USD | 139,007,316,384 DOGE | $12,375,821,377.64 USD | -4.38% | Binance |
| Shiba Inu (SHIB) | $0.000026 USD | 589,615,029,940,804 SHIB | $6,473,973,028.75 USD | -5.02% | Binance |
| FLOKI (FLOKI) | $0.00022 USD | 9598303100407.6 FLOKI | $2104032547.1492 USD | -9.39% | KuCoin |
| Pepe (PEPE) | $0.000022 USD | 4.2068989999999E+14 PEPE | $9389702694.755 USD | 4.72% |
Should you Invest in Meme Coins?
Basically, nearly every meme coin does not have a use case or solve a significant problem apart from just being a trending, flavour of the day/week/month, funny image, or joke in order for traders to speculate on and make money.
CoinFreeway is not a financial advisor and we recommend talking to your financial advisor. However, if you DYOR, sometimes it is worth putting a very small amount of your overall capital in a promising, original meme coin in its very early stages (before it has already pumped significantly). However, since meme coins are extremely high-risk assets there is the possiblity of losing all your investments.
How to Find New Meme Coins?
Finding Meme coins before they actually become a popular ‘meme’ is quite a tricky thing to do. It can be like finding a needle in a haystack. However, some sources you can find mentions of new meme coins include Telegram groups, Reddit, Twitter, and 4chan. Keep in mind, by the time do find out about the coin, many insiders, traders, and speculators may have already positioned themself with an entry at a much lower price, which might make you liquidity for their sell orders.
What Meme Coin Has the Most Potential?
This is a very subjective question. The potential is limited to the coin’s marketing, underlying technicals, the meme itself, overall market conditions, and many, many other factors. I recommend reading our article ‘How to Spot Bad Crypto Projects – 10 Areas to Spot Red Flags in Before Investing!’.
Closing Thoughts
Meme coins are among the most high-risk volatile cryptocurrency assets. The number of these types of assets is always growing, often with multiple versions of the same meme coin as scammers attempt to capatalise on the hype. Traders should be vigilant and thoroughly DYOR before investing or trading any meme coins.
