A Complete Guide to Meme Coin Development – Meme Coins are $33 billion worth
Meme coin development: Cryptocurrency is becoming more prevalent globally as they are the future of money in the digital era. They provide efficient means of money transfer over the internet which is controlled by a decentralized network. Cryptocurrency is an alternative to fiat currencies which are controlled by the regulatory body.
Bitcoin (BTC) and Ethereum (ETH) are the most posts popular and widely used cryptocurrencies. New coins entered the crypto space to try their luck. One such cryptocurrency is MEME Coin.
MEME Coins – Precisely
MEME coins are cryptocurrencies, they initially started as a joke, but due to the interest of investors and market raise, the crypto coin meme gained popularity. They are hyped by the retail investors and influencers. At present, the total worth of the MEME coin is $33 billion.
The value of cryptocurrencies has raised ever since Elon Musk started tweeting about them. So, one of his tweets went viral by driving a craze about meme coins crypto that lead investors to start buying MEME coins.
Usually, MEMEs are created as a part of the entertainment on social media and jokes, they don’t hold any value and they are not often used. MEME coin was created as a part of entertainment and joke in 2013. Billy Markus and Jackson created the original MEME coin which is a Dogecoin. To defeat the bitcoin, they created the new cryptocurrency which hit over a million visitors to the dogecoin website within the launch of its first month.
Top MEME Coins
Software developers Jackson Plamer and Billy Markus have invented Dogecoin as a part of a joke. Since, Elon Musk tweet, the meme coins have become a serious proposition from 2019.
In the past few months, the value of the dog-themed cryptocurrency has continued to rise, reaching a market value of 9 billion U.S. dollars in January 2021. At present, Musk is working with the Doge developers to expand the platform. He is trying to optimize Dogecoin for payment for goods and services and reduce carbon footprint.
SHIBA INU (SHIB)
Shibu Inu was launched as experimentation in the decentralized and spontaneous community; in April 2021, and its value was quickly esteemed by more than 2,000,000%, reaching a record high in early May.
The token advanced from the attention given by Dogecoin, especially when last month when Elon Musk appeared on SNL, triggered the liquidation of DOGE because it referred to the coin as hustle. The total supply of SHIB is one quadrillion, it aims to allow users to own billions or even trillions of tokens. However, analysts warned that it must grow by about 12 million% to reach its magical dollar goal.
Dogecoin is known as an inflationary token model with an unlimited supply. SafeMoon aims to improve on the Dogecoin token model. Bitcoins are limited with a supply of 21 million coins. To solve this problem, SafeMoon uses a deflationary token model. This means that every time a Safemoon transaction happens, 5% will be burned, and the other 5% will be reallocated among the other token holders. Hence, the total supply of tokens should steadily decline, providing safe profits and the predictability of bubbles.
In June 2021 the market value was $2 billion, the token rose by more than 1500% and fell by 73%.
Other Popular MEME COINS
- MonaCoin (MONA)
- Hoge Finance (HOGE)
- CUMROCKET (CUMMIES)
- Dogelon Mars (ELON)
Other than Bitcoin, Meme coins are a type of digital asset with specific characteristics of Bitcoin. They can use smart contracts or other consensus mechanisms.
Cryptocurrency Vs MEME Coins
MEME coins are also a form of cryptocurrencies but they do not solve real-world problems. To earn instant profits meme coins are created.
Mainstream cryptocurrencies like Bitcoin and Ethereum are widely used and accepted by traders. They are specially used to solve real-world problems with digital currency in a decentralized way.
When it comes to utility, Bitcoin and Ethereum are far better and useful than the MEME coins.
MEME coins are purposely hyped by celebrities and businessmen by promoting them online. The prices were fueled instantly due to huge promotions. The coins have much scope to grow in the future but the instability of the coins may drag them down.
As MEME coins have no real-time utility, traders buy and sell the coins for a very short time to make instant profits. They don’t hold them for a long time due to the instability but for some more years MEME coins can have rapid growth holding a good market value.
