What are Crypto Meme Coins?

Doge became a meme in 2013. The meme's name is derived from a slang pronunciation of the word 'dog', and the logo is based on the image of a Shiba Inu called Kabosu. In December of that year, software programmers Billy Markus and Jackson Palmer developed Dogecoin as a parody to illustrate cryptocurrency could represent anything.

So, what are meme coins? And should you invest in them?

These coins are made as jokes/memes in most cases, but recent events suggest there's a chance that some of them will become quite popular. Dogecoin's value, for instance, skyrocketed in May 2021 before settling, and it is now the tenth most valuable cryptocurrency by market cap, according to CoinMarketCap.

What is a meme coin? (Difference between meme coin and crypto)

Like Bitcoin or Ethereum, Meme Coins are a kind of digital currency. In contrast to these tokens, meme coins are often created to represent a meme, a funny idea encapsulated in a picture, video, or other media. Meme coins are meant to spread like the memes they're based on.

Meme coins are very risky investments since they have no function other than to be exchanged. While all cryptocurrencies are subject to greater price fluctuations than fiat money, the volatility of meme coins is unmatched.

The design of meme coins is a contributing factor to their volatile market prices. Meme coins, in contrast to conventional currencies and even other digital currencies, often have an infinite supply.

Lastly, a meme's worth depends on how popular it is. The value of Dogecoin increased significantly after endorsements from Elon Musk and Mark Cuban. However, as the initial excitement subsided, its value rapidly dropped.

To sum it up, meme coins are:

• Not designed for utility
• Highly volatile and subject to manipulation
• Can have an unlimited supply
• Value can change depending on the hype around it
• Can have a very low value.

How do memecoins work?

Meme coins operate in the same way as other cryptocurrencies, using the benefits of the blockchain and associated technologies. In particular, smart contract-based blockchains like Ethereum and Solana have seen an increase in the prevalence of these types of tokens. There are already over 200 meme currencies existing on various blockchains.

Meme coins function similarly to other digital currencies in that they may be purchased, sold, and exchanged. All you have to do is go to a marketplace like Cryptoforce, download the App, and buy. Buying meme coins is just as easy as buying Bitcoin or Ethereum.

How to make a meme coin?

Creating a meme currency required some technical skills in the past. Now, however, there are applications and websites available that eliminate the need for such laborious processes. For instance, DxLaunch provides all the tools necessary to develop and release your own meme currency. This is helpful for the general public, but it also makes it easier for con artists to take advantage of unsuspecting investors.

How to make money off memecoins?

Think about it: if you invested $1 USD in Shiba Inu coins in March 2021, you might have cashed them in for $8000 USD seven months later. Such a rapid return is uncommon among investments. This is why investors should not write off meme coins entirely, even if they only make up a small portion of their portfolio.

Making money with meme coins requires recognizing what will become popular before it actually becomes popular. Meme coins may be a very lucrative investment if you keep up with the latest and greatest in social media trends. This is because investors may buy a large quantity for a small outlay of capital since their price is mostly very low.

Meme currencies are a significant component of the current crypto economy, so learning about them is worthwhile even if you never plan to invest in them.

What is the best place to buy meme coins?

Memecoins have gained so much popularity that cryptocurrency exchanges have been compelled to list memecoins amidst their existing offerings. The safest way to buy some of the most popular memecoins in India includes licensed cryptocurrency exchanges like Cryptoforce.

What are the best memecoins?

Dogecoin: The Most Valuable Meme Coin

For those who wonder, 'Should I invest in Dogecoin?' you're in the right place to find that out.

Among the several meme currencies available, many believe Dogecoin to be the greatest long-term investment. It's also one of the most undervalued cryptocurrencies and top shitcoins of 2022.

Elon Musk, the eccentric entrepreneur and billionaire, has done much to promote Dogecoin, which is now widely recognized as the leader of the meme crypto ecosystem. The CEO of Tesla and SpaceX was instrumental in propelling Dogecoin's rise towards its $1 target unti the meme coin tapped out at 73 cents. Meanwhile, Musk is well-known as an unwavering advocate of the meme currency.

