Meme WHO? Meme Coins

There is one thing, which cannot be surpassed, that encourages people to react quickly and actively in addition to news of global significance and important events. Entertainment!

Naturally, this has also acquired ground in the crypto world. Have you ever considered that a coin can make you laugh regardless of its value, aside from the time when it falls and makes you cry?

That's how the joke-inspired cryptocurrency Meme Coins came to be. There isn't anything more delicious than that, right?

However, certain meme coins have seen massive price increases, multibillion-dollar market caps, and celebrity endorsements. Take a set now and enjoy your break with the story of meme coins.

In 2013, Jackson Palmer, a product manager at Adobe Inc.'s Sydney, Australia, office, developed Dogecoin as a method to mock the hype surrounding cryptocurrencies. He purchased the domain dogecoin.com after seeing encouragement and interest on social media. Dogecoin uses Litecoin's scrypt technology and is a Proof-of-Work (PoW) coin.

Dogecoin went mainstream in the summer of 2019 when its enthusiasts celebrated the crypto exchange Binance listed the coin, and many thought Tesla, Inc. (TSLA) CEO Elon Musk had endorsed the coin in a cryptic tweet.

Shiba Inus (SHIB), a cryptocurrency competitor to DOGE, is frequently referred to as the "Dogecoin killer." In August 2020, Ryoshi, an unidentified developer, produced it. The primary distinction between SHIB and DOGE is that SHIB has a limited supply of one quadrillion tokens, of which half were burned and given to charity. A decentralized exchange, an incubator for NFT art, NFTs, and an NFT game are additional components of the SHIB ecosystem.

In terms of popularity, the dog duo is closely followed by Dogelon Mars (ELON). ELON is named after Tesla CEO Elon Musk and his enthusiasm for his firm SpaceX, as the name suggests. Dogecoin fork ELON has a 557 trillion token supply that is currently in circulation. Since its introduction in April 2021, ELON has increased by almost 3,780% as of November 2021.

It is very difficult to define exactly why these meme coins had so much hype, but one thing is certain. The cryptocurrency industry expanded during the COVID-19 pandemic as regular investors sought to protect themselves from inflation. During the hype, meme coins also experienced a surge, increasing in both market capitalization and variety.