Before going into what memecoins are, let’s talk about memes. Everybody on the internet has shared or has laughed at a meme because they are for comedic purposes.
Memes are one of those things that you can recognize when you see them but would likely find difficult to comprehend from a literal dictionary description. Memes are smart ways of condensing complicated ideas into immediately shareable ideas through humour and the internet. Memecoins were built on the same principle.
What Are Memecoins?
Meme coins are digital currencies inspired by the Internet and social media jokes and memes. These cryptocurrencies frequently aren’t meant to be taken seriously, but they can nevertheless catch on when others in the community invest in the most recent one to get in on the joke.
Memecoins frequently exhibit great volatility. This is because they are primarily driven by the community and can become well-known overnight due to FOMO and online community recommendations. However, when investors start looking at the next meme coin, their price may suddenly drop. Another characteristic of memecoins is that their supply is either enormous or limitless.
Initial Concept
Five years after Bitcoin’s launch, two software developers produced their cryptocurrency, which started as a joke but quickly became a real investment choice. Dogecoin, therefore, entered the cryptocurrency market in 2013. Bill Markus and Jackson Palmer came up with the concept of Dogecoin in 2013 to both mock and joined the cryptocurrency trend. In addition, the team wanted to make a coin that would appeal to a broad audience and be so absurd as to set itself apart from the numerous scandals surrounding cryptocurrencies.
Dogecoin was so named because it was created using a Shiba Inu dog as a mascot for their innovative concept. Over a million people visited the website the pair created in only the first week, which reflects the incredibly enthusiastic reception it received.
Final Product
Memecoins operate similarly to other cryptocurrencies, utilizing the blockchain and associated technology. They have particularly appeared on blockchains that make use of smart contracts. Over 200 meme coins are now circulating on various blockchains.
Sadly, the majority of meme coins don’t provide specific use cases. However, you can search for chances to acquire the token when it is cheap and sell it when it is expensive. Rather than being something you will utilize, it is more of pure investment.
Memecoins can be purchased, sold, and traded like any other. Simply make your purchase from a marketplace like MaskEX. Needless to say, they are not the most reliable investment. They are inherently riskier investments due to their enormous supply and volatility.
As you may recall, meme coins are inspired by internet memes. And as a result, they have a lot in common with them, such as the capacity to spread swiftly and become out of date. However, it is feasible to invest in meme coins securely and profit enormously in the process.
