Most popular meme coins

Memecoins are so famous these days and getting a lot of popularity. This article will talk about the most popular meme coins in the world right now.

What are meme coins

Meme coins or Memecoins are Cryptocurrencies that are based on some sort of an internet meme. They have a humorous background. This term was used to refer to joke coins in the past. However, these days they have reached high market volume and some Memecoins are among the top 10 Cryptocurrencies right now.

Some popular Meme Coins

Memecoins are everybody’s favourite (except those who lost money on them). There are quite a few in the market right now. As of October 2021 over 125 meme coins exist. Some of the famous meme coins are discussed below

Dogecoin

The OG memecoin, Dogecoin started as a joke in the year, 2013. It stayed low and was not considered a good coin, being volatile. However, after the dawn of GameStop Short Squeeze, it skyrocketed and became an internet phenomenon. We talked about Dogecoin’s popularity in a previous article which you can access from this link.

Shiba Inu

Taking off in the August of 2020 this coin is relatively young. Billed as the ‘Dogecoin Killer’ Shiba Inu uses the same dog Shiba Inu dog of Japan, as its logo and insignia. Some experts characterise Shiba Inu as a pump-and-dump scheme. The concerns of Crypto Whales can also be seen with this coin. Whatever the background, the coin is successful with a market cap of over $30 billion.

Floki Inu

Floki Inu started after a tweet by iconic entrepreneur, Elon Musk which said he will name his pet dog Shiba Inu, Floki. Soon after that, on the 9th of July, 2021 Floki Inu took off. In October the coin had incremented over 300,000% that’s insanely high. People also speculate Floki Inu to be a pump-and-dump scam, but many people have their hopes high and actively invest in this coin.

Concerns regarding Memecoins

Many experts warn against investing in Cryptocurrencies based on memes or internet phenomenon. Even if they make their minds to invest a sum of money they should be cautious. Recently, we witnessed a huge Squid Game-based Cryptocurrency that used the pump and dump scheme to fraud people with a lot of money. The creators of the coin made an estimated $3.38 million with the coin. The coin initially traded for a really low value but in a matter of days, its value exploded over 3000%.

The day of reckoning came when the developers decided to crash the coin to 99.99% of its value after cashing in all the money. Experts have warned against Cryptocurrencies that offer insane returns in a matter of days. Also, the white paper should be given special consideration as it offers an explanation and gives a clear picture of the motive of Cryptocurrency.

Conclusion

Memecoins are fun and their craze is quite alluring. However, some greedy developers use these fun and playful Cryptocurrencies for scams. Some Memecoins have seen quite some fame lately. However, some turned out to be just a quick money-making scheme for the coin creators. If you liked this article, and want to read more like this do visit our website.

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