Meme coins are a type of digital currency that looks like jokes or memes that are popular on the internet and other social media sites. Dogecoin was the first coin that was based on a meme (DOGE). DOGE came out as a joke in 2013. It was based on the famous Doge meme, which is a Shiba Inu dog from Japan.
People know that the value of meme coins changes a lot. Most of them are run by communities and could become popular overnight if online communities support them and people are afraid of missing out (FOMO). Traders might move on quickly to the next meme coin, which can cause the prices of these cryptocurrencies to drop more than expected.
Why do so many people like meme coins?
Some people think that small investors tried to protect themselves from inflation when COVID-19 was popular, which helped the cryptocurrency market grow. But it’s hard to explain this phenomenon in a clear way. In the middle of all the talking, the market for meme coins grew, as did the number of different kinds. Just like meme coins, Bitcoin and other cryptocurrencies are going all over the place in terms of value and when it comes to trading, moreover traders are using a trading bot that has a proven track record of defeating hacker attempts and keeping information safe.
After the “meme stock” story of GameStop (GME) and AMC Entertainment, things got going in late 2020. (AMC). During that time, the Reddit community helped make these shares worth up to 100 times more in just a few months.
In January 2021, a group of Reddit users made a joke about making Dogecoin’s price go up artificially so they could make a cryptocurrency like GME. More and more of these things started to happen, and Tesla CEO Elon Musk’s tweets had a big effect on the price of DOGE.
In just five days, the price of a dogecoin token went up by more than 2,000% and hit a new all-time high of $0.73 USD.
People can buy meme coins for a few cents or even a small fraction of a penny, which makes them an interesting investment. Because there are so many of these coins, the cheap price doesn’t mean much from an economic point of view.
But having millions of a certain meme currency feels very different than having a small amount of ether or bitcoin. Traders can spend just a few dollars to buy hundreds, millions, or even billions of DOGE, SHIB, or Akita Inu (AKITA) tokens. If you want to buy some meme coins, you might want to think about the following.
Here are three choices that should all work well.
- Shiba Inu (SHIB)
Without a doubt, the Shiba Inu (SHIB) coin is the most widely used meme currency in the world. In 2021, SHIB was still one of the best currencies in terms of market capitalization, which was a big reason why a lot of people were rich. Because SHIB is a well-known brand, investing in the company is less risky than average.
Shiba Inu has also been adding to its ecosystem with new parts. It’s more than just a coin with a joke from the internet on it. Plans call for both the SHIB metaverse and the use of SHIB in modern crypto payments to happen in the near future.
- Akita Inu (AKITA)
The AKITA coin is a digital form of money that is newer and less well-known. This could be a good thing or a bad thing. Still, the fact that AKITA is worth about $30 million on the market is enough evidence to show that it is real.
Also, because AKITA’s market capitalization isn’t very high, the company has a chance to grow very quickly. This is a meme currency that could quickly grow by 5x if the media pays enough attention to it.
The Canines of Elon (DOE) is a good-performing undiscovered meme currency. At this point, the coin’s value on the market is more than $21 million. It could go off at any time and do a lot of good because of this.
Do your own research before putting money into any meme coin. Every day, new meme coins come out, and traders hope to make as much money as they did with DOGE and SHIB. Keep in mind that, compared to other digital currencies, meme coins have a very high level of volatility.
When you trade or invest in cryptocurrencies, you take on a lot of risks. Because meme currencies are mostly controlled by the people who use them and can drop quickly, you should never invest more money than you can afford to lose.