Why Are Meme Coins So Popular

Most people are familiar with Bitcoin, but it's definitely not the only cryptocurrency around. Meme-based currencies like Dogecoin have gained a massive following over the years, leading the way for several copycats, including Dogecoin-derivatives Shiba Inu, Dogelon Mars, Floki Inu, and Doge Dash (to name a few)

Though they are often created as jokes, these coins CAN go mainstream. Dogecoin, for example, had a huge spike in value in May 2021 before leveling off, and is currently ranked 12th in market capitalization. Still, meme tokens overall value is never very high—Dogecoin is currently worth about $0.15 per coin.

So, should meme coins be taken seriously?

In a nutshell, meme coins are cryptocurrencies inspired by memes and internet jokes. Dogecoin, for example, was inspired by the Doge meme created from a viral photo of a Shiba Inu. These cryptocurrencies often aren’t meant to be taken seriously but can still gain momentum when members of the community buy into the newest one in order to be in on the joke.

Once it gets popular and spikes in value, retail investors sometimes jump on board and further boost the coin. Prominent online figures and celebrities also drive up the popularity of certain meme coins. Elon Musk is probably the most famous person for it, and there’s even a fork of Dogecoin called Floki Inu based on Musk’s actual pet dog (yeah, I didn't believe it at first either)

It’s also possible for just about anyone to make meme coins now, thanks to software that does most of the heavy lifting for you. The minimal effort lends itself to the meme-like quality of these coins, as they can be turned out quickly to suit whatever topic is trending.

Most of them are also largely valueless outside the cryptocurrency world; no major company actually accepts SafeMoon as a form of payment for goods and services, for example (though Newegg now accepts Dogecoin). Because of their topical nature, it’s unlikely that most of the meme coins being created will still be around in a couple of years. Even if they are, their value will probably be next to zero.

While it's possible to make money investing in meme coins, it’s never a FOR SURE thing. These cryptocurrencies are even more volatile than their mainstream counterparts and can plummet in value overnight (similar to a meme's popularity)

Just as you would any other financial investment, do your research before purchasing meme coins. If the coin has no background and information on it is hard to find, BEWARE. Even the most hyped currency could end up being a scam in the end. Lack of a whitepaper or established ecosystem can be a warning sign, as can a whitepaper riddled with typos and vague claims.

Hope you enjoy the video on why Meme Coins are so popular and how to maximize your ROI in the cryptocurrency space! Let me know what you want to see next!!
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