The Rise of the Meme Coins


Disclaimer: This article is not financial advice. 

Undoubtedly you’ve heard of cryptocurrencies such as Bitcoin by now. But what are the “meme coins” taking over the market, and are they just a momentary fad?

Meme coins have exploded in the crypto world. While much of the branding is comedic and often features a meme they are real virtual currencies and have proven to have extraordinary potential when backed by the community. Like most cryptocurrencies, many meme coins are decentralised, which means they aren’t controlled by a central authority (e.g. a government).

Here are some of the popular meme coins taking the market by storm:

Dogecoin: Possibly one of the best-known cryptocurrencies, based on the Shiba Inu dog breed and originally created as a joke in 2013.  The coin’s value has increased over 100,000.00% since it first launched. Following Elon Musk’s vocal support, the coin has massively increased in value and has funded a SpaceX mission to the moon next year.

Elongate: Given Elon Musk’s prominent influence in the cryptocurrency market, it is unsurprising that he has inspired many meme coins. Following a tweet on the 25th March where Elon Musk jokingly asked for a scandal about him to be called ‘Elongate’, the cryptocurrency was born. It has already raised £2 million for charities supporting a range of issues, including COVID-19 relief in India.

Pube finance: Despite only launching in May, $PUBE has already established itself within the market, being promoted by popular meme pages such as Pubity and famous faces such as Lil XAN. Moreover, $PUBE also serves as a charity coin, having already donated to testicular cancer and helping the homeless. With such a fast-growing army of supporters, the creators seem confident that $PUBE will beat Dogecoin in the race to the moon. Watch this space…

Meme coins tend to be fairly cheap at less than a pound per coin, which means they have a lot of room for growth but are also volatile by nature. If you are thinking of investing in any cryptocurrency, ensure that you do your research and do not invest more than you can afford to lose.

To learn more about cryptocurrencies, look here.


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