What Is Meme Coin, And How Does It Work?

Memes Coin development: cryptocurrencies are becoming more common around the world as they’re the longer term of cash in the digital age. They provide efficient means of transferring money over the internet controlled by a decentralized network.

Bitcoin (BTC) and Ethereum (ETH) are the most well-known and widely used cryptocurrencies. New coins entered the crypto space to try their luck. One of these cryptocurrencies is MEME Coin.

MEME COINS – PRELIMINARY

MEME coins are cryptocurrencies, they first started as a joke, but thanks to the interest of investors and the market to increase, the crypto coin meme gained popularity. they’re hyped by the small investors and influencers. currently, the total value of MEME coin is $33 billion.

The value of cryptocurrencies has increased since Elon Musk started tweeting about them. One of his tweets went viral, sparking a craze for crypto coins that led to investors starting to buy MEME coins.

Usually MEMEs are created as a kind of entertainment in social media and for jokes, they’ve no value and aren’t often used. The MEME coin was created in 2013 for entertainment and as a joke. Billy Markus and Jackson created the first MEME coin, which could be a Dogecoin. In order to defeat bitcoin, they created the new cryptocurrency, which had over 1,000,000 visitors to the Dogecoin website within the first month.

TOP MEME COINS

DOGECOIN (DOGE)

Software developers Jackson Plamer and Billy Markus invented Dogecoin as a neighbourhood joke. Since a tweet from Elon Musk, the meme coins have become a significant thing in 2019.

In recent months, the value of the dog-themed cryptocurrency has continued to rise, reaching a market price of $9 billion in January 2021. Currently, Musk is working with Doge developers to expand the platform. he is trying to optimise Dogecoin for payment of goods and services and reduce the carbon footprint.

SHIBA INU (SHIB.)

Shibu Inu was launched as an experiment within the decentralized and spontaneous community; in April 2021, and its value quickly appreciated by quite 2,000,000%, reaching a record high in early May.

The token advanced from the eye given by Dogecoin, especially when last month when Elon Musk appeared on SNL, triggering the liquidation of DOGE, because it mentioned the coin as a hustle. the total supply of SHIB is a quadrillion, it aims to enable users to have billions or perhaps trillions of tokens. However, analysts warned that it needs to grow by about 12 million% to reach its magic dollar goal.

SAFEMOON

Dogecoin is understood as an inflationary token model with a large supply. SafeMoon aims to improve the Dogecoin token model. Bitcoins are limited with a supply of 21 million coins. To solve this problem, SafeMoon uses a deflationary token model. This suggests that every time a Safemoon transaction occurs, 5% is burned and therefore the other 5% is redistributed among the other token holders. Therefore, the total supply of tokens should steadily decrease, providing safe profits and therefore predictability of bubbles.

In June 2021, the market price was $2 billion and the token rose a full 1500% and fell 73%.

OTHER POPULAR MEME COINS

• MonaCoin (MONA)
• Hoge Finance (HOGE)
• CUMROCKET (CUMMIES)
• Dogelon Mars (ELON)

Unlike bitcoin, meme coins are a type of digital asset with specific characteristics of bitcoin. They use smart contracts or other consensus mechanisms.

CRYPTOCURRENCY VS MEME COINS

MEME coins are also a type of cryptocurrency, but they don’t solve real world problems. To make instant profits, meme coins are created Mainstream cryptocurrencies such as Bitcoin and Ethereum are widely accepted by traders. They’re specifically designed to solve real-world problems with digital currency in a decentralized manner.

When it comes to utility, Bitcoin and Ethereum are much better and more useful than MEME coins.

MEME coins are intentionally hyped by celebrities and businessmen by promoting them online. The cost was immediately driven up thanks to huge promotions. The coins have plenty of room to grow in the future, but the instability of the coins may drag them down.

Since MEME coins have no real-time utility, traders buy and sell the coins for a very short time to make instant profits. They don’t hold them for a longer time thanks to instability, except for a few more years MEME coins can have a quick rise keeping an honest market price.

HISTORY OF MEME COINS

The development of meme crypto coins can be divided into three phases as follows:

• Meme coins were launched in 2013.
• The ICO (initial coin offering) trend in 2017 and 2018.
• The latest meme coin released in 2021 is Mania.

