Meme Coins are meme-inspired cryptocurrencies. They tend to be very volatile compared to major cryptocurrencies such as Bitcoin and Ethereum . This is likely because meme coins are heavily community-powered Meme tokens .
Their prices are usually influenced by social media and online community sentiment. This often brings a lot of hype but also FOMO and financial risk. While it is true that some traders have gotten rich using meme coins, many have lost money due to market volatility with Hokk Finance Meme Coins.
Some say 2022 was the year of the “dogs” for crypto. Doggy duo Dogecoin (DOGE) and Shiba Inu (SHIB) led the meme coin pack, skyrocketing in price and market cap. DOGE gained over 8,000% last year. Its competitor SHIB has mined more than 60,000,000% in the same period.
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Everyone wants to believe in something. Enter memes, the supposed future of money according to avid crypto investors .
The "meme" comes from Richard Dawkins' 1976 book The Selfish Gene. A genetic meme, as described by Dawkins, is a gene that copies itself and spreads throughout the species through Darwinian natural selection .
A cultural meme is similarly a behavior or idea that spreads even faster across a culture. If I tell you a joke and you share it with your friends, we create a ripple effect until the joke is known on a collective level, changing the species forever.
And if that joke has an exchange value attached, it can theoretically become actual currency. New crypto investors like meme tokens because of High brand awareness, active community, cheap entry point.
Leading the meme coin market with the highest market caps are Dogecoin (DOGE) and Shiba Innu (SHIB). Following the success of DOGE and SHIB, a large number of dog-themed meme coins emerged and gained prominence in the second half of 2021. DeLeon Mars, Samoyed coin, Samoyed coin are some other popular meme tokens
Dogecoin (DOGE)
Dogecoin (DOGE) was created in 2013 by software developers Billy Markus and Jackson Palmer. Inspired by a meme of a Shiba Innu dog, it was intended to be a hoax cryptocurrency to gain mainstream attention. As a fork of Lite coin (LTC), DOGE adopts the same Proof of Work (POW) mechanism and has no maximum supply.
Tesla is now allowing customers to purchase select goods with Dogecoin, the company's CEO Elon Musk has announced. Products that can be purchased with the meme-based cryptocurrency include the Cybersquat for Kids (12,020 Doges / around $2,320), the Giga Texas Belt Buckle (835 Doges / around $161), and the Cyberwhistle (300 Doges / around $58).