Jokes And Entertainment Are Of The Integral Aspects Of Human Life And Culture. We, Humans, Dedicate Part Of Our Serious Work To Jokes To Compensate For The Bitterness Of Hard Work. 

Jokes And Entertainment Are Of The Integral Aspects Of Human Life And Culture. We, Humans, Dedicate Part Of Our Serious Work To Jokes To Compensate For The Bitterness Of Hard Work.

The internet world has its jokes and memes, one of the essential elements of internet culture. This joke element entered the world of digital currencies with projects in the form of a topic called Meme Coin.

Countless users in the world of digital currencies have gathered around meme coins and formed communities of sports team fans for these currencies.

Now the market value of meme coins is negligible, and this type of digital currency needs serious study.

Therefore, in this article, we want to see what meme coin is and how this type of digital currency was formed.

Also, we examine the features of meme coins and the risks of investing in them and introduce some of the most popular ones in this field.

If you also want to get acquainted with this fun spectrum in the pulsating world of crypto, stay with us until the end of this article.

What is meme-coin?

The world of digital currencies has been formed and grown on the Internet; Therefore, digital currencies and the Internet interact. One of the effects of the Internet on digital currencies is the influence of Internet culture, including meme culture; The topic was the introduction to the formation of meme coins. Before discussing meme coins, getting acquainted with them is good.

In 1979, an English evolutionary biologist, Richard Dawkins, coined the term “Meme” for the first time in his book The Selfish Gene.

He needed a word that conveyed “idea and culture transfer.” Dawkins first developed the Greek word “Mimeme,” meaning “imitation.” But he was looking for a shorter term that rhymes with the English word Gene; Finally, he came up with the term meme.

In today’s internet culture, a meme, Pictures, videos, and funny texts are said to be copied by users on social networks and published with slight changes. Their purpose in publishing these images is to convey their meaning with a joking tone and humorous interpretations. In other words, a meme is an online visual joke.

Memecoins are a branch of the big world of digital currencies, whose symbol is an internet meme centered on an animal or human character. Memecoins do not have much use except for entertainment and trading.

The Role of Memes in the digital currency community

The digital currency community loves memes, and with the invention of meme coins, it has used them in other ways than as a joke on social networks. One of the characteristics of meme coins is that they usually have a large community of users who support their growth. Like other digital currencies, meme coins are created on the blockchain platform.

Unlike Bitcoin and Ethereum, which have specific and targeted uses, many meme coins do not have much help. This issue has made the market of meme coins very volatile. Many of these assets become several times more expensive overnight or suddenly lose much of their value and may even become worthless.

A few meme coins, such as Dogecoin (Dogecoin), have their blockchain. Most of them are created and distributed as tokens on blockchains such as Ethereum—for example, the Shiba Ino(Shiba Inu) Token of the typeERC-20is located on the Ethereum blockchain.

The CoinMarketCap website lists over a few hundred meme coins, most inactive or inactive. Dogecoin, Shiba Inu, Doj Ilan March(Dogelon Mars), and Baby Dog ​​coin(Baby DogeCoin) are four meme coins with significant market value and daily trading volume.

History of meme coin

The first coin meme to emerge was Dogecoin, which after its release in 2013, a large community of digital currency users became fans of it. Dogecoin is now one of the top 10 digital currencies, with a market value of about 11.6 billion dollars. This success of Dogecoin caused a wave of meme coins to enter the market.

In 2013, two software engineers named Billy Markus and Jackson Palmer created Dogecoin just for the fun of Bitcoin fans. Among digital currency users, one of the popular meme characters was a dog named Kabosu from the Japanese Shiba Inu breed, also known as Doge. Marcus and Palmer used this dog meme as the logo of this digital currency. They named this new currency Dog Coin, a mispronunciation of the word “Dog.”

Dogecoin quickly gained many fans on social networks. The strange and exciting thing that happened was that China banned payment companies from interacting with Bitcoin exchanges only two weeks after the release of Dogecoin. This action of the Chinese government caused the fall of Bitcoin and other digital currencies, But the value of Dogecoin surprisingly grew by 300%.

The price of meme coins is heavily influenced by public culture and social networks. The growth of Dogecoin showed that the price fluctuations of meme coins have little correlation with the price changes in the digital currency market. Another astonishing record that Dogecoin sets is related to its trading volume. Gemini digital currency exchange data shows that a month after the release of Dogecoin, its trading volume exceeded the combined trading volume of all other digital currencies.

