What are meme coins?
A memcoin is a type of cryptocurrency that has no intrinsic value and rarely offers any real value or utility. In most cases, these shitcoins are dedicated to internet memes – images from social media that can be humorous in nature with Meme Tokens.
Meme coins differ from cryptocurrencies primarily in their uselessness. Bitcoin and Ether, for example, were created to solve the problems of centralizing the economy. Bitcoin (BTC) was created to help people send money transfers and as a currency accepted by merchants. Ether (ETH) is used to pay for transaction fees and computer services with Hokk Finance Meme Coins.
What Makes Meme coins Famous?
Meme coins have gained popularity thanks to support from influencers, celebrities and investors who are looking to increase the price soon. In general, meme tokens and meme coins are often seen as a joke spread on social media.
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An example of this phenomenon occurred when Facebook CEO Mark Zuckerberg posted a photo with the caption "My Goats: Max and Bitcoin." As soon as the post appeared on the network, the AquaGoat meme token jumped almost 300% in a few hours.
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In a similar scenario, Elon Musk tweeted that if a scandal broke out with him, he would become known as "Elongated". Some time later, the ELONGATE token was launched and the developers claim to have donated $3 million from their profits. Additionally, Musk's promotion of Dogecoin ensured a smooth move from DOGE, climbing to its previous high of $0.73. More recently, after the Tesla CEO tweeted “Dogecoin is money,” DOGE price rebounded from consolidation to $0.20 shortly thereafter.
Best meme coins by market cap
Dogecoin (DOGE)
DOGE is the original meme coin jokingly created in 2013 based on the internet meme "Doge" with the Shiba Inu dog logo. Two software developers, Billy Marcus and Jackson Palmer, created this open-source cryptocurrency from the Litecoin fork. He later caught the attention of investors after Tesla CEO Elon Musk posted multiple tweets on social media praising him.
Dogecoin uses Scrypt technology which has a one minute block time with unlimited supply. So you can always mine it by joining a mining pool. Dogecoin's first use was as a reward on Reddit and Twitter for creating and distributing quality content.
Originally, 100 billion DOGE were mined in 2015, allowing miners to create 100 new Dogecoins in a minute. In total, miners can mint almost 5 billion coins annually.
Why has the Dogecoin price increased?
As of July 28, there are over 130 billion DOGE outstanding with a market cap of around $25 billion. Initial buying pressure on this coin came when Musk began backing it through memes — and inclusion in the SpaceX project. DOGE is currently trading at $0.20.
What is the future of Dogecoin?
It is difficult to predict Dogecoin price movement as many coins are minted every day. Additionally, there are no significant crypto projects that have used it. Consequently, the price has already entered the bubble zone and further price increases depend on how investors accept this coin.