Meme currency is a digital currency inspired by meme. Compared with mainstream digital currencies such as BTC (BTC) and ETH, the price of memetics is volatile, which may be due to its extreme dependence on community promotion and the emotional impact of social networks and online forums. This usually leads to a lot of hype, at the same time, with the negative sentiment and financial risks of fear of missed opportunities (FOMO). Although a few traders make a lot of money based on memetics, it is common to lose money due to market fluctuations. So, is the meme currency worth investing? What are the popular memes? Next, let's have a look.
Is meme worth investing?
It is true that memetics will grow rapidly in 2021, but like all digital currencies, trading and investment in memetics also contain financial risks that cannot be ignored.
First of all, the token economics of memetics is worrying. Take BTC as an example. BTC has exclusive blockchain, detailed white paper, perfect ecosystem and deflation system. In recent years, more and more organizations have also widely used BTC. Compared with BTC, most memetics have no supply limit, so they are characterized by inflation. The ecosystem, use cases and fundamentals of meme coins usually depend on the group joke of the community, and only a few meme coins are carried by mainstream digital currency technology. For example, the technology of Dog Coin originates from LTC, while Chaigou Coin is built on the Ethereum blockchain.
Another potential risk is that the meme currency is highly driven by the community, which is more speculative than the high market value digital currency. Its volatility is unpredictable, which may cause unexpected soaring or falling. The life of a meme is generally short. The price has also soared thousands of times due to celebrity hype or fear of missed opportunities (FOMO), and will also collapse unexpectedly when the community decides to favor the new meme.
With the continuous growth of the meme currency market, we should be alert to various projects that use speculation to defraud traders. For example, when the Netflix drama Squid Game was released, the price of Squid meme currency of the same name soared by more than 86000% within a week. However, the development team ran away unexpectedly, causing the price to drop by 99%. To make matters worse, the holder cannot sell SQUID currency. Therefore, before trading or investing in memetics, you need to be very careful and do your own investigation.
What are the popular meme coins?
Doge coin (DOGE) is a point-to-point open source digital currency, which was established by the developers Billy Markus and Jackson Palmer and released in December 2013. It is called a counterfeit coin, and its symbol is the image of a Chaigou.
Dog coin is a branch of Lite coin to be operated on Scrypt. Like other digital currencies, it can be used as a store of value or as a loan currency by recognized providers. Mining dog coin is easier and faster than some of its competitors, which has become the advantage of dog coin trading.
Another characteristic of dog coin is its inflation characteristic. Although BTC has a hard limit on the number of coins issued (21 million), DOGE theoretically has an unlimited supply.
Because of the general appreciation and the bull market in 2021, the total market value of dog coin in May 2021 will exceed 80 billion dollars. The amount of dog currency in circulation exceeded 130 billion US dollars, and the total market value exceeded 9 billion US dollars.
2. Chaigou Coin (SHIB)
SHIB is a meme based digital currency, which was established by a secret person named Ryoshi in 2020. Inspired by the dog coin, it uses the Japanese Chaigou as its logo. It is a digital currency project based on a decentralized community, known as the "dog coin killer".
The ERC-20 currency sold by SHIB on the Ethereum chain was 1000 trillion pieces. When it was first released, Ryoshi locked 50% of the total supply in Uniswap to provide liquidity, and lost the private key. The team's loss of the private key represents the abandonment of management rights. The other 50% was sent to Vitalik Buterin, one of the co founders of Ethercoin, for him to deposit.
SHIB will be the first to trade on the decentralized exchange ShibaSwap as its encouraged digital currency in the future.
It should be noted that SHIB is not the only digital currency in ShibaInu Community. In addition to Chaigou coin, the team also released LEASH and BONE. LEASH was originally set as the basic currency linked to the price of dog coin, but this function has been canceled. It is a single ERC-20 currency and has been completely released, with a total flow of only 100000, which also provides unique rewards for those who provide liquidity.
