One of the most difficult parts of investing in cryptocurrency is determining the true value of a digital asset. Due to the fact that meme coins are starting to become popular in the crypto space and more and more meme coins are appearing in the crypto market, many investors are having a hard time figuring out which ones could be good investments with Hokk Coin Price
The value of meme coins remains in question among investors as these commodities have no real value and are highly speculative. The unlimited number of meme coins is also not in line with the Bitcoin proof of work consensus.
With those caveats in mind, what are the best liquidity provider meme coins to invest in? In this article, we will take a look at five major meme coins that have changed cryptocurrency trading. Ultimately, you will gain insight into the effectiveness of memecoins and evaluate market data to decide if it is really worth your time.
What are meme coins?
A meme coin is a type of cryptocurrency that has no intrinsic value and rarely offers any real value or utility. In most cases, these shit coins are devoted to internet memes – social media images that can be humorous in nature.
Meme coins differ from cryptocurrencies mainly because of their uselessness. Bitcoin and ether, for example, were created to solve the problems of centralizing the economy. Bitcoin (BTC) was created to help people send money transfers and as a currency accepted by merchants. Ether (ETH) is used to pay for transaction fees and computer services.
are usually promoted in the short term due to the latest influencer news and promotions. For example, Dogecoin
Dogecoin is a decentralized cryptocurrency with a very large community. The name “Doge” comes from internet memory…
(DOGE) was one of the buzzwords about cryptocurrency during the Bitcoin bull run of 2017, but soon lost its following after the BTC crash. However, he became famous after Elon Musk started tweeting about it. Since anyone can create cryptocurrencies, there are more meme coins than ever before, leading to the birth of coins such as Shiba Inu (SHIB), which operates on the Ethereum network, and MonaCoin (MONA), which is slowly becoming one of becomes the best. … cryptocurrencies.
According to CoinMarketCap , as of July 2021, the number of different memes has grown to more than 5000. Compared to other cryptocurrencies, in 2013, meme coins have grown from various digital currencies, almost equal to the number of tokens in the crypto space.
What makes meme coins famous?
Meme coins have become popular thanks to the support of influencers, celebrities and investors who want to increase the price soon. In general, meme tokens and meme coins are often seen as a joke spread on social media.
An example of this phenomenon occurred when Facebook CEO Mark Zuckerberg posted a photo with the caption “My Goats: Max and Bitcoin.” Once the post hit the network, the AquaGoat meme token rose nearly 300% in a few hours.
In a similar scenario
Elon Musk tweeted that he would be known as “Elongated” if a scandal broke out with him. Some time later, the ELONGATE token was launched and the developers claim to have donated $3 million of their profits. Additionally, Musk’s promotion of Dogecoin provided smooth movement for DOGE, climbing to its previous peak of $0.73. More recently, after Tesla’s CEO tweeted “Dogecoin is money,” the DOGE price bounced back from the consolidation price to $0.20 shortly after.
When investing in meme coins
the main goal is to short when the price rises because they have little intrinsic value and have no fundamentals. While meme coins are still notorious for pump-and-reset schemes, there are a few meme coins that are worth checking out.
Meme coins are indeed volatile and highly speculative, but there are still investors who refuse to sell. So which meme coins really deserve your attention?
Best meme coins by market cap
DOGE is the original meme coin, jokingly created in 2013, based on the internet meme “Doge” with the Shiba Inu dog logo. Two software developers, Billy Marcus and Jackson Palmer, have created this open source cryptocurrency from the Litecoin fork. He later caught the attention of investors after Tesla CEO Elon Musk posted several tweets on social media praising him.
Dogecoin uses Scrypt technology, which has a one minute block time with unlimited supply. So you can mine it anytime by joining a mining pool. The first use of Dogecoin was as a reward on Reddit and Twitter for creating and distributing quality. All in all, miners can mint nearly 5 billion coins annually.
Why has the price of Dogecoin increased?
As of July 28, there are over 130 billion DOGE in circulation with a market cap of approximately $25 billion. The first buying pressure on this coin formed as soon as Musk started supporting it through memes – and adoption in the SpaceX project. DOGE is currently trading at $0.20.
What is the future of Dogecoin?
In addition, there are no significant crypto projects that have used it. As a result, the price has already entered the bubble zone and further price increases depend on how investors accept this coin.
Shiba Inu (SHIB)
There was a time when a dog – Shiba Inu – inspired millions of investors to invest in the SHIB project. According to the Shiba Inu website , it is the Dogecoin killer listed on the Shibaswap decentralized exchange. The native Shiba Inu coin is SHIB, an ERC-20 token used in the crypto ecosystem.