Since the birth of Bitcoin in 2009, cryptocurrencies have advanced significantly. Many cryptocurrencies have been introduced over time, each with distinct features and uses. But the popularity of meme coins has altered the game in ways that many never imagined. With the popularity and acceptance of meme coins like Dogecoin, Shiba Inu, and Safemoon, what began as an online joke has now materialized into reality.
The Development of Meme Currency
A new category of cryptocurrency called meme coins has just appeared. Its worth is primarily based on online hype and social media buzz, and they are frequently made as jokes or memes. Dogecoin, which was developed in 2013 by software developers Billy Markus and Jackson Palmer, is the most well-known meme coin. The “Doge” meme, which shows a Shiba Inu dog with illegible English captions, served as an inspiration for Dogecoin.
Initially, the cryptocurrency world did not take Dogecoin seriously because it was made as a joke. But, it caught on on social networking sites like Reddit and Twitter, and as a result, its worth increased dramatically. One of the most valuable cryptocurrencies in the world as of September 2021, Dogecoin had a market worth of nearly $28 billion.
Shiba Inu and Safemoon are two additional meme coins that have since appeared. Due to its resemblance to Dogecoin, Shiba Inu, which was developed in 2020, is frequently referred to as the “Dogecoin killer.” The coin Safemoon, on the other hand, was made in 2021 and has a special feature where a fee is charged for selling it, which is subsequently given back to current holders.
The Relation Between Shitcoins and Meme Coins
Though they are sometimes used synonymously, meme coins and shitcoins are distinct from one another. Shitcoins are any cryptocurrency with minimal to no value or application. They are frequently made without any actual originality or purpose, by people or organizations wanting to earn a quick buck. Because they are frequently linked to illegal activity like pump and dump operations, shitcoins might be risky investments.
On the other side, meme coins are frequently made as a joke or meme, but they do have a true purpose and worth. Shiba Inu features a decentralized exchange and other practical use cases, whereas Dogecoin has been used to send money to charity causes. Yet, given their volatility and lack of regulation, meme coins might still be a risky investment.
Meme Coins and the Original Cryptocurrencies
Meme coins and the original cryptocurrencies like Bitcoin and Ethereum are frequently contrasted. Although these cryptocurrencies serve very different purposes and have very varied values, they are all built using the same technology, known as blockchain. Blockchain is a decentralized ledger that securely and openly records transactions.
Meme coins and traditional cryptocurrencies differ mostly in their use cases and goals. Ethereum was developed to support decentralized apps and smart contracts while Bitcoin was developed as a peer-to-peer electronic payment system. On the other side, meme coins like Dogecoin and Shiba Inu are frequently used for amusement or as a way to support a cause.
Meme coins have garnered recognition and popularity among an increasing number of people and businesses in spite of their disparities. For instance, Elon Musk has advocated strongly for Dogecoin, and a number of businesses, like Slim Jim and Newegg, have begun to accept it as payment.
Closing Words
Memecoins despite having originated as jokes or memes, this new category of cryptocurrency known as meme coins has grown in acceptance and appeal. Although they don’t have the same practical applications and real-world applications as the more well-known cryptocurrencies, their surge in popularity cannot be disputed. Meme coins and shitcoins are frequently contrasted, yet the two have important differences. Social media, which has the ability to increase the value of assets through hype and buzz, is largely responsible for the success of meme coins.
