Meme coins are cryptocurrencies inspired by themes and pop culture. While the earliest meme coins started in the early 2010s, they gained significant popularity during the pandemic.
Meme Coin Investment: Worth the Hype?
Many invest in meme coins for two reasons: to join in on the hype and its low cost of entry. Investors are always looking for the next trend and their value increases because of the community’s support.
The thing about meme coins, however, is their intrinsic volatility. Since they’re based on hype and influencer promotion, they could lose value instantly if the hype dies or there is a negative response to celebrity promoters. However, if the meme coin can establish projects beyond the initial boost, it could stay relevant longer.
Placing some funds towards these meme tokens is acceptable as a crypto investor. But it’s recommended to complement these with significant investments in stable projects like ETHi.
Here are some of the most popular meme coins of this year.
Shiba Inu
SHIB was introduced in August 2020, operating on the Ethereum blockchain to rival the popular Dogecoin. Using a proof-of-stake algorithm, SHIB chooses validators on the number of tokens they own over computing power.
SHIB is regulated by anonymous individuals known as “Ryoshi,” which maintains order in this decentralized community. With speculative trading, it is a highly volatile coin with a cheap value that you can buy a lot of SHIB tokens for a dollar.
BoneShiba Swap
BONE tokens are under Binance Smart Chain, launched in May 2021 as an automated market maker and decentralized exchange. The BonesShiba ecosystem has a range of decentralized finance applications like staking, liquidity provision, and yield farming, to name a few.
BoneSwap has a big part in governing its ecosystem in deciding the addition of new tokens and trade fees. BONE value is traded at $1.61 per token, on the expensive side of meme coins, with a total capitalization of $370 million.
Pepe Coin
Jumping into action is Pepe coins inspired by the famous “Pepe the Frog” meme. Powered by Ethereum, its current trading is $0.000001216 and shows a bullish market trend this year. Though it is a high-risk investment, Pepe Coin’s popularity entices many investors.
Pepe Coin is now one of the market’s most popular coins, with over 420 trillion in circulation and capitalization nearing half a billion dollars this year.
Floki Meme Coin
Another coin revolving in the dog theme is Floki Inu, inspired by business magnate Elon Musk’s pet dog; it has an established community referring to themselves as “Floki Vikings.” Floki, at present, is traded at $0.00002202 with activities like yield farming, swapping, and staking their community thrives.
These features created a metaverse named “Valhalla,” where games and players can generate FLOKI tokens and create avatars.
Dogecoin
Launched in 2013, it is one of the earliest meme coins as a homage to the popular Shiba Inu dog meme. It has no limit in supplies and uses the proof-of-work consensus algorithm. This proof-of-work algorithm means to earn Dogecoins requires solving mathematical problems to confirm transactions.
Many miners use computational power to solve these problems and earn coins. It regained popularity in early 2021 due to celebrity endorsements. Currently, Dogecoins is trading at $0.07469 in the market.
Should You Dive Into Meme Coins?
Meme coins are a form of entertainment with their community and features. These coins can are highly decentralized and volatile; however, they are relatively cheap to purchase. As a fad, investing in meme coins is a gamble to generate profit, and many are there for the hype and the fear of missing out rather than gaining profit.
Choose a crypto coin with an excellent finance base if you want a profitable investment, like the ETHi Token. One of the most reliable stablecoins in the crypto market, it’s deeply rooted in US rent-to-own real estate. ETHi is not just a fad – it’s here to stay. Buy ETHI now!