Despite being worth a fraction of what it was in 2021, Dogecoin is still one of the top 20 most popular meme currencies. Dogecoin's widespread acceptance has kept pace with its growing popularity. Sling TV, a streaming television provider, recently announced that it would begin accepting DOGE as payment for its services. BitPay, a business that processes cryptocurrency transactions, confirmed this.

If you want to invest in crypto and have your sights set on the most promising meme coin, Dogecoin is worth checking into.

Shiba Inu: Memecoin with growing Utility

Shiba Inu's introduction in late 2020 has upped the ante in the meme coin race. Shiba Inu was supposedly developed as a community-driven experiment by its unknown inventor, Ryoshi. It is a component of an effort to unseat Dogecoin as the dominant meme cryptocurrency and replace it with Shiba Inu. Due to this, Shiba Inu has earned the nickname 'Dogecoin killer.' Shiba Inu is one of the leading meme coins to purchase in 2021, with a price increase of over 21,000 percent at its peak.

However, Shiba Inu does not want to seize the leading position just via social media hype and excitement. The Shiba team has been producing a steady stream of use cases to keep the project in the minds of potential backers. The exploration of the Metaverse is one of the more recent examples. A blog post on the company website claims that Shiba Lands, a kind of virtual real estate, would soon be available to buy.

Akita Inu (AKITA) - Meme Cryptocurrency with Cross-Chain Interoperability

Another meme currency to keep an eye on is the Akita Inu. Akita Inu is an Ethereum-based community-driven decentralized initiative. A group of meme crypto fans, rather than a core developer team, have been responsible for the majority of the project's development.

The initiative is both an experiment in social interaction and a bid to create a leading meme currency that brings together individuals with the same goals. According to Akita Inu, 50% of its token supply was delivered to Ethereum co-founder Vitalik Buterin, while the remaining 50% was sent to a UniSwap account for trading. The project's popularity has grown, and it now includes cross-chain compatibility with the Avalanche blockchain.

Samoyed Coin: The Solana Ecosystem's Most Popular Meme Token

The Solana blockchain is home to the popular meme coin Samoyed Coin. Sam Bankman-Fried, founder of the FTX crypto exchange and a prominent Solana backer, and Anatoly Yakovenko, the man behind Solana, joined forces to create Samoyed Coin. The Samoyed Coin's original intent was to attract new users to the cryptocurrency market with a lighthearted digital asset, and it has now become a meme coin on the Solana blockchain and in the wider cryptocurrency market.

Nonetheless, the meme cryptocurrency focuses on attracting new Solana users, educating market players, fostering personal relationships, and assisting token holders in maximizing their possible return. Samoyed Coin has become one of the most popular memes over the past year, and it is the symbol of all meme currencies on the Solana blockchain.

MonaCoin: The Fastest Cryptocurrency Meme Coin

There are several meme crypto assets out there, but MonaCoin is one of the oldest. The meme coin became popular in Japan after its release in late 2013. This meme project is peer-to-peer (P2P) in nature, meaning that no central authority controls the data or functionality. It is based on the popular Bitcoin fork Litecoin and employs an algorithm known as Lyra2RE (v2).

Transactions on the MonaCoin network are processed in less than two minutes, and the network itself has a robust and supportive community. After a TV ad in Japan promoted the joke cryptocurrency, the meme quickly became viral there.

Dogelon Mars: Dogecoin spinoff for Elon Musk Fans

Dogelon Mars is based on Dogecoin, the most widely used meme cryptocurrency. The creators have merged Dogecoin's most prominent advocate Elon Musk into the project in an effort to increase its popularity.

Dogelon Mars, like most other meme cryptos, is a decentralized, community-driven project. The project's central storyline centers on Mars and depicts the in-game dog meme's intergalactic adventures and the new pals it makes along the way. Similar to other meme currencies, Dogelon Mars has no known backers.

