The digital currency fueled by humor and community—meme coins. Inspired by internet culture, these coins are becoming a major player in the market, and some people are turning into millionaires by tapping into this trend.
Meme coins are a new breed of cryptocurrency that has gained a massive following due to their ties to internet humor, social media trend and pop culture. Unlike traditional cryptocurrencies, meme coins often start as jokes or memes with little to no inherent utility. However, the power of their communities, paired with genius marketing on social media, has made these types of coins popular.
Recently, celebrities, influencers and even politicians have made their own meme coins.
Some notable people include Donald Trump, Caitlyn Jenner and Floyd Mayweather Jr.
When these coins are released to the public, it’s a frenzy to buy in as fast as possible. The goal is to get as many of the coins as possible at the lowest price. Although most of these celebrity coins will skyrocket in price, you should always be careful and don’t put more money in that you’re not willing to lose.
One unknown trader got into Trump’s coin very early. Putting an impressive $1,096,109 in at 18 cents a coin. Later sold at $75 a coin, the individual making a profit of 109 million dollars in just two days.
A meme coin that’s been on the scene for a while now is Dogecoin. Created in 2013, based off the internet sensation Shiba Inu dog meme. The coin hit its peak on May 5, 2021, gaining lots of popularity due to Elon Musk constantly tweeting about it.
There are different softwares and networks you can use to get into these crazy profitable coins, but overall it comes down to doing research and constantly checking the charts to see when new coins come out.
Trading memecoins can be very lucrative, but it’s also very risky if you don’t know what you’re doing. Remember to always do research on a coin before purchasing it, and never put more money in that you can’t afford to lose.
Will you be buying the next big meme coin?
Image courtesy of Wikimedia Commons.
