Rise of Meme Coins

Rise of Meme Coins

By bit.team

Meme assets have long been in fashion, and most people are familiar with them. There are more than 200 of them on CoinMarketRate alone. Many of us have heard of memes like GameStop, but meme coins like Dogecoin are fundamentally different. Let’s take a closer look at the growing popularity of meme coins.

Coins that should to be treatened seriously

Meme Coins are crypto assets, that has increased in their volume not because of the company’s performance but because of the hype on social media and online forums such as Reddit, and more recently – Telegram. For this reason, these tokens often become overvalued, which leads to a sharp increase in prices in just a short period of time. A great example is the WallStreetBets group, which helped boost GameStop’s stock price to save the company from bankruptcy.

We have witnessed the emergence of many different meme coins, with Dogecoin at the forefront. Although many do not consider this asset to be serious, as Meme Coins grows in value, so does its real fundamental value.

The most valuable meme coins can be considered:

  • Dogecoin

Dogecoin (Doge) was founded in 2013 as a way to mock alternative coins that were aimed at challenging the Bitcoin monopoly. However, only now many have begun to see it as a real investment in the cryptocurrency space. It all started with Redditors, just like Gamestop. The name Dogecoin is associated with a popular meme about the shiba inu dog, which popularized phrases such as” very wow”,” very concerned “and”such a doge”.

Dogecoin grew by more than 8,500% in 2021 with a market capitalization of $ 51.4 billion.

This means that now, according toCoinMarketRate, it is the seventh most valuable cryptocurrency in the world.

  • Shiba Inu

Shiba Inu (SHIBA) is a meme coin that has grown by 1,500%. SHIBA is conceived as a project that challenges Doge. The creators of the project sent half of the total number of tokens to the wallet of Ethereum co-founder Vitalik Buterin, “which turned into a portfolio of $8 billion for the creator of the second largest cryptocurrency in the world. SHIBA’s reserves in Buterin’s wallet even surpassed the estimate of his Ether.

Other popular meme coins include:

  • Memetic/ PepeCoin

Memetic (MEME), also known as PepeCoin, is a peer-to-peer cryptocurrency created in 2016. This coin is based on the image of “Pepe the Frog”, which was first an illustration for an Internet comic on MySpace, and then became used for memes.

  • Nyancoin

Nyancoin (NYAN) is a coin based on the “Nyan Cat”meme. Five years later, this cryptocurrency is still on the market, despite the fact that its creators suddenly and inexplicably disappeared a couple of months after its appearance.

“Nyan Cat” is an 8-bit animation that was originally posted online in 2011. It depicts a cherry cat flying in space on a rainbow. It was turned into a GIF, and then distributed and parodied all over the Internet, starting with Tumblr.