The rise of meme coins in the crypto market has been very extraordinary. Now many investors are wondering why these tokens are so popular. In the following, we explain the rise of meme tokens such as Dogecoin and Shiba Inu, name the most popular cryptocurrencies of this type and tell you where you can buy them.
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What are meme coins?
In principle, meme coins are meme tokens that are cryptocurrencies that arose from jokes or memes from the internet and social media. The first popular cryptocurrency of this type is Dogecoin, which was created in 2013. DOGE was first developed as a parody of Bitcoin. But today it is a very successful cryptocurrency.
Initially, these meme tokens were only seen as a joke. But many investors treated them as real investments. This is how meme coins have often established themselves in the crypto world and many investors have made a lot of money with them. The biggest difference between cryptocurrencies like Bitcoin or Ethereum is the fact that they have real uses and solve real problems, while meme coins don’t.
The rise of meme coins
In 2021, many meme coins have skyrocketed with leading meme tokens like Dogecoin and Shiba Inu. Their value has increased massively and the number has also increased significantly. Their popularity stems largely from their connections to social media influencers and celebrities. Since people have been getting paid to promote these coins, there has been a massive increase in broad interest. Many observers see the beginning of the rise as Elon Musk, who is a big supporter of Dogecoin.
Now you may wonder. Ripple’s XRP token now has such a high market capitalization and is already in the top 10 according to market cap. But many factors suggest that the XRP token is still extremely undervalued.
However, particularly optimistic forecasts assume that the XRP has the potential to reach $100 in the long term. Since Ripple is already used as a payment network by dozens of large financial institutions and was developed especially for large banking, the potential is extremely high. In 5 years, a three-digit course could possibly be possible.
Popular Meme Coins
There are now over 100 meme tokens on the crypto market. Here we will give you the names of a few of them and then you can search the different online platforms. They are available for purchase and to invest in on different crypto exchanges. The currently most important mem coins are:
• Dogecoin (DOGE)
• Shiba Inu (SHIBA)
• Safemoon (SAFEMOON)
• Monacoin (MONA)
• HogeFinance (HOGE)
How to Buy Meme Coins
To purchase meme coins, you use any online trusted platform that serves as an exchange for cryptocurrencies. When you search for them on the internet you can have all the information about their history. Look for the oldest running and most trusted by the people and top-rated online crypto exchanges to open your account with.
The most important coins can be purchased on major exchanges such as Binance, Kraken, or Coinbase. Register on the platform of your choice, deposit an amount in USDT or Bitcoin and then start trading your Bitcoins against a meme coin.
Keep an eye on different meme tokens’ price history and analyze their rise and fall periodically. This will help you to make an informed decision about investment in these fun coins.
Read More About: What is a MEME Token?
What are the disadvantages of these coins?
Like other tokens, meme coins also have their specific disadvantages:
- They have no real use.
- Meme coins have an unlined supply, which calls into question the long-term value of the tokens.
- They are extremely volatile and are often subject to speculative price fluctuations.
- Meme coins often appreciate in value quickly but can depreciate in value over the long term.
Conclusion
Meme coins have long been more than just fun. They are increasing in value and popularity. This holds great opportunities, but also some risks. Whether you want to invest in meme coins is your individual decision. Otherwise, make sure that you diversify with more stable alternatives in addition to these coins.
