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.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
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.
If there’s ever a scandal about me, *please* call it Elongate
— Elon Musk (@elonmusk) March 25, 2021
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…
Our Pioneer Community Pantry is still alive & kicking after almost a month of operations 🥳 this past Sunday we were lucky enough to be supported by @PubeFinance 💯 thank you so much for your contribution & for helping us serve over 200 families for May 16! Excited for next week! pic.twitter.com/Vkltr3QTtL
— Jam D (@captainjamerica) May 17, 2021
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.