Memecoins are the newest development in the exciting and never-ending world of cryptocurrency. Elon Musk, being one of, if not, the wealthiest individuals in the world, is credited with starting this process with his now-famous statement from the 2nd of April, 2019, in which he said that the “very nice” cryptocurrency Dogecoin “could” be his favourite cryptocurrency.
Ever since that time, memecoins have been praised by certain people while others have referred to them as “scams” & “get-rich-quick-schemes.”
But are memecoins really as harmless and “exciting” as the memes that depict them make them out to be? Why are they so popular and successful?
We are going to examine the phenomena of memecoins in great detail and talk about the distinctive qualities and dangers associated with them.
In addition to that, we will provide a more in-depth introduction of the five most popular meme coins.
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What is meant by the term “memecoin”?
Memecoins are a type of cryptocurrency that are based on memes found on the internet and have no inherent utility (other than serving as a means of transaction).
Memes are typically hilarious and fascinating photographs or movies that are posted on social media platforms with the intention of going global.
However, some “memecoins” could also be derived from common phrases or terms used in the cryptocurrency community.
Over the course of the past few quarters, memecoins have emerged as one of the most prominent trends in the cryptocurrency market. In point of fact, latest meme coin projects had also popped up, with the sole attraction of these projects becoming – or even the plea that they’re “people-focused.”
This is in contrast to the occasionally more technical focus of blockchain platforms such as Cardano, Ethereum, Polkadot, and others like them.
Why are people so interested in meme coins?
The true allure of memecoins, on the other hand, is a direct outcome of the rapid rise of something like the satirical coin known as Dogecoin.
Between the 1st of January as well as the 4th of May, 2021, there was a growth of more than 10,000% in the value of the famous dogecoin.
Since Elon Musk’s barrage of tweets, the famous mainstream press seemed to be pleased to jump onto the bandwagon as well as start writing doubtful news stories with sensationalist headlines such as “Dogecoin’s price has increased and over 100 times quicker than Bitcoin’s in 2021,” “Dogecoin up 12,000% since January,” and “$1 Dogecoin begins to look nearly inevitable now,” amongst others.
It should be obvious what the inference is: “Buy the upcoming great meme coin, and you’ll become wealthy overnight…” An offer that is both risky and deceptive…
The Top Three Memecoins in Terms of Popularity
Following the meteoric rise of Dogecoin, a proliferation of memecoins has occurred, each of which aims to become the “next massive coin” and dethrone Dogecoin as the dominant meme cryptocurrency.
These five currencies and tokens do stick out in the growing opaque jungle of memecoins because of the market capitalization they have achieved and the number of people who have adopted them.
Dogecoin was initially conceived of as a spoof on Bitcoin when it was launched back in the year 2013 by computer programer Billy Markus.
The notorious Shiba Inu doge meme is featured prominently in the meme/symbol that represents it. The word “dog” was purposefully misspelt to create the phrase “doge,” which is derived from “dog.”
Dogecoin, in contrast to Bitcoin, does not have a fixed supply limit (hard cap), and its rate of inflation, which is now somewhere about 3.85% per year, is expected to fall over time.
Proof-of-work (PoW) is the process that Dogecoin uses to reach agreement among its peers. Dogecoin is a peer2peer system that is open source.
Dogecoin is not Turing-complete, which means that it cannot host or execute smart contracts (such as for example: Ethereum blockchain). Aside from the exchange of monetary value, the coin serves no other purpose.
The Dogecoin network is extremely centralised, with only four large mining pools controlling 53% of the total mining power.
On the Binance Smart Chain, an alternative coin known as SafeMoon was introduced in the month of March 2021. (BSC).
The project aims to discourage pump & dump act and then have an encouraged hold in terms of long (also known as “hodling”) by billing a 10% service charge, of that which half will be distributed to established SFM hodlers and the remaining half will be used to provide liquidity in the market.
The project brands itself as being “community-driven.”
On the 20th of April, users began continually tweeting regarding SafeMoon in an effort to recruit new holders of the cryptocurrency, which led to SafeMoon gaining notoriety for reaching popular hashtags on Twitter.
The token economy of SafeMoon had been criticised on account of the fact that it is designed to give an advantage to existing holders of the cryptocurrency at the cost of newbies to the project.
The cryptocurrency & ERC-20 token known as Shiba Inu were both introduced into circulation in the year 2020, August by that of the nameless creator known only as “Ryoshi.”
As a gesture of gratitude for his contribution, Ethereum’s creator, Vitalik Buterin, received fifty percent of all of the newly created tokens when they were first issued.
Shiba Inu is a cryptocurrency project that was inspired by Dogecoin and aims to compete with Dogecoin in terms of usage and popularity.
The Shiba Inu (SHIB) token is just used for exchanging other cryptocurrencies; the system does not include any smart contract usefulness or capabilities.
In spite of the fact that it has no practical application, it has witnessed significant price movement throughout the second quarter of 2021.
This comes as a direct result of the massive amount of media around dogecoin. There can never be more than one quadrillion SHIB available for purchase; yet, approximately half of the amount (498 billion) is currently circulating. It is not possible to mine SHIB.