Read our University article about Dogecoin to learn more about the meme coin that started it all. At its peak, Musk’s endorsement propelled Dogecoin to a market cap of $88 billion in May 2021 and became a pop culture phenomenon. However, these assets brighten up blockchain with their fun and lighthearted nature. But the name was the crucial ingredient, Lane says, because “controversy sells.” “With CumRocket, people either love it or hate it.

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The list above is just a tiny sample of the vast world of meme coins. There are so many meme coins that there’s an entire meme section on the consolidated crypto tracking website CoinMarketCap. There are coins with profane language and coins named after people who did not consent, such as “CoinYe,” named after Kanye West. Meme coin prices are often driven by pop culture, and the Dogecoin community has made headlines on several occasions for its charity initiatives. On the Dogecoin website, it claims that its unofficial tagline is Do Only Good Everyday (an acronym for DOGE).

  1. All cryptocurrencies are still considered to be alternative investments due to their newness and volatility.
  2. Memecoins are characterized by high volatility, with prices subject to extreme fluctuations over short periods, often driven by social media trends and celebrity endorsements.
  3. These coins are often promoted on social media platforms such as Twitter and Reddit, where investors can easily get caught up in the hype surrounding the coins.
  4. Then the next wave of popularity came when non-crypto natives started to notice Dogecoin too.
  5. Treat meme coins as speculative assets, only using money you can afford to lose.

That means you should always be wary of risks the first release candidate of angular 2 material such as honeypot scams, which trap investors with no means to sell. Of course, there are even less malicious smart contract risks, such as bugs, which could prevent the coin from functioning correctly. So now you know what memecoins are and some of their common features, what about the most popular memecoins today? Well, there are many more to choose from than what you see in this list, but knowing about these three coins will certainly give you a good basic understanding of how these assets work. On the other hand, many memecoins gain their utility from their communities. This means holders often create novel use cases, such as accepting the currency in businesses or blockchain games.

Shiba Inu, for instance, has more than 590 trillion coins in circulation, as of the time of this writing. Even Dogecoin has fallen 91% from its all-time high, while Shiba Inu is off 84%. Both still carry market caps of $8.7 billion and $6.5 billion, respectively. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. It is not intended to offer access to any of such products and services.

Making use of an existing TikTok following, built up during the pandemic with a series of stock-picking videos, Lane set about promoting the token. Her priority was to build trust in the legitimacy of the project and strengthen community engagement by making her identity clear and tending closely to the public Discord server. She also published details of any CumRocket sales she made with an accompanying justification, to reassure people that she wasn’t trying to “do anything shady” behind their backs. Some currencies are just an amalgamation of various other memes, such as Dogelon Mars. This coin is a combination of Doge, Elon Musk, and his ambitions to take the human race to Mars in the future.

These playful and often humorous tokens are inspired by internet memes and have gained a significant following in recent years. From Dogecoin to Shiba Inu, each memecoin has its own quirky features, communities and ecosystems. While they can potentially offer quick returns and a sense of community, memecoins come with significant risks to investors. Another common scam is the rug pull, where the developers of a meme coin suddenly withdraw all liquidity from the project, effectively leaving traders with worthless tokens. In a rug pull, the creators of the coin may promote it heavily, building hype and attracting traders, only to sell off their large holdings or drain liquidity pools once the price has peaked.

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Many meme coins are often held by a small group of people who own large concentrations. According to the data from IntotheBlock, 48% of DOGE is controlled by seven crypto wallets. That number is even more stark for SHIB, where 69% of ownership how to buy ape nft is concentrated among 15 wallets. Instead, crypto investors often buy meme coins to be part of a community or for entertainment value.

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Ledger devices offer security for all digital assets, safeguarding against potential hacking or loss of funds. Even if their current value may seem minimal, protecting assets is a prudent practice for any cryptocurrency holder. The low price point for meme coins might seem attractive to potential investors, but proceed with caution. If you’re intent on purchasing a meme coin, it’s best to start small as their prices are highly unpredictable. Bankrate.com is an independent, advertising-supported publisher and comparison service.

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. Unlike Bitcoin, which is capped at 21 million coins, meme coins often have a high or unlimited supply. More than 200 such coins have been created since the launch of the original meme coin. You might be thinking, “How do I buy into them before they skyrocket”? But before you start thinking about “generational wealth”, it’s important to note that most memecoins fade into irrelevance along with their corresponding trend. Buying memecoins is incredibly risky and something you should only attempt armed with research and experience.

Through this app, you can manage your crypto assets, including the option to buy Dogecoin directly from a buy provider. Alternatively, you can purchase Dogecoin from other platforms and safeguard it using your hardware wallet. Looking into the founder’s past and checking if the project has the correct legal documentation can help you avoid unnecessary risk before considering buying a memecoin. Before we explain how you can buy memecoins, we must stress the importance of doing your own research. However, not all memecoins are as successful as DOGE or PEPE, no matter what “generational wealth” their marketers claim to offer.

Although initially considered to be of little intrinsic value, meme coins have, at times, seen extraordinary price increases, attracting speculative traders looking for short-term profits. Unlike traditional investments, meme coins are typically not backed by tangible assets or extensive development teams. 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 on top of cryptocurrency trends requires an understanding of how meme coins work and how they’re changing.

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). 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. Despite these concerns, meme coins have become a significant part of the cryptocurrency market and have attracted a large following.

As the price rises due to increased demand, the original traders sell off their holdings at a profit, causing the price to crash. Latecomers to the scheme are left holding devalued tokens, often resulting in substantial losses. Meme coins work like any other cryptocurrency, taking full advantage of the blockchain and related technology.

These airdrop recipients included Solana developers, NFT artists, whales, and active community members. Its aim, laid out in its whitepaper, is to become the “community coin of Solana”, offering itself up as a medium of exchange in decentralized apps and Solana-based projects. In line with this aim, the creators airdropped a massive 50% of its tracing transactions across cryptocurrency ledgers total supply at launch, allowing the community control over the coin’s future. As a result, it’s now the second most popular Solana memecoin, ranking just below $WIF. All cryptocurrencies are still considered to be alternative investments due to their newness and volatility.

Meme coins are an interesting cryptocurrency asset but come with many risks. For most investors, it’s best to avoid putting in more than you can afford to lose. But there’s a tiny chance that if you pick the next big coin before online fans send it “to the moon,” you could become the next crypto millionaire. So, when it comes to risky meme coins, it’s best to proceed with caution and do your research. The people most deeply steeped in meme coin trading tend to share the belief that investors don’t need to be coddled, wrapped in cotton wool.

Today, they are finding practical applications in various industries. For example, mainstream businesses like Tesla, AMC, GameStop, Newegg, and Twitch have embraced memecoins such as Dogecoin and Shiba Inu as a form of payment. One of the best and most secure ways to get your hands on some memecoins is via the Swap tab in Ledger Live. To explain, Ledger’s Swap providers support many of the top memecoins and the list is still growing. Beyond that, you must also check that the owner of the coin has permission from the meme’s original owner.