3. Commodity dog coin
The commercial dog coin (BabyDoge) was released on June 1, 2021 and sold on the coin security intelligent chain (BSC). It not only has a deflationary destruction system, but also has a major feature that it will cooperate with the stray dog charity Pawswith Cause to help the current dogs find a good garden.
The commercial dog coin claims to be "the child of dog coin", and claims to be the "improvement" method of dog coin, because it will become more rare as time goes by, in order to improve the trading speed.
BabyDoge deducts 10% of the fee for each transaction and distributes half of the fee (5% of the initial transaction) to all current holders of Baby Dog Coin.
Dogelon Mars (ELON) is one of many cryptocurrencies with Doge as the theme released in 2021. It emulates other successful dog coins, such as dog coin, firewood dog coin, etc. His team described it as a fair universal currency for people, and boasted that it was an interplanetary loan currency used by space colonists.
The initial supply of the project is 1 trillion ELON currencies. The developer sent half of the cryptocurrencies to Vitalik Buterin, the founder of Ethereum, and copied the promotion gimmick of ShibaInu. Later, he donated about 43% of ELON currency to Methuselah Foundation, a charitable organization dedicated to increasing human life span. In May 2021, the Foundation promised that it would not sell any of these currencies for at least one year, and would increase the sustainable value of ELON.
Dogelon Mars positioned itself as a project aimed at eliminating damage caused by crypto fraudsters and encouraged the Doglon Mars community to donate ELON currency to victims of fraud. The community also united to call on Elon Musk to apply their projects.
Since its release, the development team of the project has been committed to improving the value of ELON currency, and they burned the currency they obtained when they put the funds into the project.
Tamadoge (TAMA) is one of the most anticipated encryption projects in the near future. It released a pre-sale version of detection on July 22, attracting a large number of customers to add it, and raised $504000 in a few days. This project has long been established as the next big meme currency, which is likely to become a real DOGE killer and completely change the meme currency.
Tamadoge aims to use the success of DOGE currency to attract new investors. In addition, it also has a special NFT shop as all in-game objects, pets, etc. This project revolves around the "earn while playing" formula, so that the most active players can obtain additional TAMA currency as a reward.
On the Tamadoge portal, users can browse the NFT avatar, obtain property from the reward pool, and even use the property of the TAMA exchange. Therefore, TAMA's use cases are closely related to its meta universe ecosystem, combining the popularity of money with the success of the platform.
Tamadoge plans to add more functions in the future, including TamadogeBattle application and complete augmented reality function, so that players can play with pets in AR. This plan has been comprehensively KYC on CoinSniper, and has also been approved by SolidProof.
BigEyes (BIG) is a new meme currency, which aims to transfer wealth from monopoly industry to decentralized financial (DeFi) ecosystem. It is one of the potential meme coin projects, aiming to change the cognition of meme coin.
BIG coins will be at the forefront of the development of BigEyes and allow customization and innovation in the ecosystem. Through BIG currency, BigEyes will release rapid and scalable blockchain services to global customers.
As a meme currency, BigEyes will combine hype and community energy with its utility to enhance the value of its currency when the situation becomes beneficial.
BIG is also committed to protecting the ocean, which is an important part of global ecology. This project contributes part of its proceeds to public welfare and charity and supports marine animals, making the ecosystem safer. In addition to donating 5% of the proceeds to charity organizations, this kind of digital currency also aims to completely change the meme currency.
BigEyes platform is a kind of reform method. It provides the ecosystem with visible charity wallet, dynamic tax system, top NFT collections and a community driven environment where users are very important for decision-making.
Speaking of this, I believe that we have a certain understanding of the value of meme currency is not worth investing, and what are the popular meme currencies. In general, Xiaobian also reminds investors that the currency circle market is volatile and unpredictable, and investment is accompanied by certain risks. You must have a comprehensive understanding before entering the market and not blindly follow the trend.