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A comic or meme cryptocurrency is usually a coin or token, the main idea of which is based on a currently popular certain Internet meme.
Most often, such crypto assets exist due to the support of the community, do not have significant activity of developers and rely on viral marketing. Often they are an outright pyramid.
Meme cryptocurrencies for the most part have the same properties as the memes at the heart of which they are created, that is, fleeting popularity.
Ridiculing or playing with some relevant topic, the meme gets momentary popularity. It is actively discussed on the network, people react to it, post it, repost it, actively promote it in social networks.
And so it goes on until there is a new topic and a new meme, which will be discussed as actively as the previous one. And the attention of the community will be riveted to a new meme, and then to an even newer one and so on.
Memes are like news. Their fame is relevant here and now. At the moment. No one wants yesterday’s news. It’s the same situation with memes.
Brightly appearing and actively offended, the next day, memes lose their significance and relevance, as something new and fresher appears. A new meme and a new popularity.
Memes carry neither new technologies nor any usefulness or significance. Nevertheless, memes are popular, as they allow you to make money on the growth of the popularity of the meme.
No other cryptocurrency gives such a rapid growth in price as memes. During the day, memes can increase in price by tens and even hundreds of times. Such growth was not close to dream of even the most progressive alcoin with breakthrough technology.
And tomorrow the meme will fall in price by the same tens or hundreds of times, sliding to zero and no one else will need it.
The https://coinmarketcap.com/gainers-losers/ in the section that lists the coins that have depreciated or lost the most in value, usually in the leading positions of the meme coin. After all, only they are able to show such a rapid growth and fall.
Thus, memes are mostly purely speculative assets. But after all, no one canceled trade and speculation. The main thing is to have time to buy and sell the right asset in time to earn money on it.
But here we need to pay special attention to liquidity. So that buying another meme at the peak of its maximum popularity and excitement, you will not end up with a useless coin with zero liquidity and trading volume.
On memes you can earn huge profits. Only here only a few earn on this. And what some earn, others lose. In order for some market participants to be able to increase their investments by tens or even hundreds of times, others must lose the same amount.
This is the market in which the laws of redistribution of funds work. And only those who know these laws well and can use them to their advantage earn money on it.
However, not all meme coins are momentary. There are centenarians. However, centenarians are very volatile, which is why they are actively used for speculation. But unlike short-term meme coins, centenarians have very high liquidity, which is why they are an excellent tool for various kinds of speculation and market manipulation.
DOGE
Created by programmers Billy Marcus and Jackson Palmer in 2013, Dogecoin is the first meme coin to be invented to poke fun at other altcoins that appeared to compete with Bitcoin.
The coin uses PoW mining to reach consensus in a network running on scrypt technology.
The release of DOGE is unlimited. The original 100 billion coins were mined in 2015 due to a block time of 1 minute, which allows miners to mint more than 10,000 new DOGE coins per minute. As a result, about 5 billion coins are mined annually.
The popularity of DOGE is due to the statements of Elon Musk, who has repeatedly stated that as a means of payment, DOGE is better than bitcoin, since the commissions on the network are lower, and payments are much faster.
Musk even began to use DOGE as a payment method in Space X, although this is more of a promotional move than the actual use of the coin. Nevertheless, such statements instantly raised the price of the coin in 2021. However, then it fell quite quickly.
The price of DOGE depends on its speculative use. The DOGE coin is fundamentally not used by any important crypto project.
And yes, almost all cryptocurrencies, with the exception of Ethereum, are faster and cheaper.e Bitcoin simply for the reason that they do not have a Bitcoin community.
Commissions in the Ethereum blockchain sometimes even exceed the size of the commissions of the Bitcoin blockchain precisely because of the active use of the Ethereum blockchain as a platform for hosting many decentralized applications and their tools.
SHIB
SHIB, commonly known as the Dogecoin killer, is an “experiment in decentralized spontaneous community building.” The team behind Shiba Inu is also trying to create a full suite of products, including a decentralized exchange, an ecosystem of multiple tokens, and a full-fledged community.
SHIB is an ERC-20 standard token that uses the Shiba Inu dog breed as its ticker.
Unlike DOGE, it is a deflationary coin that is constantly burned to control the total number of coins in circulation. Due to this, the demand for the coin increases.
The token has a limited supply of 1 quadrillion. 50% of this amount remains blocked as liquidity for Uniswap, and the remaining 50% belonged to Ethereum co-founder Vitalik Buterin.
In addition to SHIB, the Shiba Inu ecosystem also consists of LEASH and BONE tokens.
After the astronomical growth in the popularity of SHIB, the price of the token fell following the market. Nevertheless, the token has excellent liquidity and is actively used as a tool for speculation.
SafeMoon
Launched in March 2021 by John Caroney, SafeMoon is a DeFi token deployed in binance Smart Chain. The project is fully managed by its community and focuses on static reward functions and blocked liquidity.
A unique feature that SafeMoon incorporates into its protocol is that it reduces sales of SAFEMOON’s own tokens.
The total number of SAFEMOON is 1000 trillion, and almost all tokens are in circulation.
Structurally, the project resembles a Ponzi scheme, because traders must pay a 10% commission when selling their tokens, of which 5% is returned to token holders.
The platform attracted more than 2 million users in the first two months due to the explosive growth in the price of the token.
After the explosive growth, as expected, a fall followed.
There is no point in writing about other meme coins, as they have fallen even more and deeper. Nevertheless, their initial rapid growth attracted huge attention of the community and provided an opportunity to enrich a number of successful speculators. Now imagine how many people lost their funds.
#Meme #cryptocurrencies #hype #scam
