5/20/2023 0 Comments Meme coinsMuslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim Farooque is a keen investor and an optimist at heart. On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. A DAO will allow the ecosystem to be optimized without any intermediaries.īillionaire Mark Cuban commented on DAO’s and described them as “the ultimate combination of capitalism and progressivism.” Though HOGE has gone through some negative swings of late, once its price settles down, it may be worth some chump change. Hence, it’s one of the few meme tokens with some fundamental stability.įurthermore, its community team has been looking to sign partners and design a Decentralized Autonomous Organization (DAO). It is one of the select few meme coins that completed the Certik audit. Hoge Finance is a community-driven decentralized finance (DeFi) token with a deflationary supply. With that being said, let’s look at some cryptos that could gain immensely this year: Therefore, having a small holding of such coins in your portfolio could result in some incredible gains. Moreover, Shiba Inu gained more than 500% at its peak. Though serious crypto investors would want to stay away from such investments, these coins can be highly lucrative over short periods, resulting in massive gains.įor instance, we saw how Dogecoin’s price shot up over 1,500% in 2021. They are used to hype up a community of developers and token holders within that community. These cryptos are inspired by internet memes and often start as jokes. Meme coins are often used to publicize and popularize a particular blockchain or network. Meme coins don’t have a lot of use cases, if any. Cryptos are down significantly today, but with such massive gains last year, investors will be likely to make the jump into the next meme coin. Additionally, meme coins experienced tremendous growth throughout the year from the activities of social media influencers and retail traders. Do your due diligence before you spend money on a volatile investment like crypto.2021 was a massive year for the crypto market. If the creators spend very little space talking about potential uses for the currency and their page has numerous references to Elon Musk and cute animals, then it’s likely a meme coin.Īlternatively, you can refer to the handy list on CoinMarketCap that tracks all meme coins. One good place to figure out whether something is a meme coin or not is through the project’s website. If a coin has anything related to “DOGE” or “SHIBA” in the name, it’s probably a meme coin. You should investigate any potential scams, which meme coins are rife with. How to Spot a Meme Coinīefore you buy any coin, you should make sure that you’re buying something legitimate. This includes the original files of some of the world’s most recognizable internet figures, such as Disaster Girl and Nyan Cat. While online arguments continue to happen regarding the legitimacy of NFTs, many people have taken advantage of the massive craze to sell iconic memes as NFTs. There are also non-fungible tokens, often called “ NFTs.” These are individual assets on the blockchain that can be bought and sold between users, such as art or images. Alternatively, scam coins can be a “rug pull” where developers take all the money and completely abandon a project. Once the value is sufficiently high, the early owners of the coin will “dump” to make a massive profit. Scam coins can take the form of multiple schemes, such as “pump and dump” schemes that call on people to buy a coin in massive numbers. Many meme coins are also “scam coins,” which are cryptocurrencies that exist entirely to enrich the creator. Furthermore, whereas many mainstream coins try to illustrate a use case, such as an alternative financial instrument or a method of exchange in a video game, meme coins tend to have no practical usage other than to be bought and sold. While some meme coins such as DOGE have seemed to outlast their expected lifespan, most meme coins come and go in a very short period, both deliberately and unintentionally. As a result, other meme coins such as Shiba Inu, Floki Inu, and Dogelon Mars have all seen significant. Elon Musk’s tweet triggered a recovery above 0.1 for the meme coin and investors flocked to similar assets to take advantage of the pump. One thing to note about meme coins is how ephemeral they tend to be. The meme coins were able to break out from the rest of the crypto market once Dogecoin began to rally. Even people within the crypto space debate about whether or not people should buy these coins. While this sometimes pans out, such as Shiba Inu (SHIBA) and Dogecoin, many of these meme coins go by the wayside. People often buy these on the assumption that they’ll grow in popularity and value. You might ask: why do people buy these coins? A lot of the value of a meme coin is speculative.
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