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WHAT ARE MEME COINS AND HOW DO THEY WORK?

From Dogecoin and Shiba Inu to lesser-known variants, learn all about meme
coins, what they are, and how to trade them.

Mar 05, 2024
|

Beginner

As their name implies, meme coins are a category of cryptocurrency inspired by
memes or which possess a comedic trait. Dogecoin and Shiba Inu are two
well-known examples.


KEY TAKEAWAYS:

 * Meme coins are generally highly volatile, as they often have an abundant
   supply and their popularity is largely driven by pop culture.
   
 * Dogecoin and Shiba Inu are the leading meme coins, though there are hundreds
   of others available.
   
 * Having a thorough understanding of a meme coin requires verifying that
   liquidity pools are tied to burn addresses, ensuring third-party audits have
   been completed on the project, and confirming no one entity owns more than 5%
   of the total supply.
   
 * Meme coins’ reputation of offering no clear use case or benefits is changing
   with the emergence of utility meme coins.


WHAT ARE MEME COINS?

Meme coins are cryptocurrencies (like Bitcoin or Ethereum) that pay homage to a
meme, which is an interesting or funny idea captured in an image, video, or
another form of media. Like the memes they’re based on, meme coins are designed
to go viral and be shared. 

Dogecoin (DOGE), the original meme coin and category leader by market
capitalisation, was created in 2013 as a joke to satirise the hype around
Bitcoin and other mainstream cryptocurrencies. Its developers, software
engineers Billy Markus and Jackson Palmer, intended for Dogecoin to be a fun and
accessible altcoin, which is why it doesn’t have a capped supply. Dogecoin was
an instant success upon launch and surged in popularity on platforms like
Reddit. 

The coin became a staple of the crypto space in early 2021 when celebrities like
Elon Musk, Mark Cuban, and Snoop Dogg backed Dogecoin, sending it soaring more
than 800% in 24 hours. Since then, Dogecoin has had instances where it leapt in
value when Elon Musk tweeted about it. Hundreds of other meme coins have also
entered the scene, including dozens based on the doge meme. 

Despite its ups and downs over the years, Dogecoin has consistently maintained a
passionate community and, at one point, surpassed Bitcoin in daily transaction
volume.

Read our University article about Dogecoin to learn more about the meme coin
that started it all.


POPULAR MEME COINS IN 2024

The excitement around meme coins is unbroken in 2024, with new meme coins
constantly entering the market.

Besides Dogecoin and Shiba Inu, also known as ‘doge killer’ in the space, here
are the top meme coins with the highest market cap as of March 2024:

Token NameWhat Is It?Dogecoin (DOGE) Based on the popular ‘Doge’ internet meme
and featuring a Shiba Inu on its logo, Dogecoin (DOGE) is a cryptocurrency that
was forked from Litecoin in December 2013.Shiba Inu (SHIB)SHIB is an experiment
in decentralised spontaneous community building created under the Shiba Inu
ecosystem. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally
abundant — with a total supply of one quadrillion.Pepe
(PEPE)The Pepe meme coin is a cryptocurrency inspired by the popular internet
meme featuring the character Pepe the Frog, embodying elements of internet
culture within its blockchain-based ecosystem.Bonk
(BONK)The Bonk meme coin operates through blockchain technology, utilising
decentralised governance and community participation to facilitate transactions
and perpetuate the ‘Bonk’ meme within its ecosystem.Floki Inu (FLOKI)FLOKI’s
ecosystem offers a 3D NFT metaverse, DeFi utilities, a crypto education
platform, NFTs, a merchandise store, and more. The community has pledged to
build schools as part of its charitable initiatives.CorgiAI
(CORGIAI)The CorgiAI meme coin uses blockchain technology, community governance,
and artificial intelligence algorithms to facilitate transactions, incentivise
holders, and perpetuate the corgi dog meme culture within its decentralised
ecosystem.

Token NameDogecoin (DOGE) What Is It?Based on the popular ‘Doge’ internet meme
and featuring a Shiba Inu on its logo, Dogecoin (DOGE) is a cryptocurrency that
was forked from Litecoin in December 2013.Token NameShiba Inu (SHIB)What Is
It?SHIB is an experiment in decentralised spontaneous community building created
under the Shiba Inu ecosystem. Unlike Bitcoin, which is designed to be scarce,
SHIB is intentionally abundant — with a total supply of one quadrillion.Token
NamePepe
(PEPE)What Is It?The Pepe meme coin is a cryptocurrency inspired by the popular
internet meme featuring the character Pepe the Frog, embodying elements of
internet culture within its blockchain-based ecosystem.Token NameBonk
(BONK)What Is It?The Bonk meme coin operates through blockchain technology,
utilising decentralised governance and community participation to facilitate
transactions and perpetuate the ‘Bonk’ meme within its ecosystem.Token NameFloki
Inu (FLOKI)What Is It?FLOKI’s ecosystem offers a 3D NFT metaverse, DeFi
utilities, a crypto education platform, NFTs, a merchandise store, and more. The
community has pledged to build schools as part of its charitable
initiatives.Token NameCorgiAI
(CORGIAI)What Is It?The CorgiAI meme coin uses blockchain technology, community
governance, and artificial intelligence algorithms to facilitate transactions,
incentivise holders, and perpetuate the corgi dog meme culture within its
decentralised ecosystem.


HOW DO MEME COINS WORK?