Billy Marcus and Jackson Palmer developed Dogecoin in 2013 just for fun

Dogecoin; The first and most popular coin meme

Dogecoin has its own independent blockchain and consensus algorithm proof of work(Proof of Work) that allows users to extract it. It is worth mentioning that in 2014, many miners stopped mining Dogecoin due to the drop in its price, and this issue worried the developers. For this reason, in 2015, Dogecoin mining withLitecoin(LTC) merged. Now Litecoin miners can mine Dogecoin at the same time.

Dogecoin does not have a supply cap, which has caused its price to be highly exposed to the risk of inflation and extreme volatility. Therefore, investors usually do not use this digital currency for long-term investment. One of the uses of Dogecoin is to reward for creating online content and using it for charity. This use of Dogecoin has become one of the critical factors in the popularity of this digital currency.

In 2014, Dogecoin users raised $25,000 in Dogecoin in a campaign to send the Jamaican luge team to the Olympics. In the same year, they raised $30,000 in a campaign called Doge4Water to provide access to drinking water in Kenya.

Some critical events in the history of Dogecoin are tied to the name of Elon Musk, the CEO of Tesla and SpaceX; The events have created great commotion and controversy in the digital currency community. Musk supported Dogecoin at different times, So in 2021, the price of this currency grew by 4,000%. Of course, it seems that these supports will continue.

Other popular meme coins

Dogecoin is still the source of inspiration for many meme coins. Every day we see new currencies entering the market imitating the name of Dodge, Although many fail from the beginning. As we said, there are more than 300 meme coins in the cryptocurrency market, many of which are imitations of Dogecoin.

Another famous meme coin is Shiba Ino, launched in 2020 and called Dogecoin Killer. This currency takes its symbol and name from the Shiba Inu dog of Dogecoin. Shiba Ino also experienced astronomical growth, and in October 2021, its market value reached 43 billion dollars and was equal to Dogecoin. Shiba Ino is also an ERC-20 token on the Ethereum blockchain.

Another meme coin similar to Dogecoin is DogElon Mars (ELON), launched in April 2021. Dog Elon Mars is also an ERC-20 token on the Ethereum blockchain and uses the image of a dog as its symbol. The developers of this token have published many comic stories with its dog character on the meme website.

Interestingly, Doj Ilan Mars’s Twitter account has over 500 thousand followers. The market value of this meme coin at the time of writing this article is 149 million dollars. Baby Dogecoin with the BabyDoge icon, as the name suggests, is inspired by Dogecoin in everything. The Baby Dog Coin fan community says this digital currency was created to help pets.

Data from the official website of BabyDog indicates that more than 1.6 million addresses are holders of BabyDogCoin.

Features of MemeCoin

One of the standard features of meme coins, which we also mentioned about Dogecoin, is that their supply limit is usually very high or unlimited. A digital currency like Bitcoin is programmed so that only 21 million units will be released. This is even though meme coins are often free billions of token units and are not limited to removing more teams in the future. Also, meme coins generally do not have a program to burn tokens to keep them out of circulation and control supply inflation.

An ample or unlimited supply makes the price of meme coins per unit meager. At the same time, this low price paves the way for small investors with minimal capital and allows millions to quickly buy large amounts of these digital currencies. Since meme coins are just for fun and there is no need to have a complex technical idea behind them, anyone can create a meme coin with their favorite theme and meme and publish it, Especially since token creation has become effortless thanks to existing software.

Another feature of meme coins is their price fluctuation. The price of these digital currencies is highly dependent on the activities of the fan community and the discussions and rumors that are going on in the communities. For this reason, the sudden rise and fall of their prices is not a strange issue.

Risks of investing in MemeCoin

We said that meme coins are highly dependent on the sentiment of the fan community and the occasional influence of factors outside of the digital currency sphere, such as tweets by celebrities and famous personalities. This dependence makes the price of meme coins highly volatile. Therefore, the cost of MemeCoin may suddenly skyrocket or fall.
After all, sometimes people have created meme coins for fraud, and there is no more news about the creators after the sale of tokens. In one example, people took advantage of the popularity of the Korean series “Compound Game (Squid Game). They made a meme with the same name. The price of this meme coin reached 2,000 dollars in the early days. The creators of the digital currency Squid Game sold their tokens at the peak of the cost, and they disappeared.

Many meme coins do not have an independent blockchain and powerful technology or an established ecosystem behind them, and even many are created by copying the code of other digital currencies. Among the existing meme coins, only Dogecoin has its independent blockchain, and of course, its security is dependent on Litecoin.

