Meme coins are cryptocurrencies based on Internet memes. While many cryptocurrencies like Ethereum and Bitcoin feature technical features like decentralization and anonymity, meme coins are different. Most of these tokens are characterized by a value proposition derived primarily from their association with a meme.
Some mem coins are satirical, acting as a critique of cryptocurrencies or other parts of the internet culture. For example, Dogecoin (DOGE), one of the top ten largest cryptocurrencies in the world, began as a "joke" by its creator. On the other hand, some meme coins are "scam coins", which are currencies created solely for cashing in quick money at the expense of others.
You may ask: why do people buy these coins? Much of the value of a meme coin is speculative. People often buy them on the assumption that they will increase in popularity and value. While this sometimes works, like Shiba Inu (SHIBA) and Dogecoin, many of these meme coins are lost. People inside the crypto space also argue about whether or not to buy these coins.
Value that lasts … for a while
One thing to note about meme coins is how ephemeral they tend to be. While some meme coins like DOGE seemed to survive their expected lifespan, most meme coins come and go in a very short period, both deliberately and unintentionally. Also, while many traditional coins try to illustrate a use case, such as an alternative financial tool or trading method in a video game, meme coins tend to have no practical use other than to be bought and sold with Hokk Finance Meme Coins.
Many meme coins are also "scam coins," which are cryptocurrencies that exist entirely to enrich the creator. Scam coins can take the form of multiple schemes, such as “pump and dump” schemes that invite people to purchase a coin in large quantities. Once the value is high enough, the first owners of the coin "dump" to make a huge profit. Alternatively, scam coins can be a "carpet" in which developers take all the money and completely abandon a project.
However, not all meme coins are scams. Some meme coins have useful features, such as DOGE and SHIBA, and have mostly used the “meme” aspect to boost adoption. Community members also see meme coins as a vital way to get people interested in cryptocurrency, with public figures like Elon Musk often reporting meme coins on the rise.
Some meme coins
Reading a meme-based list of altcoins can seem surreal. To the skeptic, DOGE already sounds a bit odd, with its entire visual identity based on a ten-year-old Internet reaction photo. However, DOGE does not scratch the surface either. Meme coins attempt to milk every conceivable Internet trend, including other meme coins.
The list above is just a small example of the vast world of meme coins. There are so many meme coins that there is an entire meme section on the established cryptocurrency tracking website Coin Market Cap. There are coins with profane language and coins named after people who have not consented, such as “ Coin Ye ”, named after Kanye West. There are dozens of spin-offs and offshoots of DOGE alone.
Some currencies are just an amalgamation of various other memes, such as DeLeon Mars. This coin is a combination of Doge, Elon Musk and his ambitions to bring the human race to Mars in the future. Musk did not endorse or create this coin.
Cryptocurrencies aren't the only financial tools turning viral sensations on the internet. Recent years have also seen the rise in "meme stocks". For example, in 2020, the value of the gaming company Gamestop Shares grew rapidly after a huge influx of online users from the Reddit r / Wall StreetBets community bought huge amounts of shares.