Meme coins are digital currencies that developed from the Internet and social media jokes and memes. Dogecoin was the first meme currency produced (DOGE) when the Japanese Shiba Inu dog meme known as Doge served as the basis for the 2013 parody DOGE.
Meme currencies frequently exhibit considerable volatility. They can become well-known overnight as a result of FOMO and online community recommendations and are primarily driven by the community. However, when investors start looking at the next meme coin, their price may suddenly drop.
However, another characteristic of meme money is that its supply is either enormous or limitless. While DOGE has no maximum supply and over 100 billion tokens are already in circulation, Shiba Inu (SHIB) has a total quantity of 1 quadrillion tokens. Since meme tokens typically lack a coin-burning mechanism, their abundant supply accounts for their comparatively low values. Millions of meme tokens can be purchased for just USD 1.
The cutest and most stylish token of 2023 is Mookey’s mission: supporting global tree planting
A DAO vote determines the governance of MOOKY, a token held by the community. Holders of tokens are the platform’s owners. A DAO vote determines the governance of MOOKY, a token held by the community. Holders of tokens are the platform’s owners.
MOOKY’s pre-sale is currently undergoing. Be a market innovator for the Defi meme coin that is poised to take off and is controlled by the community.
MOOKY is the cutest and coolest meme token of 2023! We will help plant trees all around the world to enhance our environment and spark change.
There are no slippage requirements for purchasing or selling on Mooky because there is no tax. Low-tax tokens are the wisest option for the community. The liquidity will be constrained for two years. There are no team tokens, VC, or private sales.
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Owners of legendary and ultra-rare NFTs receive a particular benefit through the Ventures club. Take advantage of the products, bimonthly airdrops from our collaborative platforms, and passive income from our investment portfolio. All of it can be seen on a dashboard!
Reasons why Meme coins are so popular
While it’s difficult to pinpoint particular causes, some claim that the COVID-19 pandemic saw a rise in the cryptocurrency market as retail investors sought to protect themselves against inflation. During the euphoria, meme coins also experienced a surge, increasing in both market capitalization and variety.
It all began after the GameStop (GME) and AMC Entertainment (AMC) “meme stock” incidents in late 2020, in which the Reddit community drove up the prices of these shares by as much as 100 times in a short period. A Reddit user made light of the idea of inflating the price of DOGE to turn it into the cryptocurrency version of GME in January 2021. Elon Musk, the CEO of Tesla, also had an impact on the trend, which caused the DOGE price to increase.
In addition to the potential profits, each community’s sentiments are what fuel the meme coin fever. Meme coins, as previously said, are intended to be humorous and occasionally regarded as an “inside joke” for a group. They are inspired by well-known Internet memes. In that case, purchasing meme coins is a means to guide the associated community. Following the GME stock market controversy, meme coin traders were motivated by the SatoshiStreetBets Reddit group to wage war against the established cryptocurrencies. Community-driven meme coins were therefore abundant on the crypto market in 2021.
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