Meme coins work like any other cryptocurrency, taking full advantage of the
blockchain and related technology. They’re often built on blockchains that use
smart contracts, like Ethereum and Solana. Today, there are over 300 meme coins
in existence.


GAINING VALUE THROUGH VOLATILITY

Since meme coins are community-driven, their value is considered to be
speculative and incredibly volatile. When Elon Musk and Mark Cuban promoted
Dogecoin, its value skyrocketed. But once the hype died down, its price fell
just as quickly. Another reason meme coins undergo such extreme changes in value
is because of the way they’re designed. Unlike fiat currencies and most
cryptocurrencies, meme coins often have an uncapped supply, making them
inflationary in nature. An exception is Shiba Inu (SHIB), which has a total
supply of 1 quadrillion tokens. 

While the financial risk of investing in meme coins is high, they’re still an
important part of the cryptocurrency market. In fact, the market capitalisation
of the top two meme coins, Dogecoin and Shiba Inu, is in the billions. Keeping
abreast of cryptocurrency trends requires an understanding of how meme coins
work and how they’re changing. 

To summarise, here are the characteristics of meme coins that differentiate them
from traditional cryptocurrencies:

 * Meme coins are highly volatile and subject to extreme changes in value over
   very short periods of time.
 * They generally have a massive or uncapped supply.
 * Meme coins’ values are driven by the current buzz surrounding the token.
 * They can have a very low value per token.


WHY DO PEOPLE BUY MEME COINS?

In its early days, Dogecoin was mainly used for ‘tipping’, which is the practise
of rewarding people on the internet for doing a good deed. Some meme coins offer
utility or are now part of wider decentralised finance (DeFi) ecosystems. For
example, Bone ShibaSwap (BONE) is the governance token of ShibaSwap, a
decentralised exchange (DEX). 


ARE MEME COINS SAFE?

Meme coins’ high supply and volatility make them more speculative than other
cryptocurrencies. While Elon Musk (or some other celebrity) could tweet about
Doge and send its value soaring tomorrow, it could just as easily fade away into
obscurity. Remember, meme coins are based on internet memes. As such, they share
many traits with them, including the potential for going viral and becoming
quickly outdated.


HOW TO BUY MEME COINS

In the Crypto.com App, users can conveniently buy meme coins and 250-plus other
coins using Apple Pay, Google Pay, a credit/debit card, or 20-plus fiat
currencies transferred from their bank account. To do so, users can tap ‘Buy’
from the home screen and select the token to purchase plus the payment method. 

Visit the Help Centre for more information, and download the Crypto.com App
here. 


WHAT TO KEEP IN MIND WHEN BUYING MEME COINS:

 * Verify that liquidity pools are held by burn addresses to avoid buying a
   cryptocurrency that can face malicious activity, such as a rug pull.
 * Always ensure that a reputable third-party firm has audited the meme coin
   project.
 * Be wary of any coin where developers hold most of the tokens. Ideally, no
   single person or organisation should control more than 5% of the token’s
   total supply.

Keeping these things in mind and performing research (DYOR) on any coin of
interest will help to minimise unnecessary risks.


FUTURE TRENDS FOR MEME COINS

At the moment, meme coins do not have the same widespread adoption as the
leading cryptocurrencies. However, that doesn’t mean they’re on the way out. The
main barrier for meme coins is the same as other cryptocurrencies: Many people
are still unfamiliar with them. 


MORE BUSINESSES ARE ACCEPTING MEME COINS AS CURRENCY

Several mainstream businesses have expressed an openness to meme coins. Knowing
Elon Musk’s appreciation for meme coins, it’s not surprising that the Tesla
store has begun accepting Dogecoin for certain items.

But Musk isn’t the only business person who’s been open to meme coins. AMC,
GameStop, Newegg, and Twitch have already begun accepting meme coins like
Dogecoin and Shiba Inu. 


A NEW WAVE: UTILITY MEME COINS

We’re beginning to see meme coins move towards a more utility-focused model. One
of the best examples of this is Shiba Inu, which plans to create the Shibaverse,
a Metaverse for Shiba Inu community members. The ecosystem already includes
ShibaSwap, a DEX where users can swap tokens.

Floki Inu’s developers, who have ambitions to dethrone Dogecoin as the most
popular meme coin, emphasise the token’s utility as a way to differentiate it
from the pack. The FLOKI ecosystem includes plans for an NFT gaming Metaverse
called ‘Valhalla’, a merchandise marketplace, and a crypto education platform. 

While, historically, most meme coins were created for the sole purpose of
trading, it’s evident that new projects are using the comedic element of their
token as the means to build a community. Crypto.com offers the ideal starting
place for those interested in meme coins. Check current coin prices on the
Crypto.com Price page or download the Crypto.com App. 

DUE DILIGENCE AND DO YOUR OWN RESEARCH

All examples listed in this article are for informational purposes only. You
should not construe any such information or other material as legal, tax,
investment, financial, or other advice. Nothing contained herein shall
constitute a solicitation, recommendation, endorsement, or offer by Crypto.com
to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on
the buying and selling of crypto assets may be subject to tax, including capital
gains tax, in your jurisdiction. Any descriptions of Crypto.com products or
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endorsement, invitation, or solicitation.

Past performance is not a guarantee or predictor of future performance. The
value of crypto assets can increase or decrease, and you could lose all or a
substantial amount of your purchase price. When assessing a crypto asset, it’s
essential for you to do your research and due diligence to make the best
possible judgement, as any purchases shall be your sole responsibility.

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