Meme token
A meme token is a cryptocurrency that originated from an internet meme.
While meme coins can be fun, they are high-risk investments and may have little intrinsic value. When buying or trading meme tokens, it is important to understand the risks to avoid unexpected volatility and losses.
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Popular Meme Tokens
Perhaps the most famous example is the cryptocurrency Dogecoin, which emerged from the Doge meme. Many other meme tokens have taken the idea of ââthe Shiba Inu meme as their basis.
Cryptocurrency site CoinMarketCap lists over 300 currencies in its meme tokens section. Many of these are not actively traded and are effectively worthless. Only four currencies in the meme category are traded for more than $1 million daily: Dogecoin, Shiba Inu, Dogelon Mars, and Baby Dogecoin.
How do meme tokens work?
Like other cryptocurrencies, meme tokens rely on blockchain technology, a type of distributed database used to track virtual assets.
Some media outlets have characterized meme tokens as a pump-and-dump scheme that causes cryptocurrency prices to plummet. Even if that's not the case, trading meme tokens involves high risks and volatility.
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