DogeDash: the Latest P2E Meme Cryptocurrency

DogeDash offers a fresh take on the established meme cryptocurrency market. DogeDash is a play-to-earn (P2E) game built on the Binance Smart Chain (BSC) network and heavily inspired by the Super Mario and Sonic the Hedgehog craze of the 1990s. Players must make a mad run while picking up coins.

DogeDash's primary goal is to recruit new players to the cryptocurrency gaming scene, and a secondary goal is to satisfy the nostalgic hankerings of veteran players for a return to the good old days. Paul, a crypto enthusiast, created DogeDash, and he has a small but growing development team supporting the project.

Dogs of Elon (DOE): NFT meme token

Unique among meme coin initiatives is the Dogs of Elon token. The Dogs of Elon team claims they want to build a decentralized version of the NFT avatar used by the CryptoPunks. There are 10,000 of them to celebrate the K-9-themed NFT avatar on the Ethereum blockchain.

Dogs of Elon also has unique NFT collections with 30 Elons and 70 Zombie DOGEs. Also, the meme coin is expanding into the gaming industry by developing a peer-to-peer (P2P) gaming platform.

Hoge Finance: Memecoin with staking

Hogecoin (previously known as Hoge Finance) is an ERC-20 currency that uses the DeFi auto-staking protocol and is supported by a community of users. The meme-staking cryptocurrency is deflationary, meaning there will only ever be a total of 1 trillion HOGE coins in circulation.

About half of its token supply was burned upon launch in early 2021, and 1 percent of all transactions on the network are also burned in the meme crypto. Token holders get the remaining 1% in their HOGE wallets.

SafeMoon Inu: Popular meme coin that rewards its holders

SafeMoon Inu's mission is to foster the growth of a robust meme and gaming community, building on the existing relationship between the blockchain and gaming sectors. Token holders of the Safemoon Inu protocol will be rewarded with non-fungible tokens (NFTs) and may participate in the development of a new gaming platform known as SMI Play.

The reward and penalty structure of SafeMoon Inu are significantly inspired by those of other DeFi projects. As a kind of incentive for holding onto their coins for the long haul, the protocol shares around 2% of each transaction to holders.

Floki Inu

Floki is a community-driven ecosystem that claims to give users more control over their finances via four main services:

The Valhalla NFT Metaverse Game

• The Floki educational hub
• Floki Inu's NFT marketplace

Grayscale estimates that by 2025 the global income from the Metaverse gaming market will have reached $400 billion in annual revenue. Games set in the metaverse stand to gain the most from this enhancement. The Floki Inu token will be useful in Valhalla because it will allow players to play AAA quality games on the blockchain, where they can also connect with one another and get access to new and improved NFTs.

The goal of the Floki education hub is to help those who are new to the cryptocurrency industry learn about blockchain technology and its associated cryptocurrencies. Because of its affiliation with Chainlink, Floki is more well recognized as a mobility token with the potential to provide DeFi to its users. Due to the availability of the Chainlink pricing feeds, FLOKI has been able to combine with two of the most well-known DeFi brands: Inverse finance and BarnBridge.

By locking their FLOKI tokens in a 'Senior' or 'Junior' pool on BarnBridge's SMART Alpha, FLOKI users are protected against downward volatility and leveraged risk, as well as inflation. In addition, the FLOKI Pool on Inverse Finance enables users to stake their FLOKI tokens in exchange for interest, as well as to borrow WBTC, ETH, YFI, and Inverse Finance's native DOLA stablecoin.

Conclusion

Before investing in meme coins, do your research just like you would with any other kind of investment. You should be wary if discovering anything about the coin's history or value is tricky. It's probable that any cryptocurrency, no matter how much publicity it receives, could turn out to be a scam. Warning signs include a lack of a whitepaper or an ecosystem, as well as a whitepaper full of mistakes and hazy promises.

Having said that, considering how cheap they are, you can still get a good amount with a little investment. Just keep in mind that you may probably only expect a few dollars in return. Whatever you plan on doing, do not risk more money than you can afford to lose.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.