What is a Meme Coin?
Where do Meme Coins come from?
What are the famous Meme Coins?
But what are Meme Coins used for?
What are the Benefits of Meme Coins?
What are the Disadvantages of Meme Coins?
How to Buy Meme Coins?
Whate Meme Coins are on Cryptal?
Now you are an Expert in Meme Coins!
English Text on the left side of the visual with various Meme Coin logos on the right side 1000x300
2024-03-22clock7 minutes

What is a Meme Coin?

A cryptocurrency designed for trading that is based on a well-known meme is known as a meme coin. The most well-known example is Dogecoin, but Pepe has also been gaining popularity lately. But there are a ton of different meme coins out there.

A meme coin is essentially a cryptocurrency asset that has its origins in a meme. Since the connection between a coin and a meme is commonly known, determining if a coin is a meme coin is usually easy. Fans regularly talk about how it could see enormous price increases and frequently say they think it will "go to the moon."

There's probably going to be at least one meme currency associated with a meme that becomes viral. Some meme coins are surprisingly more valuable on the market than real businesses.

Where do Meme Coins come from?

Meme coins gained significant attention with the launch of Dogecoin in 2013. Following a brief period of relative quiet, other meme coins began capitalizing on Doge's success. However, it was in 2021 when Dogecoin experienced an explosive surge in value that the meme coin market truly went into overdrive, resulting in the creation of millions of new coins.

While meme coins initially emerged for amusement, their popularity has attracted serious investors to the space. Similar to more traditional cryptocurrencies like Bitcoin and Ethereum, meme coins include both prominent contenders and countless others that often fade into obscurity. This reflects the volatile and unpredictable nature of the crypto landscape.

What are the famous Meme Coins?

  • Dogwifhat (WIF) is a meme coin inspired by a popular internet meme featuring a Shiba Inu dog wearing a pink-knitted hat. Operating on the Solana (SOL) blockchain, the project's founders remain anonymous, drawing inspiration from the success of Dogecoin (DOGE), the pioneering meme coin.
  • Dogecoin (DOGE) stands as the quintessential meme coin, boasting a market capitalization exceeding $22 billion. Endorsed by influential figures like Elon Musk and Snoop Dogg, Dogecoin continues to experience substantial trading volumes since its inception in 2013 by Billy Marcus and Jackson Palmer.

  • Shiba Inu (SHIB) targets traders who missed the Dogecoin frenzy, commanding a market cap of approximately half of Dogecoin's, yet still surpassing $15 billion. Despite having a larger supply of coins, Shiba Inu's trading patterns closely resemble those of Dogecoin.

  • Pepe (PEPE) entered the meme coin arena in 2023, swiftly gaining popularity and attracting crypto enthusiasts aiming to capitalize on its upward trajectory. With anonymous developers, Pepe's rise has been remarkable, potentially leading to substantial gains for investors.

  • Floki (FLOKI) distinguishes itself as not just a cryptocurrency but also as the utility token of the Floki Ecosystem, named after Elon Musk's pet Shiba. Beyond its cryptocurrency function, Floki serves a philanthropic purpose, supporting Kimbal Musk's Million Gardens Movement, and contributing to the creation of gardens.

  • Bone (BONE) serves as the governance token for the decentralized exchange ShibaSwap. Functioning like voting shares, governance tokens enable users to participate in decision-making processes and submit proposals within the ShibaSwap ecosystem, which undergoes comprehensive audits for security and reliability.

But what are Meme Coins used for?

Meme coins, often associated with cryptocurrency, typically serve various purposes within their respective communities. Here are some common uses:

  1. Speculative Investment: Many people buy meme coins with the hope that their value will increase over time, allowing them to profit from price appreciation.
  2. Community Engagement: Meme coins often foster strong online communities where members discuss trends, news, and developments related to the coin, creating a sense of belonging and camaraderie.
  3. Meme Culture Promotion: Meme coins often incorporate elements of internet culture, humor, or popular memes into their branding and marketing, contributing to the proliferation and spread of memes.
  4. Fundraising: Some meme coins are used to raise funds for charitable causes or community initiatives through donations or token burns.
  5. Utility within Ecosystems: Some meme coins offer specific utilities within their ecosystems, such as governance rights, access to special features, or participation in decentralized applications (dApps).

What are the Benefits of Meme Coins?

Meme Coins have many benefits if you don’t know. Some of them are:

  • High Volatility and Potential for Profit

Meme coins are often characterized by high volatility, which can present opportunities for traders to profit from short-term price fluctuations. The best example of this is the new Meme Coin Dogwifhat. The meme coin centered around a dog adorned with a pink beanie has surged in popularity amid the current crypto bull cycle, achieving a remarkable $2.6 billion market capitalization.

