MEME COINS
Some claim that 2021 was "dogs" year for cryptocurrency. Dogecoin (DOGE) and Shiba Inu (SHIB), two canine cryptocurrencies, took the lead among meme coins and saw their prices and market value soar. As of November 2021, DOGE has increased by nearly 8,000% from the start of the year and is ranked #9 on CoinMarketCap by market capitalization. Since January, SHIB, a rival company, has increased by more than 60,000,000%.
Meme coins are digital currencies that get their inspiration from Internet and social media jokes and memes. Dogecoin (DOGE) was the initial meme coin produced. A Japanese Shiba Inu dog meme known as Doge served as the basis for the 2013 parody DOGE.
Meme currencies frequently exhibit considerable volatility. They are primarily driven by the community and can become well-known over night as a result of FOMO and online community recommendations. However, when traders shift their focus to the next meme coin, their price may surprise drop.
Another characteristic of meme money is that their 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 $1 USD.
It is crucial to DYOR before investing in any meme coins since new meme coins are always being introduced to the market, and traders are looking to duplicate the profits made by DOGE and SHIB. Keep in mind that compared to other digital currencies, meme coins are more volatile. Cryptocurrency trading and investment carry a high level of risk. You should never invest money that you cannot afford to lose in meme currencies because they are mostly community-driven and may crash unexpectedly.