What are meme coins? Meme coins aren't that different from this dictionary definition of a meme — they're nothing more than digital currencies inspired by memes and internet jokes.
Dogecoin was introduced as a joke in December 2013. As it has gained popularity over the years, it is now leading the way for a new category of digital currencies – meme coins. These are cryptocurrencies that can be linked to pop culture references or internet jokes.
Most memes revolve around popular dog breeds such as the Japanese Shiba Inu. These dog breed cryptocurrencies are well known to retail investors. For example, Dogecoin has gained a large following over the years. It has prompted the emergence of a large number of copycats, including derivatives of the Dogecoin Shiba Inu, Dogelon Mars, and Samoyedcoin. While the unit price of these cryptocurrencies is not very high, they are becoming mainstream. But can investors take these meme coins seriously? Are you looking to invest in meme coins? If so, you should know that you will be dealing with a more volatile category of cryptocurrencies. Since Dogecoin became a global meme currency, thanks to the power of the Internet (and Elon Musk), many meme currencies have begun to appear.
But 2022 was a bear year for the cryptocurrency market. Dogecoin, the most popular meme of all time, has fallen more than 90% from its all-time high. While the top meme coins are still standing, other less popular coins are disappearing.
Investors should always be aware of the highly volatile nature of cryptocurrencies. This is especially true for meme coins, which may have an unlimited supply. For example, Dogecoin has a circulating supply of 132 billion DOGE, and 10,000 new Dogecoins are created every minute as a reward for Dogecoin miners.
You should know that you will be dealing with a more volatile category of cryptocurrencies if you are looking to diversify your meme portfolio outside of Dagcoin and Shiba Inu.
