Social and community impact of memecoins:

Meme coins rely heavily on community support and popularity online, and are often influenced by trends and jokes spread on social media. Coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have gained significant popularity thanks to community enthusiasm and the support of prominent figures like Elon Musk.

Quick profit opportunities and high risks

• Investors sometimes turn to meme coins to make quick profits due to their high volatility. However, these volatility can be very sharp, making them risky, as they can lose value

as quickly as they rose.

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