Meme Coin
Meme coins are a type of cryptocurrency influenced by memes (or viral jokes on the internet).
What is Meme Coin Meaning?
Meme coins are a type of cryptocurrency influenced by memes (or viral jokes on the internet). Often, they have no intrinsic value by themselves but can somehow gain popularity if they are well-known by people. Having no real value, meme coins are not backed by any assets and usually have an unlimited supply. This explains why meme coins are worth so little compared to USD. Also, meme coins normally don’t have a “burn” system integrated so they are easily affected by inflation.
However, once they get popular and investors are attracted, meme coins’ prices can be driven up the same way as other cryptocurrencies. Elon Musk, for example, tweeted about Dogecoin driving the price of the coin up by 20 percent the following day.
Nowadays, there are almost infinite numbers of meme coins available in the crypto world since they can be easily created and cost relatively nothing to do so. However, there are only a few popular meme coins that have been on the trend recently. Let’s have a look at the meme coin list below (ranked by market capitalization by the date of writing):
What is the Difference Between Bitcoin and Meme Coin?
The obvious difference between Bitcoin vs Meme coins is that most meme coins are designed to be just internet jokes that are typically not stable, unlike Bitcoin with real use cases. Other than that, Bitcoin is designed to have a limited supply. New Bitcoin units that people can mine are slowly decreasing until, one day, there is none left to mine. This points out that the number of Bitcoin in circulation will be finite while they are infinite to meme coins.
Are Meme Coins Worth?
Since meme coins have no intrinsic value, there is no other usage of meme coins in this case. However, some meme coins might catch up to the trend in terms of investment and can be as valuable as other cryptocurrencies. The answer to this question depends individually on each person.
Are Meme Coins Safe?
This is a very critical and delicate question and is quite hard to answer in a generic manner. In the blockchain landscape, please be aware that anyone can create a project or tokens, including creating fake versions of existing projects and tokens that claim to represent projects. By trading cryptocurrencies, it is strongly advised that users should do their own research (DYOR) and trade at their own risk.
More Details : Arken Finance
Last updated
