The rise of meme coins in the crypto space was totally unprecedented. People have asked, why are these tokens so popular in 2021?
In 2021, the crypto space is experiencing something quite interesting. The market is getting flooded with memes. These memes tags are being turned into cryptocurrencies, and it seems like people are actually buying into them!
In this article, we’ll explain the rise of the meme token, tell you about some of the most popular cryptocurrencies of this kind, and give you the low down on where you can get your hands on them. Read on to find out more.
What Are Meme Tokens?
Meme coins are essentially cryptocurrencies that are inspired by jokes (i.e. memes) on the Internet and social media. The first, and most popular cryptocurrency of this kind is Dogecoin, which was created back in 2013. DOGE was created as a parody, however today it is a successful crypto.
Most of the time, these crypto options are considered a joke. However, many investors believe that they should not be treated that way. Many of these meme tokens have done fairly well in the cryptocurrency arena, and some people have made loads of money from them already.
The only difference between meme coins and “proper” crypto options like Bitcoin and Ethereum is that the latter was created to solve real-world problems and thus can be used in the real world. Meme coins, on the other hand, currently have no purpose or utility
The Rise Of The Meme Coin
In 2021, meme coins have skyrocketed, both in value and in variety. After the success of Dogecoin, and with the increasing acceptance of crypto in general, the market is booming with meme coins. Their popularity is largely linked to their connections with social media influencers and celebrities. Since these people are being paid to advertise the coins, the public interest in them is rising rapidly. However, many attribute the rise of meme coins to Elon Musk, who is an avid supporter of DOGE.
Popular Meme Tokens
Shiba Inu (SHIB)
There are many other cryptocurrency meme tokens that we have not explained here. These include Pepe Cash, Loser Coin, Memecoin, Forge Finance, and more.
How To Buy Meme Coins
What Are The Downsides Of A Meme Token?
- Many meme coins have no real purpose.
- Some meme coins have an unlimited supply, unlike cryptos like Bitcoin which are finite. This will have a considerable effect on their long-term value.
- Since many of these tokens are “jokes”, they have a tendency to be extremely volatile.
- These coins are launched quickly, which means there is a tendency that you may lose money in the long term.