Meme Coins And What You Should Know

Non-fungible tokens appear to be the market’s focus recently. The rise of NFT’s and meme coins are increasingly gaining popularity in the crypto industry. Meme coins such as Dogecoin (DOGE), Shibu Inu coin (SHIB), and Mona coin (MONA) are fast becoming substantial as traders are starting to show interest.

Meme coins or joke coins as considered by many are often perceived to be less significant in the space. But with the current hype around these coins recently, perceptions are changing and investors and traders are racing to put some fortune into them. However, many are still saddled with questions about meme coins such as if they truly have a future or if these coins are mere fads? What controls their prices and market movements?

Generally, meme coins are heavily dependent on the community invested in them. Practically every price movement of any meme coin is strongly based on the community, as well as its popularity at any given time. These communities act as facilitators that bolster and drive up the prices of these coins, make them go viral, and attract more investors.

It is noteworthy that Meme coins are even promoted by publicity stunts that in turn drives up the price. Dogecoin is a perfect example. Recall the coin went viral and saw several gains after a publicity stunt on TikTok.

Developers of meme coin Shibu Inu, as a means of promoting the project, gave Vitalik Buterin of Ethereum half of all SHIB coins. However, things went south when Vitalik sold off millions of the coins he had received from the developers.

Meme coins generally have no market cap. Their large circulating supply makes them relatively cheap and easily accessible. This makes it difficult for some investors to see a future in meme coins.

With different trends and hype solidifying the stance on meme coins, new investors are joining the bandwagon. However, it is important to note that there are influencers associated with each meme coin and its community. Before delving into this class of virtual currencies, a good survey of their communities and popular influencers behind them will be great clues for you to make the next move as well as give a glimpse of the possible future of that coin.

If a meme coin becomes applicable to a video game, a popular currency, or as a Non-fungible token, such coin would pose a great bet for investors as a result of the additional value in the meme coin.

In conclusion, while meme coins are here to stay, the future of these coins are uncertain as it lies in the power of their respective communities and in their ability to stay relevant as well as in the value they pose to offer.

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