Meme coins are in the mainstream market to earn quick profits. Leading meme coins are Doge, Shiba Inu, and Floki, also known as canine-themed crypto coins.
They boost trade and attract more investors into the crypto market as they churn out high profits.
Meme Coins Dogecoin, Shiba Inu and Floki
Meme coins were created as a joke just like a meme and not considered seriously. But, currently, these meme coins are gaining value due to their high popularity. Dogecoin and Shiba Inu are leading meme coins. Presently, there are more than 129 meme coins, says CoinMarketCap.
Dogecoin was the first to gain recognition in the crypto world in 2013. It gained popularity as a Doge meme. It saw a sharp increase in value and popularity. It was a meme coin designed to poke fun at other cryptos like Bitcoin and Ethereum. It became popular among Elon Musk and Reddit users. It shot up from $0.0595 to $0.6875 between April 10 and May 10, 2021.
Musk has millions of followers who follow these meme coins. His tweet, “Dogecoin is money”, “Doge like a champ”, and placing Doge in his Twitter profile picture were some ways of propagating Doge fame. The tweets sent Doge prices soaring every time.
Shiba Inu is a mem coin that has high liquidity, launched in 2020. SHIB soared from $0.00002752 on October 22 to $0.00008715 on October 27, a gain of 216% within a week. It was created to compete against the popular Dogecoin and currently passes Dogecoin as a digital token. It got listed on ZebPay in October for the purpose of investing and trading. The Japanese breed Shiba Inu dog is also a hunting dog.
Dogecoin and Shiba Inu got inspiration from the Shibu Inu dog breed. They have a place among the top ten cryptocurrencies by market value. Meme coins gain popularity from the growth of their community, which updates their performance, creating more awareness to their users. Elon Musk, the CEO of Tesla, often tweets about Dogecoin. His posts on his Shiba Inu puppy gained popularity for the crypto.
Floki Inu, launched in July 2021, is a young coin available on the Ethereum blockchain. Both Flocki and Shiba Inu have the same logo, the Shina Inu pup. Floki Inu was an inspiration by the dog named Floki, owned by Elon Musk.
HuskyX is the latest crypto to zoom to high prices within 24 hours. On November 14, it was trading at $0. Within a week it is trading at $0.000009.
Floki is the next meme coin that attracted investor attention. Elon Musk’s tweet with his Shiba Inu pup’s picture got immediate attention on social media. Floki surged 60% within 24 hours.
Experts Warn as Meme Coins Gather Momentum
Experts say that it is a dangerous bubble when meme coins gather momentum.
The crypto market is very volatile and keeps fluctuating.
Central banks show concern over the cryptocurrency market, but it has invaded the economy and is here to stay. The crypto market needs new regulations to prevent illegal usage and scam, say experts. Central banks have to frame rules to regulate the crypto market.
Meme coins attract users by their quick profits. They fade away easily, and investors may lose money immediately. Meme coins have become famous from tweets from famous personalities like Elon Musk.
Leading Cryptocurrencies Add to the Crypto Frenzy
Bitcoin is the world’s largest cryptocurrency in market capitalization. It is also known as digital gold. It gained almost 113% in 2021 and hit an all-time high at $67,000 in October 2021.
Ethereum, the second-largest crypto, has a market cap of $470 billion. It rose almost 450% in 2021, surging to $4,822 in November.
Solana went up 12,000% this year, soaring to $259 last week. It is the fourth-largest cryptocurrency.
Top cryptocurrencies like Bitcoin and Ethereum follow a specific technology in the crypto world and are more reliable, say analysts. However, their high prices put off investors with low investments. The crypto market attracts new investors who are millennials and high-net-worth individuals. The cryptocurrency market has grown in value to more than $3 trillion.
New Crypto Investors
New investors should research the founders of the new crypto and follow the social communities to follow remarks from fellow investors. Once assured of the crypto, investors can put money into smaller coins that have low prices. It will ensure that they are not fraudsters.
Investors must not depend on the meme coins for long-term investments, say experts. They are speculative coins that are susceptible to large price swings. Crypto like the Squid crypto eroded investors off their money by fluctuating violently within 24 hours.
Experts caution investors about their investments in meme coins. Invest only what you can afford to lose is the general caution to crypto investors. Altcoins lack the utility and value of larger crypto like Bitcoin and Ethereum. Dogecoin has no purpose or investment logic, and investors just jump blindly into every price increase. Newly introduced meme coins have low price values, which attracts investors.
Scams and volatility rock the crypto market, and users have to be careful about their investments.