What are Meme Cryptocurrencies and Should You Buy Them?

Modern life is full of different types of content. We cannot imagine social media without funny pictures and videos. These are memes, which were initially created to make lough of something. Memes aren’t just funny pictures – a true meme must go viral. What if we say that even financial assets can be memes? Let’s talk about meme cryptocurrencies!

In this article, we will introduce you to this concept and try to explain the advantages and disadvantages of meme coins. You will also find out the most popular cryptocurrencies that were initially created to have fun. Let’s get down to business!

Getting Started

At the first glance, it seems that meme coins shouldn’t be considered serious projects. Indeed, the first meme cryptocurrency was created to mock the hype around Bitcoin and appearing altcoins. Nonetheless, some meme coins turned out to be something more than just cryptocurrencies with laughable logos.

At the same time, we should admit that solid ecosystems and a big number of utility cases aren’t common for meme coins. The majority of them copy the technical features of Bitcoin or any other altcoins. Despite that, discussions regarding the relevance of meme coins are quite popular these days. This is mainly because of the successful performance of the main representatives of this niche. What are the reasons for this hype and should you consider investing in them?

How Everything Started

Everything started in 2013 when Billy Markus and Jacksons Palmer decided that it would be funny to mock Bitcoin by launching their own cryptocurrency without any serious purpose. This cryptocurrency was called Dogecoin, which was the reflection of popular memes with the Shiba Inu dog.

It’s difficult to say whether they were willing to use the hype around cryptocurrencies and this meme to their advantage. The point is that 2013 was one of the most successful years for Bitcoin. It became popular with wide audiences and greatly increased the demand for other cryptocurrencies. It seems logical that the founders of Dogecoin decided to use this hype and boost the popularity of their newly created project with the help of viral memes.

It’s also worth mentioning that the community of Dogecoin was quite eager to promote the cryptocurrency. Before the 2014 Winter Olympics, DOGE users crowdfunded around $30,000 to help the bobsleigh team from Jamaica to get to the competition. This was a great action that made the project widely discussed beyond the community of crypto users and developers.

This was just one of the multiple occasions that helped Dogecoin to get to the top 8 of the biggest cryptocurrencies in the world. Should you invest in Dogecoin today? We believe that this idea is worth consideration as DOGE is on its bullish run right now.

Is Dogecoin the Only One?

Dogecoin is the biggest meme cryptocurrency of all that has ever been introduced to the crypto market. However, it isn’t the only one in this niche. Since 2013, 200+ meme coins have been launched. Many of them didn’t endure these days but there are some projects that might be considered good competitors for DOGE.

Shiba Inu, traded under the SHIB ticker symbol, is the project that has the biggest chance to become a real “Dogecoin killer”. Shiba Inu reflects the same viral meme with the Japanese dog. The Shiba Inu cryptocurrency became viral in 2021. As of the end of 2022, SHIB’s market capitalization is close to $5 billion, which is the 13th result among all cryptocurrencies currently available on the market.

So far, DOGE and SHIB are the only meme coins that are worth the attention of serious investors. Other projects from these niches cannot offer the same stability and the same number of use cases. Also, if you consider their fundamentals, you’ll see that they don’t have enough prospects to improve performance. Besides, in such a highly-speculative niche, it’s necessary to gain a very loyal community, which seems a very complicated task when there are such giants as Dogecoin and Shiba Inu. Just consider that the third-biggest meme cryptocurrency, Dogelon Mars (ELON) is in the 133rd position. It hasn’t proven to be a sustainable project and it’s very unlikely that it can get even close to the performance of DOGE or SHIB. We don’t even consider that ELON or BabyDoge, or MONA will ever beat these giants.

Final Thought and Our Recommendation Regarding Investing

If you want to become a part of the mainstream community, investing in meme coins is a worthy idea. However, if you are looking for serious crypto investments, meme coins are the least you should consider. The crypto market itself is extremely volatile, while the meme coin niche is even more speculative. In fact, even DOGE and SHIB, lack certain technical characteristics to be even considered financial assets. So don’t get them too serious. Allocate your investment budget wisely and don’t risk too high amounts.

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