Meme Coin is a cryptocurrency that borrows ideas from funny images on the Internet and often Meme Coin is always associated with famous KOLs. In recent times, Meme Coin has been rising strongly with two typical names, DOGE (Doge Coin) and SHIB (Shiba Inu). In this article, let's go with Finnews24 to find out the main contents as follows:
- What is meme coin?
- Why are coin memes so popular?
- Top 5 Meme Coins by capitalization
- Should I invest meme coin or not?
Stay tuned for more!
What is Meme Coin Cryptocurrency?
Meme coins are coins that are inspired by popular photos online and events that happen in real life, most of which are made up of by being widely introduced by kols. This cryptocurrency has appeared and attracted a lot of attention from the whole society, especially not so long ago.
Normally, a meme coin is inherently worthless and usually doesn't come with amenities. As their name suggests, coin meme often relies on themes surrounding common humorous and entertaining images. These are jokes and photos shared on social media tools . According to information from coinmarketcap, there are more than 80 coin and token memes ranked on this website.
Elon Musk is one of the people who brought Dogecoin to the public
First dogecoin was born with pre-existing doge memes, derived from the image of a shibu inu dog. This coin operates on a private blockchain and on that basis is identifiable with other meme tokens. In addition, thanks to the influence of the boss tesla, the doge has rapidly exploded and even participated in creating the rise of the meme business sector.
This has mostly accompanied the rise of two of the more popular meme coins, shibu inu (shib) – an erc-20 token built on Ethereum, and Safemoon (safemoon) working on the binance smart chain. . Not to mention there are many other coin memes in the business area.
Why is the coin meme so popular?
Coin memes are becoming more and more popular with the cryptocurrencies community because they are often associated with popular kols on five continents and prominent events. In addition, these coins often tend to move with the trend, the details are what happens on social media tools. Since elon musk initially shill dogecoin (Doge ), the coin has grown like a 'windy kite' with two of the most familiar ones being shibu inu and safemoon.
Why is Meme Coin so popular?
Famous kols around the world seem to have a never-ending impact in the crypto industry and this has been especially true recently. When elon musk used his identity to promote the meme coin he liked was dogecoin. This not only created a strong fomo trend but also brought many favorable opportunities to meme coin for us.
Even the boss of tesla said that if there is a scandal about him, it should be called elongate. Since then the elongate token has been launched for about an hour. In those moments, the question arises as to whether this is really a motive for his own gain. Likely to be right or wrong, however until now, the issuers claim to have donated more than 3 million USD in profit from the price increase of this token to charity.
In the second half of the decade of 2021, the ceo of the social network – mark zuckerberg posted an image of his pet goats. Immediately after, the price of aqua goat increased by about 300% in the hours since Mark's post appeared on the internet.
Facebook CEO helped push up the price of 1 Meme Coin
While some people claim it's crazy to spend money on meme coins, other members consider it a worthy investment with the possibility of 1000% return on small sums of money. Whoever is right, in fact, the popularity of the coin meme has increased significantly in recent months.
Meme tokens tend to be listed on more exchanges. As the best coin meme, dogecoin is available on many crypto exchanges including coinbase, binance, huobi, kraken, bittrex, poloniex…. Near the doge edge, shiba inu has been traded at Binance, crypto . Com, ftx, kucoin, okex, gate. Io and non-investment exchanges (dex) like uniswap. Not only that, safemoon works on the binance smart chain system, which can be bought and sold at binance and on dexs like pancakeswap.
Read more: What is Ethereum Name Service (ENS)? Information about ENS . token
Top 5 coin memes by capitalization
As of editorial time, the top 5 meme coins ranked by market capitalization across business regions are Dogecoin, Shiba inu, Magic internet money, spell token, and Dogelon mars, respectively.
Doge Coin ( Doge )
Dogecoin has been invented by the issuers of jackson palmer and billy markus since 2013. This coin meme at first seemed like a joke, but it has become really serious since Elon Musk first. shill it on your own social network.
Dogecoin leads with a total value of over 34.1 billion USD. Source: CoinGecko
Cryptocurrency by the dogs has seen a rapid increase in value over the past few months. In detail, doge touched the business sector capitalization of 9 billion USD at its peak in January 2021, entering the top 5 on the total market capitalization table. Now that number has skyrocketed to over $34.1 billion, placing dogecoin at #9 on coinecko's leaderboard and the first major coin meme.
Doge Coin achieves the most engagement on social media platforms
Recently, according to information, the search for dogecoin is the most popular for the cryptocurrency business in the United States in the near future. Obviously the number is because of 2.3 million times, surpassing even the king of BTC.
In addition, Doge is also one of the coins used in the promotion plan starting from November 1 of the famous fast food chain burger king. This is a key event that shows that dogecoin is more and more popularly used in payment solutions around the world.
Shibu Inu Coin (Shib)
Shibu inu was first introduced in April 2021, as an experiment in the field of creating an investment-free autonomous society and rapidly increasing in value by more than 2,000,000% before the time of first reaching ath. at the beginning of May. This memcoin has benefited from the previous outbreak of Dogecoin. The highlight was when Elon Musk was on SNL (an American TV show) last month.
