Meme Coins: What are they?

#spacecoins is a meme token native to the Cardano blockchain, as far as you know. Let’s take a deeper look at the concept of meme coins.

Meme coins are growing increasingly popular, surpassing other cryptocurrencies such as Bitcoin and Ethereum in popularity. Shiba Inu and Dogecoin, the top two meme cryptocurrencies, are now among the top ten by market capitalization, according to Coinmarketcap.com.

What Are Meme Coins?

Meme coins are cryptocurrencies inspired by popular social media memes and jokes. The number of meme coins is constantly growing. According to Coinmarketcap, at present, there are about 124 meme coins!

What makes Meme coins so popular?

While it’s difficult to pinpoint specific reasons, some claim that the crypto market expanded during the COVID-19 pandemic as retail investors sought to protect themselves against inflation. Meme coins also grew in popularity due to the hype, both in terms of market capitalization and variety.

Meme coins are also appealing to retail investors since they often cost a few cents. Technically, the low price is meaningless due to the large supply of these coins. Still, possessing millions of a specific meme coin versus a fraction of ETH or BTC feels different. With just a few bucks, traders can get thousands, if not millions, of a specific meme coin.

Aside from the potential rewards, the meme coin craze is also fueled by the sentiments of their respective communities. Meme coins, as previously said, are inspired by popular Internet memes, are intended to be funny, and are sometimes regarded as an “insider joke” for a group. In some ways, purchasing meme coins is a method of expressing support for their respective communities.