Meme tokens are usually considered to have no intrinsic value but are quickly gaining favor among traders.

Some, like the Avalanche Foundation, a non-profit that maintains the Avalanche blockchain, have even started to invest in meme tokens built on the network in recognition of the online culture and memetic value that such tokens can drive among investors.

Market observers say meme coins are also a profitable, albeit risky, way to gain from ecosystem growth.

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