What you need to know about Meme token

What you need to know about meme token

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MEME TOKEN - In recent years, the rise of cryptocurrency and blockchain technology has been unavoidable. October 2021 was an exciting month for all cryptocurrency investors, as the bitcoin price skyrocketed to US$67,000, and Ethereum quickly followed suit. The most notable event, however, was the Shiba rose, which stunned the entire cryptocurrency community. Shiba quickly overtook Dogecoin’s ninth position in marketcap, and investors made every effort to keep the meme coin crown. As a result, meme coins have quietly dominated many significant cryptocurrencies.

What you need to know about Meme token in short

  • Meme coins are created by combining internet memes and current events.
  • Meme coins began as a joke, are now in the process of displacing other cryptos.
  • It all started with Dogecoin, and then came Shiba Inu, which is currently the most popular meme coin and is also known as the “Dogecoin killer.”
  • Dogecoin is the most popular meme coin this year.
  • Memecoins may cause legitimate cryptos to lose value.
  • Meme coins have thrived since Elon Musk advocated for them.
  • SHIB is currently up +750% year to date. In terms of market capitalization, it is the ninth-largest crypto asset.
  • Floki dominates the European market and can be seen on posters, billboards, and the London Underground.

Is it coins, memes, or memes about coins?

Memecoins, also known as meme tokens (crypto assets that can purchase coins), are digital tokens inspired by popular sarcasm, social media puns, jokes, and memes. As a result, their concept is primarily derived from the internet. There are currently around 130 meme coins in the crypto market. Meme coins differ from traditional cryptocurrencies in that they are created without a specific goal or reason. Dogecoin was the first and most popular meme coin. It was created in 2013 as a parody, but it is now one of the most successful cryptocurrencies.

Even though their initial reputation was created as a joke, meme coins have done quite well in the cryptocurrency arena. People have already made a lot of money from these coins.

The only difference between a meme coin and a crypto coin is that meme coins do not currently have a utility like Bitcoin or Ethereum, designed to solve real-world problems. That being said, some meme coins are doing great things other than being memes, such as earning dividends. Dogecoin, for example, can be used on both a Mastercard-backed card and BitPay. It allows you to spend the coin wherever Mastercard is accepted, just like any other currency. There is a good chance that Tesla will accept Dogecoin as payment very soon!

The main meme token like Dogecoin

At the moment, Dogecoin is the only original and largest meme coin. To understand its value, consider comparing it to Bitcoin, the first and original cryptocurrency and the most valuable at the moment. Dogecoin reached its peak in May 2021, with a value of $0.74 and a market cap of more than $35 billion. It is currently trading at $0.27. As a result, it is incomparable to other meme coins. SafeMoon is now worth $0.00000508 and has a market cap of $40 billion.

Shiba Inu is currently ranked third among the most popular cryptocurrencies, with Doge and Coinbase ranking 13th.

What’s important to know here is whether Dogecoin users are selling out into Shiba. That could be a ruse to raise the price, and they may be able to repeat this trick in the future with a new token. So far, this remains an open question. Memecoins are accessible to almost everyone, which means that as their value rises, so will their volume. Alternatively, as demand rises, so does the price. As a result, meme coin owners are well aware of how they can profit from them.ù

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