History of MEME Coins
Meme crypto coins development is divided into three phases as follows:
- Meme coins were launched in the year 2013
- The ICO (initial coin offering) trend in the years 2017 and 2018
- The latest meme coin released in 2021 is mania.
How MEME Coin goes to Mainstream
In the first half of 2021, the digital world has witnessed a regeneration of meme coins. The rise began when Melvin Capital grabbed short-selling positions on the stock GameStop Inc to reflect their pessimistic view of the company. Under the leadership of retailers, members of the subreddit r/WallStreetBets are investing in GME to bet on Wall Street giants.
This led to the explosive growth of stocks and caused huge losses to short sellers. After that, subreddit r/SatoshiStreetBets decided to draw DOGE to replicate the surge in GME stock price.
Elon Musk’s repetitive tweets about DOGE also benefitted Dogecoin to enter into the mainstream of cryptocurrency. He made his first tweet on Dogecoin in 2019 after he was elected as a CEO by the Dogecoin community through a Twitter poll. Now, he is the former CRO of Dogecoin but still, he supported DOGE in Feb 2021. In May 2021, the SpaceX Founder restated his consideration of accepting DOGE for the Tesla electric vehicle sales.
Elon Musk’s endorsements of Dogecoin have created a wave. Dallas Mavericks, the owner of Mark Cuban also started accepting DOGE for ticket sales. The upsurge of Dogecoin led to the rise of several dog-themed meme coins like AKITA and SHIB. These cryptocurrencies became popular among the Chinese community where they were listed on the major crypto exchanges like OKEx, etc. Elon Musk tweeted out an image that seemed to demonstrate Tesla will clutch its bitcoin in the midst of a significant crypto crash.
Despite the hype in the market, DOGE meme coins are still volatile because market activities have severely affected their prices.
Meme Coin Development
There are two most popular and best meme crypto coins in the market. One is Doge imitator Shibu Inu (SHIB). It is an ERC-20 token built upon Ethereum, and the other is SaleMoon (SAFEMOON), it is a meme coin operated by Binance Smart Chain. Meme coin binance allows users to create meme coins and tokens on Binance smart chain. The meme coins are hyped by the crypto enthusiasts globally by making the 10th world’s largest cryptocurrency with a 1600 % rapid increase in price. Meme crypto coin development will surely hit the market very high.
It is time to create a meme coin platform to attract meme creators and crypto investors with a trending meme coin script in the crypto world.
Potential Downfall of Meme Coins
Although meme coins are almost inevitable in discussions about cryptography, many people attribute them to their low price barriers and the hype that brings new users into space, but they have not become mainstream.
The Securities and Exchange Commission of Thailand has banned the trading of meme token cryptos and other digital assets based on memes or fans. In the United States, the Director of the Securities and Exchange Commission Gary Gensler (Gary Gensler) has set stricter regulations for cryptocurrencies. Gensler spoke of highly volatile and speculative asset classes and emphasized that the value of such investments has increased significantly over the past five years.
Future of MEME Coins
Regulators and governments may be reluctant to accept digital assets, but this has not stopped the crypto community from breaking confidence in its potential. Though crypto coin meme was created as a part of jokes, later, it attracted the attention of mainstream media. Financial experts are paying close attention to the development of these tokens. Elon Musk is also promoting Dogecoin memes across social media platforms. Dogecoin has achieved many achievements, including fundraising for charity and other important purposes.
The Dogecoin community raised more than $36,000 for the Jamaican team by donating meme coins to participate in the 2014 Winter Olympics. As a result of the transaction, within 12 hours, the Dogecoin Bitcoin exchange rate rose by 50%.
Meme Coin Platform
Meme Coin Platform Development helps to pair memes with tokens. Most of the platforms are created using the customized meme coin script. We recommend to create meme coin platform to welcome meme creators to create NFTs. Some NFT platforms are allowing meme creators to create the best meme coins crypto in the marketplace.
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