What Are Meme Coins?
These are meme-inspired cryptocurrencies which are heavily community-driven tokens inspired by memes or jokes on the internet. They tend to be highly volatile compared to major cryptocurrencies like ether. They are highly volatile which brings a lot of hype and financial risk also.
In 2021 Dogecoin(DOGE) and Shiba Inu(SHIB) led the meme coin pack. Hence as of November 2021 SHIB pumped 60,0000,000% since January and DOGE pumped 8, 000%.
Meme coins are characterized by huge supply and generally do not have a coin burning mechanism. SHIB has a total supply of one quadrillion token while doge has no maximum supply such that with just a dollar one can buy a million of meme coins.
Popular Meme Coin Overview
Software engineers Billy Markus and Jackson Palmer created Dogecoin in 2013. Inspired by a meme of a Shiba Inu dog and was intended to be a joke cryptocurrency.
Shiba Inu (SHIB)
Referred to as the “Dogecoin killer” and also named after a Japanese dog breed. Ryoshi an anonymous developer created it. SHIB’s ecosystem also includes a decentralized exchange, an NFT art incubator and an NFT game.
Dogelon Mars (ELON)
Named after the Tesla CEO Elon Mask and his passion for his company SpaceX. Elon coin as of November 2021 has surged over 3,780% since its launch in April 202.
Akita Inu (AKITA)
Heavily inspired by DOGE, also use Japanese dog breeds as its mascots like other coins as Kishu Inu(KISHU), Floki Inu (FLOKI).
It is a BEP-20 token launched on the Binance Smartchain (BSC) in March 2021. Those who sell the token are charged an Exit fee of 10% and half is distributed to existng SAFEMOON holders and other half will be burnt. As of November 2021, SAFEMOON has a 9418.54% ROI, according to Coinmarkertcap.