Meme coins are digital currencies, just like Bitcoin or Ethereum. However, what makes meme coins special is the fact that they originated as internet jokes.
Meme coins, like the memes they are based on, are designed to go viral and be shared. Typically, they are represented by funny images. The most popular meme coins available today are dog-themed coins (Dogecoin, Shiba Inu, Dogelon Mars).
Dogecoin is one of the most popular meme coins on the market. It was created by Jackson Palmer and Billy Markus, both software engineers, as a joke to mock Bitcoin and other mainstream cryptocurrencies. However, just like other cryptocurrencies, meme coins can be used for trading and other actions. In 2021, the market saw an incredible surge in these meme coins when the price of Dogecoin (DOGE) surged by over 12,800% in just five months, reaching an all-time high of $0.7376 by May 8. However, during the crypto bear market cycle that began in November 2022, Dogecoin’s price fell by 91% from its all-time high.
Since meme coins have been around for a while now, here are some characteristics of most meme coins:
High or unlimited coin supply, up to billions. Meme Coins do not have a coin burning mechanism, so the numbers are always rising.
Because the supply is so high, the individual unit price is low.
Anyone can create a meme coin, and you can easily find software to create it for you.
Meme Coins are not designed as a token.
Meme coins are very volatile.