What is Memecoin?
Let's find out Memecoin meaning, definition in crypto, what is Memecoin, and all other detailed facts.
A Memecoin is a cryptocurrency based on a joke or an internet meme. It’s considered to be a more affordable Bitcoin alternative that has a supply of quadrillion coins. Additionally, they’re mined faster and don’t have a limit like Bitcoin. Memecoin holders claim it offers huge profit.
Dogecoin is the first memecoin to come to the market in late 2013. Its origins are derived from the popular internet meme depicting a Shiba Inu.
Other memecoins such as Shiba Inu, Samoyedcoin, Floki Inu, HogeFinance, and Dogelon Mars are among the most well-known memecoins on the current market.
New investors can benefit from memecoins. However, their gains will not be substantial.
The Rise of the Memecoin
When the Dogecoin memecoin was first launched, it was taken as a joke by the entire crypto community. In spite of that, Elon Musk expressed his support for Dogecoin on Twitter. In turn, memecoins started gaining a lot of attention on Twitter, Reddit, and other social media platforms. Therefore, Dogecoin’s value grew exponentially in a short time period.
Memecoin found itself in the wake of the GameStop frenzy where investors were looking for new opportunities and prospects. This was the time when discussions about the potential of memecoins really exploded on Reddit.
As a result of Elon Musk’s public statement, Dogecoin reached the top 10 list by market cap just in a few months.
When it comes to the current crypto market, Shiba Inu memecoin was one of the top cryptocurrencies by the end of 2021.
It seems like Elon Musk is not the only one intrigued by memecoins. Mark Cuban, Snoop Dog, and other public figures have endorsed them.
The memecoin boom gave an opportunity for small investors and traders to get the most out of their investments.
These types of investors have difficult time trading when it comes to cryptocurrencies like Bitcoin or Ethereum which are constantly growing in value. Unlike memecoins, these might not be the best option for small or novice investors.
In 2021 alone, the first memecoin, Dogecoin, overthrew huge companies like eBay, Kraft Heinz, and others in market value.
Are Memecoins Worth It in the Long Run?
At the moment, memecoins are a way for investors to make some profit. Unfortunately, they don’t hold utility in the real world like the world’s first cryptocurrency Bitcoin, which is becoming more and more often accepted as a means of payment.
All in all, new and small investors can still benefit from memecoins in the short term. Especially if they receive public endorsements and support from various celebrities and public figures such as Elon Musk.