Still, their price can also slump unexpectedly when traders turn their attention to the next meme coin.Īnother characteristic of meme coins is that they often have a huge or unlimited supply. They are mainly community-driven and can gain popularity overnight due to online community endorsements and FOMO. Launched in 2013 as a parody, DOGE was inspired by the popular Doge meme of a Japanese Shiba Inu dog. The first meme coin created was Dogecoin (DOGE). Meme coins are cryptocurrencies inspired by memes or jokes on the Internet and social media. Its competitor, SHIB, has pumped more than 60,000,000% since January. As of November 2021, DOGE has gained over 8,000% since the beginning of the year and is ranking #9 by market capitalization on CoinMarketCap. The doggy duo Dogecoin (DOGE) and Shiba Inu (SHIB) led the meme coin pack and skyrocketed in price and market capitalization. Some say 2021 was the year of “dogs” for crypto. While it’s true that some traders became rich with meme coins, many lost money due to market volatility. This often brings a lot of hype but also FOMO and financial risk. Their prices are usually influenced by social media and online community sentiments. This is likely because meme coins are heavily community-driven tokens. They tend to be highly volatile compared to major cryptocurrencies like bitcoin (BTC) and ether (ETH). Meme coins are meme-inspired cryptocurrencies. As of November 2021, one of the most popular “breeds” is Dogecoin (DOGE) and its rival Shiba Inu (SHIB). In 2021, the meme coin market saw exponential growth, especially the dog-themed meme coins. Please seek professional advice before taking financial risks. Binance does not take responsibility for any of your investment decisions. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance has no relationship to these projects, and there is no endorsement for these projects. Disclaimer: This article is for educational purposes only.
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