Enthusiasts of Dogwifhat (WIF) demonstrated their fervor by raising an impressive $690,000 in a mere four days, aiming to showcase the token's mascot on the Sphere in Las Vegas. This significant fundraising effort underscores the passionate community behind Dogwifhat and its growing influence within the crypto space.

While this volatility carries risks, it also offers the potential for significant returns on investment for those who are able to accurately predict market movements and time their trades effectively.

  • Accessible Entry into Cryptocurrency

Meme coins often have lower barriers to entry compared to traditional cryptocurrencies, making them more accessible to new investors or those with limited financial resources. Due to their lower prices and widespread availability on popular trading platforms, meme coins allow individuals to participate in the cryptocurrency market without significant upfront investment.

What are the Disadvantages of Meme Coins?

  • High Risk of Investment

Meme coins are often highly speculative and can be subject to extreme price volatility, leading to significant losses for investors. Volatility is inherent in the crypto market, and meme coins are no exception. Day-to-day price fluctuations are commonplace, requiring strong nerves for those who choose to buy and "HODL" (hold onto their assets). Historically, meme coins often experience dramatic price surges followed by significant declines, leading to prolonged periods of stagnant trading.

As a result, meme coins are typically viewed as speculative investments rather than stable long-term assets. Their unpredictable nature makes it challenging to assess their viability as solid long-term investments, and investors should exercise caution and conduct thorough research before committing funds to meme coins.

  • Security Concerns

Many meme coins operate in relatively unregulated environments, leaving investors vulnerable to fraudulent schemes, scams, and security breaches. Without proper oversight or regulatory protections, investors may face challenges in recovering their funds in the event of malfeasance or technical issues such as hacks or vulnerabilities in smart contracts.

How to Buy Meme Coins?

You'll need to use cryptocurrency exchanges like Cryptal, Coinmania, Mycoins, and others if you want to easily buy cryptocurrencies from the comfort of your home.

An exchange for cryptocurrencies serves as a digital marketplace where people looking to purchase or sell cryptocurrencies can deal with each other. Users can easily engage in smooth transactions by using these exchanges, which offer a secure environment for trading cryptocurrencies for traditional fiat currencies like GEL or vice versa.

To buy certain meme coins, you'll need a specific cryptocurrency wallet. Every coin or token needs its own wallet, much like GEL has a corresponding GEL account and the US dollar has a Dollar account.

For instance, a wallet for Bitcoin is only meant to hold Bitcoin, a wallet for Litecoin is meant to hold Litecoin, and so forth. To ensure the security and integrity of your digital assets, you must utilize the right wallet for the particular cryptocurrency you plan to keep.

Cryptal stands out as the premier choice for acquiring and safeguarding meme coins in the market, primarily because of its low fees and straightforward procedures for obtaining cryptocurrencies. Below, we'll explore the diverse methods available for purchasing crypto through Cryptal.

  • Convert – allows you to swiftly and instantly Buy Crypto without any experience. You just need to do a few clicks and that’s all, you got your desired Meme Coin in the wallet.

    It is Easy to use, so it’s ideal for Beginners. It’s very Fast and you won’t have to wait for your transaction, so it’s the best option if it’s your first time buying Crypto.

    - Enter Cryptal
    - Click on Buy Crypto
    - Choose the desired Meme Coin and TOUSD
    - Indicate the amount of Crypto
    - Click Buy

  • Spot Trading – is the main purpose of Crypto Exchange. Here you will be interacting with other Traders just like you who want to Buy & Sell their Meme Coins.

    You enter the Spot Market, place an Order that you want to acquire DOGE for instance, indicate the amount of crypto you are willing to buy and add at what price you are ready to execute this Order.

    Plus, there are two options:
    a. Market Order – This function automatically gives you the best available price on the market at the moment.
    b. Limit Order – Gives you flexibility to manually set the maximum and minimum price limits for Cryptocurrency that you are willing to pay or sell.

    While Spot Trading is the most profitable way to buy Crypto at the best available price, it might not be for Beginners.

If you don’t know how to top-up balance on Cryptal to Buy Crypto, read our step-by-step guide Blog.

Whate Meme Coins are on Cryptal?

On Cryptal, you can Buy many popular cryptocurrencies and Meme Coins: Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB).

For the full list you can check out the link.

Now you are an Expert in Meme Coins!

The evolution of meme coins from whimsical beginnings to valuable assets for crypto traders highlights their growing significance in the crypto space. Coins such as Dogecoin, Shiba Inu, and others are making waves globally, offering numerous applications. However, their primary allure lies in the potential for high investment returns.

For those seeking to acquire meme coins, Cryptal provides a seamless and user-friendly platform. With Cryptal, purchasing meme coins is easily accessible, allowing traders to capitalize on the lucrative opportunities presented by these innovative digital assets.