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What are meme coins in crypto?

The rise of Bitcoin and Ethereum propelled the popularity of cryptocurrencies and other valuable digital assets. This made the public more interested in such assets that held certain values. 

Several companies have already produced their respective coins which they all wanted to gain traction in the crypto market. While some are serious about it, some just developed coins that were meant to be a joke. These are called meme coins. As of writing, there are hundreds of them in the industry. 

Meme coins are cryptocurrencies that have rapidly grown in popularity, mostly as a result of internet marketing by influencers and retail investors. They also trade at certain prices, even when they’re not as valuable as the leading coins in the market. 

How they work 

Meme coins operate similarly to other cryptocurrencies. They have particularly appeared on blockchains like Ethereum and Solana and other proof-of-stake blockchains that make use of smart contracts. 

Before, you will need technical expertise to create something like a memecoin. Now, there are several sites and apps that help you create one easily. You don’t need to do all the hard work to develop your own coin. All you would have to do is input the necessary features and design to determine how it works. 

Simply put, meme coins can also be bought, sold, and traded like any other crypto. The best part is that they can easily be purchased too. 

Popular meme coins in the market 

There are several coins that can be found in the crypto market today. With that, here’s a list of popular meme coin examples you can try using, including times when you’re playing with Bitcasino live casino games:

Dogecoin (DOGE)

Dogecoin is considered as the original meme coin which also turned out to be the most successful one all thanks to the recognition it got from multi-billionaire Elon Musk. Developers Billy Markus and Jackson Palmer made this in 2013 as a prank. Their primary goal was to reach a large audience and not to produce a valued asset. One of the factors that made them recognizable and successful was their use of the Shiba Inu meme.

It also served as a useful diversion from all the problems the crypto industry was experiencing at the time it was released. Surprisingly, its value surged by 300% after 72 hours of its inception. This also caused the value of other popular cryptocurrencies to rise.

The blockchain that holds all of the information about DOGE's transactions also powers it. Additionally, it controls DOGE mining operations and the coin validation process using the Scrypt algorithm. Blocks are generated every minute with a total of 1,000 DOGE are found in each block.

Shiba Inu (SHIB)

Shiba Inu is an Ethereum network-based ERC-20 coin. It uses smart contracts which are required for the development of decentralised finance (DeFi) products. Once it does, it can use smart contracts to auction non-fungible tokens (NFTs) and establish an independent NFT market.

SHIB's own decentralised exchange (DEX) platform, named ShibaSwap, does not rely on outside organisations. Three tokens, including SHIB, were produced on this for various purposes.

This coin wasn't made to compete with the biggest crypto companies. Rather, it was just made for fun. Like DOGE, it has excellent value growth potential, but it is not anticipated to grow by significant margins.

Vita Inu (VINU)

According to Vita Inu creators, this asset is the first quick and cost-free dog-themed platform. The VINU ecosystem was established in 2021 and boosts high transactions per second (TPS) and smart contract functionality.

Its team is eyeing to create a whole crypto universe within the VINU environment. This will include custom NFTs, mini-games, and partnership with cryptocurrency payments. In other words, there's a lot of room for VINU to expand.

The ecosystem's governance token is the Vita Inu Coin, often known as VINU. A finite number of one quadrillion Vita Inu tokens are available, of which 100 trillion are reserved for burning. Given that investor demand rises with time, this tactic can aid in the coin's value growth.

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Dogelon Mars (ELON)

Dogelon Mars is another doge-themed meme coin. This coin was promoted by its team as a character on its journey into space. Even a line of comic books with this character is available, which can be bought as NFTs.

Elon Musk's proposal to occupy Mars is believed to have had an impact on this. This is the same reason why its token is called ELON. This coin was initially introduced in early 2021, and it was evident that its value quickly increased just a few months after.

The backing of the community is this project's greatest asset. Despite its fame, ELON has no use at all, which is something to take into account before investing. This is one of the reasons why you should research first. 

MonaCoin 

Introduced in 2013, MonaCoin became one of the oldest meme coin projects that were patterned after an ASCII cat-shaped Japanese character. Despite the fact that this is a meme coin, MonaCoin stands apart from all other competitors.

MonaCoin is a form of currency in Japan, unlike other meme coins. In fact, Japanese yen may be used at smart ATMs to purchase MonaCoin. The coin is widely accepted by both offline retailers and internet vendors in Japan. The Japanese Financial Service Agency has also accepted MonaCoin which enhances the token's legitimacy. However, the volatility of this cryptocurrency is comparable to that of other meme coins.

Advantage of having meme coins 

Aside from being used alongside a Bitcasino bonus, there are several other advantages that come with investing on meme coins. Here are some of them: 

  • Fun to invest in → Meme coins are a great investment and are a fun way to learn about cryptocurrencies and blockchain technology as well. Though they may not be as valuable as the other coins in the market, these assets function just the same. It’s also not hard to invest in them since they are valued lower than the other coins. 
  • Strong community backing → Many meme coins have a certain community that backs them and their progress. Community members can help a token go popular, inspire others to invest, or spread the word about the coin. Despite this, there is no assurance that a meme coin's value would rise solely as a result of the support of its user base.
  • Massive social media appeal → The fun appearance and the creative concepts of meme coins make them an appealing asset to invest in. With that, it is no longer surprising to know that many people enjoy placing their money on them just because they seem adorable. 

For example, some people bought DOGE for the way it looked and not for its potential to grow in value. Some just invested in it for the latter purpose after it got noticed and got influenced by Elon Musk. 

  • Offers great utility → Not every meme coin is based on the most recent online trends. Instead, several of the new crypto meme projects covered today are expanding their ecosystems by integrating utilities. 

Therefore, the top meme coins on the market that provide advantages can be taken into account when looking for the best meme coins. In this manner, it will be simpler to recognise coins with growth potential in the future.

Common questions asked about meme coins 

Still got questions about meme coins? Read some of these questions and see if they are similar to the ones you had in mind: 

  • Where can you buy meme coins?

Meme coins can easily be bought with crypto exchange platforms and other online marketplaces. Some meme coins even have their respective sites where you can get them. 

  • Are they volatile?

Though valued small, these assets are also highly volatile which means that you should be willing to take the risk when investing in them.

  • How do I know which meme coin to buy?

You may want to learn about meme coins by reading about them on social media and crypto forums. This way, you can read about what people have to say about them and what they have experienced with it. This will help you decide whether or not it’s good for you. 

  • What can I use meme coins for?

Like regular crypto, you can use meme coins to buy, sell, and trade. Its purchasing power can also come off strong, especially as some sites like Bitcasino accept several of  them as payment methods. Using meme coins or crypto in general in betting is one of their main advantages.

These are just some interesting facts that you would have to learn about meme coins. By understanding what these assets are and why they were made. Aside from that, it is also by knowing these assets that you may find it easier to learn about the potential they hold even if they aren’t as valuable as what people expect them to be. 

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