With the raging success of Bitcoin and Ether, the Crypto market is evolving with several innovations.
As we know, a major part of our lives revolves around the eccentricities of the digital world, especially social media. Meme coins are the perfect amalgamation of these unique social media trends and fintech.
In this article, we shall look into the top 5 meme coins and understand the concept of meme coins in detail.
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What Are Meme Coins?
In the Cryptocurrency market, meme coins are all the rage. With well-known public personalities supporting them for long-term sustainability, these Cryptocurrencies have captured the attention of the whole globe.
The meme coin is a Cryptocurrency inspired by a popular internet joke or image. Some of these currencies later became well-liked investment prospects, with online communities playing a significant role in their development.
Purchasing a meme coin is like questioning a roulette player at Foxwoods about their favorite game.
Meme coins use blockchain and other associated technologies, much like any other Cryptocurrency asset.
However, they often appear in blockchains like Ethereum and Solana that make use of smart contract technology. There are 200 meme currencies spread throughout both blockchains, according to the latest statistics.
What Are The Best Meme Coins?
Even if there are several possibilities, finding the finest meme coins to purchase might be a little challenging, especially if you are unfamiliar with the market.
Here are the top 5 meme coins to help you decide where to invest—
Dogecoin (DOGE)
Dogecoin is fundamentally the unintentional Cryptocurrency movement that can make people grin.
Additionally, it is an open-source, peer-to-peer Cryptocurrency that makes use of blockchain technology, a highly secure decentralized method of storing data as a public ledger that is maintained by a network of computers known as nodes.
While it appears to have been designed as a joke, Dogecoin’s blockchain has potential. The core technology is based on Litecoin. Dogecoin, which employs the ‘script’ algorithm, is notable for its affordable price and limitless supply.
Shiba Inu (SHIB)
The Shiba Inu meme coin (SHIB) is a decentralized Cryptocurrency that was created in August 2020.
This coin is named after the Shiba Inu dog breed, which is popular in meme culture. The coin’s logo is a stylized version of the Shiba Inu dog, and the coin’s website is full of dog-themed memes.
SHIB was created as a fork of the Ethereum blockchain and uses the Ethereum Virtual Machine (EVM) to run smart contracts.
It has a total supply of 1 quadrillion (1,000,000,000,000,000) coins, which is 10x the supply of Ethereum. The majority of the SHIB supply is locked up in a smart contract, which allows for airdrops and other giveaways.
Dogelon Mars (ELON)
Dogelon Mars is a MEME coin created in late 2020. It is based on the “Doge” meme, which features a Shiba Inu dog. The coin’s logo is a play on the popular “ELON” meme, which features a picture of Tesla CEO Elon Musk.
The ELON token was created as a joke, like all meme coins. However, some people have taken the coin seriously and are trying to use it as an actual currency.
The Dogelon Mars meme coin’s value is based on the demand for the coin, which is driven by the popularity of the “Doge” and “ELON” memes. As
Tamadoge (TAMA)
Tamadoge (TAMA), Tamaverse’s native Crypto & utility token, is at the top of our list of the best meme Cryptocurrency to purchase right now. This Cryptocurrency is another addition to the doge community, although it differs from other meme tokens such as Doge.
To begin, unlike Dogecoin, which gained popularity through social media support, Tamadoge is a multi-utility token that players may use to participate in a variety of play-to-earn (P2E) functions.
Safemoon (SAFEMOON)
Safemoon is a Cryptocurrency, which are digital currencies that only exist online and are intended to be used as a medium of exchange.
Like other famous Cryptocurrencies such as Bitcoin and Ethereum, it is based on the distributed ledger technology known as a blockchain.
This meme coin was built on the Binance Smart Chain blockchain and has a market valuation of around $88.4 million (as of July 7, 2022), compared to approximately $396 billion for Bitcoin.
Conclusion
When planning to invest in meme coins, remember that these Crypto tokens are extremely volatile in nature. Just like a social media meme, their popularity can rise and fall in no time.
If you are willing to follow trends and want to be a part of these communities, purchasing meme coins can be the coolest idea.