Shiba Inu is the 2nd largest coin meme after DOGE on the capitalization chart Source: CoinGecko
Shib has a total supply of 1 million billion and allows customers to hold billions or even trillions of tokens. But, analysts have made it clear that this cryptocurrency should grow to about twelve million percent to get a perfect cost of $1.
Not long ago, the shib recorded a strong boom by building new ath at $0 cost. 0000543 and has the highest trading volume on exchanges, notably coinbase.
Not only that, since the new peak, more than 900 million shib tokens have been burned to reduce the circulating supply on the business area. It is these inspirations that prompted shiba inu to quickly climb to 11th place in the total market capitalization of the business sector with a total value of over 25.9 billion USD.
Magic internet money ( ME )
Magic internet money is a coin meme that was first introduced in March 2014 and ranks 77th on coinecko's inventory. Today mim has a total market capitalization of over 2.33 billion USD and is the 3rd largest coin meme in the crypto business. In recent week the price of mim has seen dozens of changes, yet the value of this token has increased by 0.1% in the last 7 days and decreased by 0.3% in the last 24 hours.
MIM is the 3rd largest memecoin in the crypto market. Source: CoinGecko
Customers are more likely to be able to own a certain amount of MIM through the mining process. This seems to give the cryptocurrencies community access to this coin meme. As of editorial time, Magic Internet Money has a total supply equal to the circulating supply of 2, 344, 752, 207.
Spell Token (SPELL)
Spell token is a cryptocurrency developed on the Ethereum platform (erc 20) so it has basic functions like using smart contracts. This coin meme is inspired by the familiar spell Abracadabra in the famous Harry Potter series .
Spell Token ranked 81st on Memecoin leaderboard
Currently Spell Token is ranked 81st in the total market capitalization of the virtual currency market with a total value of over $2.19 billion.
Furthermore, Spell tokens include functions such as staking, farming and swapping which are added on a platform called abracadabra money. Abracadabra money is a protocol used to borrow a stablecoin called MIM with interest-bearing assets.
Spell is the coin applied in the abracadabra money system with the role of a currency used for trading in the platform, Spell holders have the ability to vote and decide on changes to the platform base. .
Dogelon Mars (Elon)
Dogelon Mars is a virtual currency and works on the basis of Ethereum. This is the fifth largest coin meme in the crypto market and currently sits at number 183 on the Coingecko market capitalization chart. The total capitalization of ELON is about 516 million Dollars.
ELON holds the 5th place in the meme coin capitalization rankings. Source: CoinGecko
Just in October, the coin called Dogelon Mars was boosted to 4,000% and quickly built a new ATH at $0. 000000253 on October 30. Not long ago, Elon faced many strong fluctuations and the price of this token had a significant decline.
Should I invest Hole money in Meme Coin or not?
In fact, the fact that coin issuers rely on KOLs to develop many new coins is unlikely to create their long-term value.
To have many great achievements in the future, meme coins will depend on the recognition from the whole society that likes to pair them with the abundant energy of famous people. Today Elon Musk is teaming up with Doge investors to fix the foundation and advance the coin as a payment tool for products and services around the world.
Should I buy Meme Coin or not?
And yet it is equally important that these cryptocurrencies should create their own value, along with operating on private blockchain facilities.
It seems that in the future these coins will be forced to undergo regulatory challenges. In the past, the coin meme has also had to deal with the category of legal principles. In June of this year, the land of the golden temple (Thailand) requested to prevent the purchase and sale of electronic assets with Meme Coin, NFT Coin and Fan Token.
Therefore, the cost of this virtual currency is likely to record many ups and downs and it is difficult to create long-term value in the crypto space. It seems that that is why investors should be careful, check carefully before spending on these coin memes to avoid the risk of confrontation and spend more than they receive.
Meme Coins like Doge Coin or Shiba Inu can increase in price by 5-6000% just because of a few famous quotes or statements. Therefore, speculators can completely own a large amount of Dogecoin and release them at the moment when the Coin price increases to take profits. This inadvertently creates conditions for the sharks to manipulate the Defi market, a decentralized financial platform with the desire to bring fairness.
What is the risk behind these coin memes?
Meme Coin is basically an Altcoin but built incomplete . Therefore, the risks that Meme Coin faces have similarities with Junk Coin (Altcoin).
The risk of a large price jump as well as a possible 5 divided by 7 is very normal when investing in Meme Coin cryptocurrencies that do not really have value in the long-term development.
Summary
The coin meme from a gift-and-reward-quality cryptocurrency inspired by jokes on the internet is becoming more and more popular these days.
The impressive growth of these coins not too long ago has allowed them to get better positions in the market cap and slowly try to establish long-term values like Bitcoin or Bitcoin. Altcoins.
Although Meme Coin can't grow strongly into a system overnight, it is entirely possible in the future if their developers burn down the supply of meme coins in the market in order to increase the scarcity of crypto.
