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BRINGING THE FUN OF MEMES TO THE WORLD OF CRYPTOCURRENCY - WHAT ARE MEME COINS?

Tech Planet Author 9 minutes ago Follow


The meme coins trading spike caused problems at crypto exchanges and extremely
raised Bitcoin transaction fees. However, despite being warned against buying
fads, some lucky crypto users made 5,000,000% profit on meme coins last weeks.
What are meme coins, and how do they affect the market?


WHAT ARE MEME COINS?

First, there was Dogecoin, a meme coin created in 2013 as a joke responding to
Bitcoin's rising popularity. It was designed to be accessible to everyone and
has an uncapped supply. Then there were all other meme coins counted over 500
tokens, according to CoinMarketCap.

Meme coins are cryptocurrency tokens that are based on memes. They usually have
no utility and are used mainly for trading purposes. The coins are considered
super-risky investment options and are typically compared to rug-a-pull scam
schemes.

They are traded at a super-low price, experience high volatility and volume
spikes over short periods, and are affected by social media buzz. When
celebrities support meme coins, their values immediately skyrocket and directly
drop once the social rumor dies down. That's why meme coins are also considered
speculative assets.

As meme coins usually have uncapped or massive supply amounts, their value is
low. DOGE miner earns many times less than BTC ones.



While cryptocurrencies mainly have burning mechanisms to cut the circulating
supply and increase their value, meme coins don't use such mechanisms making
supply grow and value decrease.

And the colossal con is the tokenomics and how coins are distributed. Coin
creators often take advantage of anonymity by holding 100% of the supply. They
launch their token and work on creating a buzz in social media to increase its
value and then cash out their assets with profits. Another concern regarding
meme coins is that they are held by a small group of people, resulting in their
trading activity significantly affecting the coin's value, which goes against
the concept of decentralization.



Despite significant cons, meme coins are community-driven tokens meaning great
support among enthusiastic crypto users.


PEPECOIN (PEPE) AND RECENT SPIKES IN MEME COINS TRADING

The accident that inspired us to prepare this text happened with the newly
launched Pepecoin and meme coins designed on the Bitcoin network. Since 2021,
when meme coins have rapidly grown caused by the COVID-19 pandemic crisis and
fear among retail investors of taking inflation losses, this type of coins
didn't experience such surges in trading volume.

This time Pepecoin (PEPE), launched in the middle of April 2023, provoked the
meme spike. Once the token appeared on Uniswap, the most popular Ethereum-based
decentralized exchange, an anonymous user bought 5.907 trillion of PEPE worth
$263%. By May 5, in only three weeks, the buyer made almost 5,000,000% profit,
and Pepecoin gained $1 billion of market capitalization.

Other factors have also contributed to the surge of Pepecoin, not just the
mentioned buyer. Crypto whales and entities bought the token shortly after it
was listed and boomed the interest among retail investors towards Pepecoin and
other recently issued meme coins. In a week, Wojak and PEEPO experienced a 600%
increase, while Floki saw a significant 1400% surge, and BOB coin rose by 260%.

Currently, the trading volume and market capitalization of meme coins have
returned to their previous levels and stabilized. As previously mentioned, meme
coins are highly speculative and prone to volatility.


DOGECOIN (DOGE) AND ELON MUSKS'S TWEETS

The most famous meme coin spikes are associated with Dogecoin and Elon Musk's
tweets. Elon Musk is known as Dogecoin big fan, besides being a founder of Tesla
and Space X and the current owner of Twitter social media. Every time he tweets
or moves toward Dogecoin, the token's price immediately increases.

The last time the coin's value increased was when the Twitter logo was replaced
with the DOGE logo. The token showed a short-period increase of 20%. When Musk
tweeted, "One word: Doge," the token gained 700% raise.



Despite experiencing rapid surges, the token's value stabilizes quickly.
Additionally, with constant support from Elon Musk, Dogecoin has become more
than just a meme.


WHY DO COMMUNITIES LOVE MEME COINS?

Widespread crypto community memes inspire meme coins.

As a cultural concept, memes help gather communities around a specific problem
or topic and are clear for everyone, regardless of language or culture. And meme
tokens accumulate strong communities and sometimes help to solve problems. For
example, Baby Doge recently supported an event aimed at helping dogs in Central
Park, New York.

As crypto assets, meme tokens are attractive because of their low price per
coin, which a fraction of a USD cent can sometimes measure. It makes the tokens
accessible for retail investors and allows them to purchase coins in thousands.

Being speculative and highly volatile, meme coins allow holders to make huge
profits on the news.


MEME COINS ON SPECTROCOIN

At SpectroCoin, we offer only reliable and valued tokens. Considering the risks
of meme tokens investing, we currently propose two long-standing meme coins
- Dogecoin (DOGE) and Shiba Inu (SHIB). ranked as the top-15 cryptocurrencies by
market capitalization.

SpectroCoin clients can buy and sell DOGE and SHIB and spend them worldwide with
a crypto debit card.

 

MEME COINS MEMES

In case you have found a mistake in the text, please send a message to the
author by selecting the mistake and pressing Ctrl-Enter.

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