The rise of meme tokens and how to spot the next big one
Meme tokens are a type of cryptocurrency that are based on popular jokes, images or videos that are spread widely on the internet. They often have no inherent value or use case, but they can generate a lot of hype, attention and profit for their holders and creators.
The most famous example of a meme token is Dogecoin (DOGE), which was created in 2013 as a parody of Bitcoin, featuring the image of a Shiba Inu dog as its logo. Dogecoin has gained a huge following over the years, especially after being endorsed by celebrities like Elon Musk, Snoop Dogg and Mark Cuban. At the time of writing, Dogecoin has a market capitalization of over $9 billion, making it the eighth-largest cryptocurrency in the world.
But Dogecoin is not the only meme token in the market. There are dozens of other projects that are inspired by internet memes, current events, online communities and influencers. Some of the most popular ones include:
- Shiba Inu (SHIB): A self-proclaimed “Dogecoin killer” that runs on the Ethereum blockchain and features a cute Shiba Inu dog as its mascot. SHIB claims to be an experiment in decentralized spontaneous community building and has a total supply of one quadrillion tokens. SHIB has gained over 4,500% in value since its launch in August 2020 and has a market cap of over $4.5 billion.
- PepeCoin (PEPE): A token that is based on the Pepe the Frog meme, which is often associated with alt-right and white supremacist movements. PepeCoin aims to be a decentralized platform for creating and sharing memes, as well as a social network and a marketplace. PepeCoin has gained over 14,000% in value since its launch in September 2016 and has a market cap of over $693 million.
So how can you spot the next big meme token before it goes viral? Here are some tips to help you:
- Follow the trends: Meme tokens are often influenced by what is trending on social media platforms like Twitter, Reddit, TikTok and YouTube. Look for hashtags, keywords, memes and influencers that are generating a lot of buzz and engagement. For example, Dogecoin gained popularity after being mentioned by Elon Musk several times on Twitter.
- Do your research: Meme tokens are not all fun and games. They can also be risky, volatile and prone to scams. Before investing in any meme token, make sure you do your due diligence and check its website, whitepaper, roadmap, team, community, code, audits and reviews. Look for signs of legitimacy, transparency, innovation and potential.
- Diversify your portfolio: Meme tokens can offer high rewards, but they also come with high risks. Don’t put all your eggs in one basket and invest only what you can afford to lose. Diversify your portfolio with other types of cryptocurrencies that have more solid fundamentals, such as Bitcoin, Ethereum or stablecoins.
- Have fun: Meme tokens are meant to be entertaining and enjoyable. Don’t take them too seriously or get emotionally attached to them. Enjoy the ride, laugh at the jokes, share the memes and be part of the community.
Meme tokens are a phenomenon that shows how powerful and influential internet culture can be in shaping the cryptocurrency space. They can also be a great way to introduce new people to the world of crypto and blockchain. Whether you love them or hate them, meme tokens are here to stay.
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This article is not financial advice and should not be taken as such. Always do your own research before investing in any cryptocurrency.
