Meme coins what you should know about

Being in the crypto industry you will be hearing and seeing different cryptocurrencies thinking they are all created under one blockchain network or they all have one use function whereas every cryptocurrency be it coins, tokens shitcoin or meme has its functionalities.

Don't be confused when you hear the words "meme coins, coins, tokens, or shitcoins just as someone who asks me if meme coins are cryptocurrencies after hearing the word from somewhere else.

The simple answer is Meme coins are cryptocurrencies, but it is not every cryptocurrencies that are meme coins this post has broken everything you need to know about meme coins so easy for you.

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MEME COINS

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Meme refers to a unit of cultural information that can be in the form of an image, text, or video that is copied and distributed on the internet. This is just a tip to what a meme is, but by adding coins to it which then stands for "Memecoins it means a certain category of cryptocurrencies that are inspired by memes, which possess the trait of comedy or image of any popular animal or celebrity.

From the little we have discussed, it means meme coins are also cryptocurrencies, just as the way STEEM, Bitcoin (BTC), Ethereum (Eth), BNB, TRX, and very other cryptocurrencies are.

One thing you should know about meme coins is that they are designed to pay homage to a meme which is why when you take a look at the popular meme coins like; Dogecoin, Shiba Inu, Floki Inu, PEPE coin, and the rest of them you will see them with the image of memes that symbolize that it is a meme coins.

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How Meme Coins Works

The way every other cryptocurrencies like BTC, ETH, STEEM others work in the crypto market is the same way meme coins work which is why we said it is also like every other cryptocurrencies.

Most meme coins are built on the layer 1 blockchain network, and most of the popular meme coins you will get to hear (see) as you keep reading are built on the Ethereum network, and Solona network. Those built on the Ethereum blockchain are the meme coins that are using the Ethereum smart contract standard which is the ERC-20 network.

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Dogecoin (DOGE) is the most successful meme coin which was created out of a joke by Jackson Palmer and Billy Marku with the aim of the coin to imitate Bitcoin.

Dogecoin has its blockchain network which makes use of a proof of work mechanism. Dogecoin has a lot of history surrounding it which I do called Elon Musk coin. Although, Shiba Inu is another popular meme coin that is creating more projects for the coins to have more utility functions.

The popularity of meme coins largely depends on memes and community members (users) who love memes and want to use the means and make profits.

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Characteristics

There are what makes meme coins different from other cryptocurrencies and some of the characteristics are shared below.

• The volatility of meme coins is very high as the price can change at any time.

• Meme coins have an unlimited supply

• The value of meme coin is very low per token which means having 100k quantity of meme coins can still not amount to $20 in value

• The majority of meme coins depend on the social media community for growth.

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Top 5 Meme coins and their current Market Cap

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• Dogecoin (DOGE)

Dogecoin (DOGE): As we have earlier introduced is the most popular meme coin that was created in the year 2013 by Jackson Palmer, Oregon, and Billy Marku which forked out from Litecoin.

Dogecoin became so popular at the time Elon Must the CEO of Tesla company made a tweet about dogecoin as one of his favorite coins which people believed would be accepted in his company.

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Currently as of the time of writing this report according to the information gotten from Coinmarketcap dogecoin price is $0.093692, with a trading volume of $1,113,572,907 and market capitalization of $13,314,918,922 which it supply is 142,114,036,384 DOGE.

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• Shiba Inu (SHIB)

Shiba Inu (SHIB): Is another popular meme coin that brings about the power of decentralization with its currency that is owned by millions of crypto investors across the world. It was created in 2020 as an Ethereum blockchain-based token and became well-known based on the tweets of Vitalik Buterin and Elon Musk.

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Currently, as of the time of writing this post, according to the data gotten from Coinmarketcap, SHIB price is $0.000009, with a trading volume of $460,629,991 and a market cap of $5,573,542,674 which it supply is 589,346,914,631,298 SHIB coins.

Other meme coins are mentioned below.

• Floki Inu
• PEPE coin
• Baby DogeCoin (BabyDoge)
• Bone ShibaSwap (BONE)

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Conclusion

_{Meme coins are also regarded as cryptocurrencies, which at the same time is not all cryptocurrencies that are regarded as meme coins which we have learned and many more in this post.</sub.}

Disclaimer

_{This is not investment advice but serves as educational content to give you an insight into what meme coins are. For any investment decision please do your research and also consult your financial adviser first.}

Reference

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About The Author

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_{Joseph Akwaji Afen (@josepha) is a holder of an Accounting degree, who has gained experience in the finance sectors. In the Steemit social media blockchain platform, he is a content writer, who specializes in writing in different categories and has worked as a mods, community curator, city rep, and a good recruiter who is always committed to ensuring the accuracy and trustworthiness of your finance, crypto, and blockchain insights.}