A meme coin (also spelled memecoin) is a

cryptocurrency A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It ...

that originated from an

Internet meme An Internet meme, commonly known simply as a meme ( ), is an idea, behavior, style, or image that is spread via the Internet, often through social media platforms. What is considered a meme may vary across different communities on the Internet ...

or has some other humorous characteristic. It may be used in the broadest sense as a critique of the cryptocurrency market in its entirety—those based on particular memes such as "doge coins", celebrities like Coinye, and pump-and-dump schemes such as

BitConnect Bitconnect (also spelled BitConnect and KimConnect; stylized ''bitconnect'', ticker code BCC) was an open-source cryptocurrency in 2016–2018 that was connected with a high-yield investment program, a type of Ponzi scheme. After the platform ...

—or it may be used to make cryptocurrency more accessible. The term is often dismissive, comparing the value or performances of those cryptocurrencies to that of mainstream ones. Supporters, on the other hand, observe that some memecoins have acquired

social currency Social currency refers to the actual and potential resources from presence in social networks and communities, including both digital and offline. It is, in essence, an action made by a company or stance of being, to which consumers feel a sens ...

and high market capitalizations. In late 2013,

Dogecoin Dogecoin ( or , Abbreviation: DOGE; sign: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the ...

was released after being created as a joke on the

Doge A doge ( , ; plural dogi or doges) was an elected lord and head of state in several Italian city-states, notably Venice and Genoa, during the medieval and renaissance periods. Such states are referred to as "crowned republics". Etymology The ...

meme by

software engineers Software engineering is a systematic engineering approach to software development. A software engineer is a person who applies the principles of software engineering to design, develop, maintain, test, and evaluate software, computer software. Th ...

. This sparked the creation of several subsequent meme coins. In October 2021, there were about 124 meme coins circulating in the market. Notable examples include Dogecoin and

Shiba Inu The is a breed of hunting dog from Japan. A small-to-medium breed, it is the smallest of the six original and distinct spitz breeds of dog native to Japan. Its name literally translates to "firewood dog". A small, alert, and agile dog that ...

. In late 2021, advertisements promoting the meme coin Floki Inu in London led to subsequent investigations around promoting the meme coin, considered to be an unregulated financial product by the ASA ( The Advertising Standards Authority). Some countries have taken steps to regulate meme coins. In early 2021,

Thailand Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...

's Securities and Exchange Commission banned meme coins as part of a crackdown on digital goods with "no clear objective or substance".

Popularity

Meme coins have surged in popularity since

Elon Musk Elon Reeve Musk ( ; born June 28, 1971) is a business magnate and investor. He is the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of The ...

endorsed the use of

, one of the first meme coins. He continues to post tweets about Dogecoin in 2022, including one in January where he stated he would eat a

Happy Meal A Happy Meal is a kids' meal usually sold at the American fast food restaurant chain McDonald's since June 1979. A small toy or book is included with the food, both of which are usually contained in a red cardboard box with a yellow smiley fa ...

from

McDonald's McDonald's Corporation is an American multinational fast food Fast food is a type of mass-produced food designed for commercial resale, with a strong priority placed on speed of service. It is a commercial term, limited to food sold ...

on live TV if they started accepting

as payment. The risk of losing money is significant. However, some projects seem to be successful and sustainable over time.

References

External links

Will APENFT token listed on BinanceBigtert Token PredictionStorepay Token Prediction
Cryptocurrencies Internet memes {{cryptocurrency-stub