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The increase of meme coins in the world of cryptocurrency was unpredictable. However, in the year 2021, the cryptocurrency world is experiencing something new and quite enjoyable. Well, the thing is that the market is full of memes, and these meme tags are now starting to become a cryptocurrency. The fantastic thing is that people are interested in buying them. In this article, you will get to know about the reasons for which meme tokens have become so popular this year.
What are meme tokens?
The meme tokens are the cryptocurrencies that are created by inspiring from the jokes on social media. In this year, the very first and the most popular meme token was dogecoin. This coin was created in the year 2013, but it has become trendy this year only. It was created as an imitation, but now this cryptocurrency has become successful in the crypto market. You need to know that these kinds of crypto options are often considered jokes material most of the time. However, some investors think that they should be treated as jokes only. But many of these meme tokens have done good in the cryptocurrency fields. A lot of investors have made a good amount of money through these meme tokens.
Why Are Meme Tokens So Popular?
You need to know that the only difference between the meme coins and the cryptocurrency like bitcoin is that the proper cryptocurrencies were created to solve the issues of this natural world. They are also used in the real world for this purpose. Well, on the other hand, the meme coins have no purpose of creation as well as for utility. In the year 2021, meme coins have become very trendy both in variety and value. To know more about bitcoin, then visit here.
After the massive success of the meme coin named dogecoin and the increasing adoption of digital currency, the current market is flooded with meme coins. You need to know that the popularity of the meme tokens is so much related to their connections with celebrities and social media influencers. These people are paid for promoting the coins, which helps in generating the demand for these coins. However, most people think that the rise of meme tokens is Elon Musk, a great supporter of dogecoin.
Get to know about some popular meme tokens
The dogecoin is a popular meme toke which was a meme based on the Japanese dog named Shiba Inu. It is the most successful meme token, which was initially created in the year 2013 by the two software developers. Well, this meme token got massive fame in the year 2021 after receiving Elon Musk’s support, the owner of the Tesla car company.
You need to know that the Safemoon is a meme token launched in this market in march 2021. Well, the thing is that this meme token is community-driven. One of the most impressive things about the safe moon coins is that they have a feature that downgrades the selling of its innate tokens.
This token came into existence in April 2021. Shiba Inu is an experiment into decentralized community building. Some people get confused about the Shiba Inu and the Dogecoin, but the thing is that these coins are different from each other completely.
MONA is a meme token that was based on the cat-looking figure meme. An anonymous developer created it. The best thing is that this token has a maximum supply of 105 million, and the financial service agency also approves it of Japan.
Hoge is a meme token that is similar to DOGE, but it is DeFi. You will be glad to know that the limited supply of this meme token helps ensure that the value of the HOGE doesn’t decrease even if no new coins are mined. It basically combines the meme as well as the frictionless yield farming. You can easily invest in this meme token and make a lot of money out of it.
There are various other kinds of meme tokens available in the world, but it is not possible to explain all of them here. Well, these were some of the most popular meme tokens in which you can invest your money.
What is the process of buying meme coins?
It is essential for you to know that buying meme coins is very much similar to buying any other kind of digital currency. The first thing you need to do is make your account on the exchange platform and then buy the coins with the help of fiat money. Meme coins are readily available on a lot of cryptocurrency exchanges.
What are the disadvantages of a meme token?
Many meme coins have no real purpose for being created. You should know that some of the meme tokens have an unlimited supply which is so much different from the bitcoin, whose supply is finite. It can affect the long-term value of the coin. Since you know that many of these meme tokens are just jokes, so these coins are highly volatile in nature. It is the most significant advantage of using meme tokens because their value fluctuates quickly.
You might be aware of the fact that the mem token is launched very quickly, which means that they have a higher tendency of losing worth in the long run. Before you invest your money in the meme tokens, it is good for you to consider this downside in your mind first.
The final sayings
There is no denying, in fact, now that the things which started as the hoke are no longer funny because they have value. Meme tokens are increasing in value as well as in popularity also. It is because prominent entrepreneurs like Elon musk are supporting them. Well, it is totally up to you that you want to invest in these meme coins or not. There are some people who are really making good money from these meme tokens, but there are some downsides of investing in the meme coins also.
Thank you for reading!