HOW MEME COIN GOES TO MAINSTREAM

Halfway through 2021, the digital world has seen a renewal of meme coins. The surge began when Melvin Capital took short positions on GameStop Inc. stock to reflect their pessimistic view of the company. Led by Shops, members of the r/WallStreetBets subreddit invest in GME to support the Wall Street giant.

This led to an explosion of shares and caused huge losses for short sellers. Then the subreddit r/SatoshiStreetBets decided to subscribe DOGE to duplicate the rise in GME stock price.

Elon Musk’s repeated tweets about DOGE also favoured Dogecoin’s entry into the cryptocurrency mainstream. He made his first tweet about Dogecoin in 2019 after being elected CEO by the Dogecoin community through a Twitter poll. Now he is the former CRO of Dogecoin, but he still supported DOGE in February 2021 . In May 2021, the SpaceX founder reiterated his consideration of accepting DOGE for the sale of the Tesla electric vehicle.

Elon Musk’s endorsement of Dogecoin has caused a ripple effect. Dallas Mavericks owner Mark Cuban has also begun accepting DOGE for ticket sales. The rise of Dogecoin led to the rise of various dog-themed meme coins such as AKITA and SHIB. These cryptocurrencies became popular in the Chinese community, where they were listed on major crypto exchanges like OKEx, etc. Elon Musk tweeted an image that seemed to show that Tesla will hold on to its Bitcoin amid a major crypto crash.

Despite the hype in the market, DOGE meme coins are still volatile as market activity has greatly affected their prices.

MEME COIN DEVELOPMENT

There are two of the hottest and best meme crypto coins on the market. One is the Doge imitator Shibu Inu (SHIB). It is an ERC-20 token built on Ethereum, and the other is SaleMoon (SAFEMOON), a meme coin powered by Binance Smart Chain. Meme coin Binance allows users to make meme coins and tokens on Binance Smart Chain. Meme coins are being hyped by crypto enthusiasts worldwide by making it the 10th largest cryptocurrency in the world with a 1600x price increase. Meme crypto coin development will certainly be very high on the market.

It is time to create a meme coin platform to attract meme creators and crypto investors with a trending meme coin script within the crypto world.

POTENTIAL DOWNFALL OF MEME COINS

Although meme coins are almost inevitable in discussions of crypto, many of us attribute them to their low price barriers and thus the hype that brings new users into the space, but they do not have to become mainstream.

The Securities and Exchange Commission of Thailand has banned trading in meme token cryptos and other digital assets backed by memes or fans. in our country, Securities and Exchange Commission Director Gary Gensler (Gary Gensler) has set stricter regulations for cryptocurrencies. Gensler spoke of highly volatile and speculative asset classes, stressing that the value of such investments has increased significantly over the past five years.

FUTURE OF MEME COINS

Regulators and governments may also be reluctant to simply accept digital assets, but that has not stopped the crypto community from breaking confidence in their potential. Although the crypto-coin meme was created as a neighbourhood of jokes, it later attracted the attention of mainstream media. Financial experts are watching the development of these tokens with great attention. Elon Musk additionally promotes Dogecoin memes on social media platforms. Dogecoin has achieved many accomplishments, including fundraising for charity and other important causes.

The Dogecoin community raised a full $36,000 for the Jamaican team by donating memecoins for their participation in the 2014 Winter Olympics. As a result of the transaction, the Dogecoin bitcoin price increased by 50% within 12 hours.

MEME COIN PLATFORM

The development of meme coin platforms helps connect memes to tokens. Most platforms are created using the customized meme coin script. We recommend creating a meme coin platform to welcome meme creators to create NFTs. Some NFT platforms allow meme creators to offer the simplest meme coins as cryptocurrency on the marketplace.

CHOOSE BRUGU FOR MEME COIN DEVELOPMENT

We are a top-notch meme crypto coins development company that guides you to make the easiest meme crypto coins and make meme coins platform on the leading blockchains like Binance Smart Chain, Ethereum and Polygon to start on the robust decentralized exchange platforms. We have an expert meme coin development team to create meme coin software. Our comprehensive services will help you create your custom meme coins.

OUR EMINENT MEME COIN SERVICES

• White paper design
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