What Are Meme Coins? Are They Worth Investing In?

how to buy meme coins

Jon is a senior writer at CoinCodex, specializing in blockchain and traditional finance. With a background in Economics, he offers in-depth analysis and insights into cryptocurrency trends and the evolving financial landscape. Jon’s articles provide clarity on complex topics, making him a valuable resource for both crypto enthusiasts and finance professionals. One of the biggest reasons behind Dogecoin’s popularity is that this meme cryptocurrency has been publicly embraced by billionaire entrepreneur Elon Musk.

  1. With its innovative approach and strong community engagement, Base Dawgz has the potential to make a splash in the ever-evolving world of cryptocurrency.
  2. At the time of writing, MEW occupies the third spot among the largest Solana coins and tokens in terms of market cap.
  3. If you find distinguishing between meme coins, scams, and cryptocurrency confusing, you’re not alone.
  4. The extreme volatility of meme coins can lead to astronomical gains and losses.
  5. AMC, ExpressVPN, Tesla, and Twitch accept meme coins like Dogecoin and Shiba Inu.

Determining the legitimacy of a meme coin requires careful evaluation and due diligence — what the crypto space calls DYOR, short for ‘do your own research’. While meme coins can be highly speculative, there are several key factors and steps traders can take to assess whether a meme coin is legitimate or potentially fraudulent. However, while meme coins can be risky, they are not inherently unsafe if approached with the right mindset and risk management strategies.

Although WIF has seen a price correction from its all-time high, it’s still seeing relatively strong trading activity. Meme coin prices are often driven by pop culture, and the Dogecoin community has made headlines on several occasions for its charity initiatives. On the Dogecoin website, it claims that its unofficial tagline is Do Only Good Everyday (an acronym for DOGE). In 2014, the online community raised $25,000 to send the Jamaican bobsled team to the Olympics. The same year, community members raised $30,000 and used it to provide access to clean drinking water in Kenya through a program called Doge4Water.

The story was picked up by mainstream media outlets, helping to gain further investors and influence. Keeping these things in mind and performing research (DYOR) on any coin of interest will help to minimise unnecessary risks. In the Crypto.com App, users can conveniently buy over 250 coins using Apple Pay, Google Pay, a credit/debit card, or one of more than 20 accepted fiat currencies. To steer clear of pump and dump schemes, be wary of sudden, unexplained price surges and perform research rather than relying on hype or tips from unknown sources. Before engaging in active trading, it’s essential to equip yourself with a comprehensive set of analysis tools. Each tool serves a unique purpose, contributing to your overall trading strategy.

how to buy meme coins

Mog Coin – A “culture coin” with a devoted social media following

Some meme coins offer utility or are now part of wider decentralised finance (DeFi) ecosystems. For example, Bone ShibaSwap (BONE) is the governance token of ShibaSwap, a decentralised exchange (DEX). Ultimately, the decision to invest in meme coins depends on your personal financial goals and risk tolerance. Investing in meme coins may be an option if you’re willing to tolerate significant losses for potential gains. Earlier this year, Coinbase released the Base layer-2 solution, a protocol that works off the Ethereum chain to provide a more scalable way to interact with crypto and Coinbase’s products. Upon launch, layer-2 became a place for new meme coins to launch and attract attention.

Best Crypto Wallets of 2024

Keeping on top of cryptocurrency trends requires an understanding of how meme coins work and how they’re changing. The crypto market is known to be volatile already, and meme coins are the most prone to drastic swings in price of all options. However, great risk can always mean great reward and some have become “Dogecoin millionaires” after the shift in price from around $0.0004 in 2013 to nearly $0.75 in 2021. This has led many to try their hand at creating their own meme currency, which is why we are now seeing a dizzying amount of new coins. Unlike is it too late to invest in bitcoin 2021 many meme coins, Shiba Inu does place a limit on how many cryptocurrency tokens can be minted — but that limit is high. The extremely high number of SHIB coins in circulation keeps its price point low, and high transaction volume makes its value extremely volatile.

Wen – A Solana-based meme token representing crypto culture

Because of this, its prices are highly prone to inflation risk, and extremely volatile. Software engineers Billy Markus and Jackson Palmer created Dogecoin, which was released in 2013. Dogecoin was originally created as a joke, aiming to poke fun at Bitcoin enthusiasts. The creators of Dogecoin used a popular meme of a dog (purposely misspelled “Doge”) as the logo for their how to buy polkastarter cryptocurrency. While these characteristics suggest that meme coins offer some underlying utility or value, the truth is that nearly all of them lack anything like fundamental value or unique use cases.

💎Setting Up a Solana Wallet

Shiba Inu is the only other meme coin with a market cap of over a billion dollars and is currently ranked as the 12th largest cryptocurrency by market cap, which is a little over $6 billion. Meme coins, inspired by internet memes, experienced significant popularity during the 2020 and 2021 crypto boom, attracting both supporters and critics. While some view them as jokes that undermine the cryptocurrency market, others see their role in engaging new users and creating community. As of 2024, meme coins continue to thrive by leveraging viral trends, highlighting their dual nature as both entertainment and a legitimate part of the crypto landscape.

If you find distinguishing between meme coins, scams, and cryptocurrency confusing, you’re not alone. It can help compare an actual white paper (like Ethereum’s) to a meme coin’s (like Bonk Coin). Find the project’s development pages (such as on GitHub), and read some of the discussions. Also, read over any social media postings—like Reddit or X—there will be people and groups discussing the coins you’re looking at.

Although Wen is primarily positioned as a meme token or “culture token,” it does have some minor utility. WEN tokens represent a share of a poem created by “meow,” which was packaged into a fractional NFT. how to mine cryptocurrencies on your android smartphone Wen is a meme token on the Solana blockchain that was distributed to various participants in the Solana ecosystem.

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