Meta Digest

A Look into Meme Coins

Source: Executium

Meme coins are cryptocurrencies that are motivated by famed social media puns, jokes, and sarcasms. Currently, there are over 120 meme coins. 

Meme coins have been more favored than the conventional cryptocurrencies like Bitcoin and Ethereum. Shiba Inu and Dogecoin, the two leading meme cryptocurrencies, are among the top 10 by market value today. 

Dogecoin, which emerged as a jest in 2013, is enlisted as top 10 by market value of more than $35 billion. It is lately trading at approximately 27 cents. 

On the other hand, rival token Shiba Inu, which kicked off last 2020 and was established by an incognito persona named Ryoshi to mock Dogecoin, sits at No. 9 with a market value of more than $38 billion. Shiba Inu, dubbed the Dogecoin killer, also smashed an all time high of $0.00008616 per token in October 2021. 

Conventional cryptocurrencies like Bitcoin were created with a specific technology to boost trading and transaction in the crypto market, but meme coins have not been designed for any particular use. 

Many people are familiar with the volatility of cryptocurrencies, but it’s important to remember that meme coins can be just as volatile. Meme currency is highly dependent on its community for support and adoption – which means they’re never going away anytime soon. 

The rise of meme currency has been heavily due to the support and boost generated by influencers such as Elon Musk, billionaire and CEO of Tesla and SpaceX. He often tweets about different coins on Twitter, which seems like it could be why their prices are changing so much right now. 

The real question is, are these meme coins here to continually stay or are they just another trend that casually expires?

Opinions expressed by Meta Digest contributors are their own.