The digital space (internet) creates a bond between users and their phones.
Technically, everyone is addicted to the internet.
With this, the internet becomes a vital option in gaining relevance in any field of ones choice.
The crypto space is an internet driven space, and social media has been a massive tool for crypto adoption.
Bitcoin and Altcoins are known for their use cases even aside their community or hype.
This means that Bitcoin may not need social media promotion before it is bought, since its utility speak for it.
Coins like this are utility-driven and not mainly community or hype-driven.
But since the crypto space is an interactive space with high level of enthusiasm.
A coin can be created just to pay homage for a certain event or situation.
These are the meme coins.
These coins have no feasible use case, but has gained top relevance in the crypto space.
Why is that?
This article will lay down the top 10 secrets about Meme coins.
What are Meme coins?
Before understanding what meme coins are, what are Memes?
Memes are humorous images, videos, or piece of text that are copied and shared in the internet.
These items are popular in the internet, making internet users happy and longing for more.
Now, what are Meme coins?
Meme coins are cryptocurrencies inspired by memes, events, jokes, and some kind of idea.
For the fact that Meme Coins are inspired by jokes, they may be taking for granted in the crypto space, but some recent meme coins have ballooned in price, shocking netizens.
However, since these coins have no ideal use case, people remain skeptical in having or trading them.
In terms of the risk and speculations involved in handling Meme coins, we are dropping 10 secrets to help understand these coins.
Top 10 Secrets about Meme Coins
1). No Use Case (Utility)
Unlike other cryptocurrencies, meme coins are not initially designed to solve real problems.
They are only designed to pay homage to a meme or event, and for trading purposes.
2). Very Volatile
Meme coins are extremely volatile and subject to severe changes in value over very short periods of time.
The inspiration behind them are the major reason for this, as the price can boom when the meme is trending and fall off few minutes after the trend.
3). Mostly have Uncapped Supply
Many Meme coins are created with unlimited Supplies.
This means that there is no limit to how many of them can exist.
This often makes their prices very little, as increase in supply affects price drastically.
4). Value is dependent on large Community and how Viral the meme explodes
Since these coins have no fundamental use case, their value only depends on the size of their community and how viral the meme remains.
So, when the meme losses attraction and relevance, the price plummets.
Recall when Elon musk tweeted about DogeCoin, the price saw a spontaneous increase.
And after the hype declined, the price followed suit.
These are what drive Meme coins, differentiating them from utility cryptocurrencies.
5). Very Low value per token
Their low price value is a function of the design and design Inspirations.
Since these coins have no real value, and are with infinite supply, their price value is very low.
6). Significant in the Crypto space
No matter how valueless crypto users might tag meme coins, their importance and significance cannot be underrated.
For the record, so many people ventured into the Crypto space holding meme coins and not necessarily Bitcoin and the rest.
Apart from the use cases of crypto, trends are hypes are part of what upholds it.
Even in bearish seasons, top cryptocurrencies lose their hype, but meme coins rejuvenate the crypto hope and hype.
Top 4 Meme Coin Handling Secrets
7). Know when to enter the market
Since these coins are moved by hype, you need to enter before the hype.
It means you need to know what will go viral before it does.
As such, you will be among the early birds of the Meme project.
8). Know when to leave the market
Getting early is one thing, and leaving right is another.
The extreme volatility of these coins can affect early adopters badly.
You need to leave the market before the coins losses its hype or booze.
9). Follow current and future trends
This space is greatly affected by trends.
As a Meme coin investor, you have to be abreast with current and future meme trends.
Crypto enthusiasts can be awkward for the profits in the space.
Recall that after the demise of Queen Elizabeth, we saw different Meme coins storming the crypto space.
This was a trend that people leveraged to make millions while some were unfortunate.
10). Understand the risk involved
As usual, to be successful in any business, you have to understand the risk it possesses.
Meme coins are highly speculative so you can’t predict their future or current outcome.
Fortunately, they are of low prices, with just 2 bucks you could have a large volume of the asset.
Finally, you have to invest what you can afford to lose and do your research.
Top 10 Meme coins 2022 by Market Capitalisation
- DogeCoin.
- Shiba Inu.
- Dogelon mars.
- Floki Inu.
- Samoyed Coin.
- Hoge Finance.
- Kangal.
- Baby Doge.
- Monacoin.
- Banano.
- Pepe Cash.
- Garlicoin.
Conclusion
While Bitcoin has been the trending coin for investors over the years, meme coins have only entered the crypto space in the past year or two.
The booze around them ballooned in early 2021 when renowned figures like Elon Musk, Mark Cuban, and Snoop Dogg backed Dogecoin, sending it booming more than 800% in 24 hours.
Since then, Dogecoin gained relevance in the crypto space, building the foundation for other meme coins to emerge.
Hundreds of other meme coins have emerged, with few based on the doge meme.
Currently, Dogecoin and Shiba Inu remains the leading meme coins in the crypto space.