MEME TOKEN OLIVER CAMPONOVO - In recent years, the rise of cryptocurrencies and blockchain technology has been inevitable. October 2021 was an exciting month for all cryptocurrency investors, as the price of bitcoin skyrocketed to $67,000, and Ethereum quickly followed suit. The most notable event, however, is another.
In recent years, the rise of cryptocurrency and blockchain technology has been unavoidable. October 2021 was an exciting month for all cryptocurrency investors, as the bitcoin price skyrocketed to US$67,000, and Ethereum quickly followed suit. The most notable event, however, was the Shiba rose, which stunned the entire cryptocurrency community. Shiba quickly overtook Dogecoin's ninth position in marketcap, and investors made every effort to keep the meme coin crown. As a result, meme coins have quietly dominated many significant cryptocurrencies.
Memecoins, also known as meme tokens (crypto assets that can purchase coins), are digital tokens inspired by popular sarcasm, social media puns, jokes, and memes. As a result, their concept is primarily derived from the internet. There are currently around 130 meme coins in the crypto market. Meme coins differ from traditional cryptocurrencies in that they are created without a specific goal or reason. Dogecoin was the first and most popular meme coin. It was created in 2013 as a parody, but it is now one of the most successful cryptocurrencies.
Even though their initial reputation was created as a joke, meme coins have done quite well in the cryptocurrency arena. People have already made a lot of money from these coins.
The only difference between a meme coin and a crypto coin is that meme coins do not currently have a utility like Bitcoin or Ethereum, designed to solve real-world problems. That being said, some meme coins are doing great things other than being memes, such as earning dividends. Dogecoin, for example, can be used on both a Mastercard-backed card and BitPay. It allows you to spend the coin wherever Mastercard is accepted, just like any other currency. There is a good chance that Tesla will accept Dogecoin as payment very soon!
Currently, predicting the future of meme coins, like all other cryptocurrencies, would be difficult.
At the moment, Dogecoin is the only original and largest meme coin. To understand its value, consider comparing it to Bitcoin, the first and original cryptocurrency and the most valuable at the moment. Dogecoin reached its peak in May 2021, with a value of $0.74 and a market cap of more than $35 billion. It is currently trading at $0.27. As a result, it is incomparable to other meme coins. SafeMoon is now worth $0.00000508 and has a market cap of $40 billion.
Shiba Inu is currently ranked third among the most popular cryptocurrencies, with Doge and Coinbase ranking 13th.
What's important to know here is whether Dogecoin users are selling out into Shiba. That could be a ruse to raise the price, and they may be able to repeat this trick in the future with a new token. So far, this remains an open question.
Memecoins are accessible to almost everyone, which means that as their value rises, so will their volume. Alternatively, as demand rises, so does the price. As a result, meme coin owners are well aware of how they can profit from them.
Memecoins have the potential to work in parallel with traditional cryptocurrencies, personally I do not see them replacing in any way traditional crypto coins! To be realistic, there is always the possibility that they will fail. On the other hand, if you invest a pound in these coins and skyrocket in value, you could become a millionaire. SafeMoon, Shiba Inu, Dogecoin, and other cryptocurrencies are good examples of this. In addition meme coins mey be the driver of the young generation into the blockchain world and a link between blockchain and metaverse!
In theory, meme coins can replace existing payment mechanisms such as Paypal and bank transfers, and a few shops already accept them. We are very likely to start paying our bills with Shiba Inu instead of dollars through PayPal soon.
Shiba Inu is a legitimate meme coin that is doing quite well in the market at writing. This coin's value increased by 60 million percent in 2020, reaching an all-time high, and it's dropped quite a bit since then. However, when compared to where it started, it has made significant progress.
Floki is another new and not-so-popular meme coin that is currently holding the grip, and it is now at 20.8 percent. Elon Musk's Shiba Inu inspired the coin.
However, keeping in mind that these coins are doing well right now does not mean that they will continue to do so. In this industry, anything can happen at any time. In any case, you must research before selecting or dropping any coin on any cryptocurrency.
Disclaimer: This is not a piece of investment advice. Do your research and eventually ask for advice from tax advisors and legal professionals in the function of where you live.
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Oliver Camponovo works as an analyst in the financial world and offers advice in both corporate controlling and risk management. He strongly appreciates block chain impact investment & blockchain.