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Author: Admin | 2025-04-28
Meme Coins — Viable Investment Or A Form Of Gambling?It’s been a few years since I wrote daily crypto news articles. I’ve kept abreast of the industry, and there are a lot of similarities between crypto 2024 and crypto 2019.Bitcoin is still the one to rule them all. Regulation remains an important topic. It’s still virtually impossible to spend cryptocurrency outside the U.S. Mt. Gox creditors are still waiting on their money and Warren Buffett still hates Bitcoin.But a lot has changed, too. Sadly, there’s no John McAfee, who used to virtually write his own headlines. There are proper Bitcoin spot ETFs, which have attracted considerable sums from major investors. Crypto casinos are commonplace, thanks partially to Dogecoin, which used to be a joke but is now one of the 10 largest cryptos. And then there is the recent rise of meme coins, many of which are built on the Solana platform: the world’s 5th largest cryptocurrency that didn’t publicly exist 5 years ago.What Are Meme Coins?Of the changes, meme coins have really caught my attention lately. And, looking at the market for these unusual cryptocurrencies, I’m not the only one whose interest has been piqued.Meme coins are cryptocurrencies that typically have no utility. They are based on popular memes or online jokes and their only use is for trading. Their popularity is based primarily on the popularity of the meme itself, but also on the community of people that buy into the meme. The aim is to have them go viral to push up their price.Some of these cryptos, like Dogecoin, have seen some limited uses since their launch. Dogecoin, specifically, has become popular with crypto casinos. And you can spend it on the Tesla website, although you can’t buy a car with it just yet.VolatilityIf the currency does go viral, the community buys more of the coins which pumps the price up. When its popularity dwindles, its price can drop as quickly as it rose.Get in before the rise, and out before the drop, and it is possible to make very good money because the low prices of these coins mean it isn’t uncommon for them to increase 1,000% or more in a short time. Buy and sell at the wrong time, though, and it’s possible to lose pretty much everything.Floki’s Price Has Increased 1,000% in 3 monthsPopular Meme CoinsI’ve mentioned Dogecoin a lot. It was the first meme coin and remains the most popular today. But, it isn’t alone. There are currently 8 meme coins that feature in CoinMarketCap’s list of the top 100 cryptocurrencies, ranked by market capitalization.Coins use their own independent blockchain, whereas tokens operate on an existing blockchain. Dogecoin is a meme coin because it has its own network, although it was initially based on the Litecoin network. Shiba Inu, the second largest meme currency, is a meme token because it uses the Ethereum network. However, the terms coin and token are used interchangeably for the most part.I’ll publish a piece looking at some
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