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Since the first meme token, DOGE, was established in 2013, meme coins have certainly caused quite a stir in the crypto space. Since then, hundreds of meme coins have been created with many traders investing and hoping to profit. These meme-based coins have distinguishing features that set them apart from other cryptocurrencies.
In this article, we have given a beginner's guide to meme coins to help you understand them.
A meme coin is a cryptocurrency that is inspired by a meme. This could be humor captured in an image, video, or other forms of media. Meme coins differ from standard crypto coins in that they frequently serve no purpose other than to be shared. These coins are also generally uncapped in supply, making them extremely volatile and appealing to many traders. Aside from that, meme coins are similar to standard cryptocurrencies and can be traded on cryptocurrency exchanges.
Popular meme coins were created as a fun alternative to mainstream cryptocurrency, and some, like Dogecoin, were created solely to mock the crypto-related hype. As more meme coins circulate, creators have specific projects and purposes in mind, leading to the creation of meme tokens for video games, charities, and online marketplaces. Even businesses, such as Tesla, GameStop, AMC Entertainment, and Nordstrom, are now accepting meme coins, with more expected to follow in the coming years. This guide to meme coin will help you understand more.
Meme coins, like memes, have been designed to spread like wildfire. Because celebrities such as Elon Musk have expressed support for certain meme coins, investors have flocked to them, fueled by the fear of missing out (also known as FOMO).
Furthermore, because meme coins have such a low value per token, they are frequently appealing to traders looking to diversify their portfolios. However, due to their extreme volatility and uncertain future in the crypto space, these coins are considered high-risk investments.
Many meme coins are competing in the crypto world, but only a few are well-known in the community. Here is a list of the most popular meme coins to consider investing in.
Dogecoin, the 'original' meme coin, was founded in 2013 and has undoubtedly agitated the cryptocurrency community in recent years. The coin's creators claim that it was created as a joke to mock the hype surrounding cryptocurrencies.
This coin is a new competitor in the meme coin races, which have already created quite a stir in the crypto world. Battle Infinity is a gaming platform in which players compete in P2E (pay-to-earn) games to earn rewards. Players can purchase the platform's native token – IBAT – or convert their rewards into other currencies via the platform's decentralized exchange, Battle Swap.
SHIB is a popular Dogecoin meme coin that has been dubbed the "Dogecoin killer" by supporters. Shiba Inu, created in 2020 by an anonymous group under the pseudonym Ryoshi, is built on and powered by the Ethereum network. SHIB was created to be the first token that is entirely managed by its community (dubbed the Shib Army) and began with a supply of one quadrillion.
Purchasing a meme coin is similar to purchasing other cryptocurrencies. If you're new to cryptocurrency trading, we recommend signing up for a platform that will connect you with a licensed broker. However, you must first ensure that the platform supports the mem coins in which you wish to invest. Bitcoin Up is a great example of a feature-rich cryptocurrency platform that accepts meme tokens. After you open an account, you'll be assigned a top-tier broker who will provide you with a variety of tools and resources to help you build your cryptocurrency portfolio.
This is especially recommended for new traders because it can help reduce poor financial decisions and other trading mistakes. If you're still unsure, you can use a demo account, which allows you to trade with dummy funds on the market without risking your own money. After you've gained some confidence, you can begin trading your preferred meme coins with the help of your trusted broker!
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