Also, meme coins have a weak developer community, which makes them unable to be updated regarding security and technology constantly. For example, the development of Dogecoin came to a complete standstill at several points, and there was no one to support it technically. Also, in most meme coins, a small group owns the largest share of the supply and can easily manipulate the market.

From a practical point of view, most meme coins have no value outside of the digital currency world. For example, very few meme coins are accepted as a payment method for purchasing goods and services. Also, the nature of meme coins is such that their presence is temporary, and it is unlikely that there will be many of these in the coming years or that their value will go much higher.

Advantages and disadvantages of meme coins

Advantages	Disadvantages
Suitable for learning digital currencies and blockchain through entertainment	High risk and volatility
Chance of significant profit in case of price increase	The presence of pump and dump cases
Participation in active and energetic investment and trading groups	There is a high probability that the project is fraudulent

Where can we buy coins?

Memecoins can be bought from both centralized and decentralized exchanges. The famous meme coins, which have a large volume of transactions, are bought and sold in the most significant deals; But those meme coins that are newly launched may not be listed on centralized exchanges. These meme coins can be obtained from decentralized exchanges.

For Iranian users, the easiest way is to go to the website of one of the Iranian digital currency exchanges and buy the meme coin they want. Iranian users usually use one of the following two methods to buy digital currencies:

1. Direct purchase from Iranian digital currency exchanges with Rial and bank card

2. Buying Tether or Bitcoin from Iranian exchanges and converting it to desired Mimcoin in foreign exchanges

Direct purchase from the Iranian exchange

To buy from Iranian exchanges, search the phrase “Iranian digital currency exchanges” or the name of the meme coin you want next to the words “Iranian exchange” in Google; For example, “Buy BabyDoge from an Iranian exchange.” By doing this, you will come across a list of Iranian exchanges where you can easily buy the desired digital currency using your bank card after registering and authenticating your identity.

Buying from a foreign exchange

If you want meme coins from foreign exchanges, you should first know that buying directly from foreign sales is impossible for Iranian users. The best thing is to buy some bitcoins or dai or music and then convert it to a mime-coin of your choice in your account in one of the foreign exchanges.

To find out which exchanges your favorite meme coin is listed on, you can go to its page on the CoinMarketCap website and see all the centralized and decentralized exchanges that have it in the Markets section.

It is also necessary to remember that many centralized exchanges do not provide services to Iranian users citing existing sanctions. Conversations requiring authentication expose Iranian users to many risks.

The most famous meme coins of 2022

Discussion and hype about meme coins became very intense among social networks from the beginning of 2021. At that time, celebrities such as Elon Musk and Mark Cuban, the owner of the Dallas Mavericks, and Snoop Dogg, the famous hip-hop artist, created a lot of excitement for Dogecoin.

Dogecoin has remained the market’s most popular and valuable meme coin all this time. Musk has talked about it occasionally and even promised to take Dogecoin to Mars. Besides Dogecoin, other meme coins have always been the favorite of meme coin fans. The image below lists the most popular meme coins of 2022.

Functional meme coins

One of the significant weaknesses of meme coins, except Dogecoin, which is accepted as a payment method in some stores, is that they have no use except for entertainment and speculation. However, a trend for meme coins with severe applications is forming, which can be considered a new wave in this genre of digital currencies.

Floki(FLOKI), which got its name from Elon Musk’s dog, and, ironically, is a Shiba Inu breed, has defined uses beyond entertainment. This meme coin has a kind of metaverse game and a unique token store and digital currency education platform. The emergence of meme coins like Floki Ino could usher in a new era in meme coins that combines meme culture’s popularity and notoriety with the cryptocurrency world’s profound benefits.

Conclusion

This article examined meme coins and the history of creating this digital currency. Next, we listed the features of meme coins and the risks of investing in this type of digital currency, and their advantages and disadvantages. Ultimately, we introduced the most popular meme coins of 2022 and a new one with applications beyond entertainment. We also talked about the creation of DodgeCoin as the world’s first meme coin and introduced some of the other popular meme coins that emerged after the success of Dodge.

Although the price of meme coins skyrocketed in 2021, most lost much of their value as the cryptocurrency market slumped in 2022. However, this does not mean that meme coins do not have a future. It seems unlikely that meme coins will have the same widespread adoption as Bitcoin and Ethereum. Still, with this introduction, it cannot be argued that the meme coin species will become extinct.

The factor that hinders the general acceptance of meme coins is the same factor that affects other digital currencies, and it is nothing but the unfamiliarity of most people with digital currency technology. Fortunately, public awareness about digital currencies is growing, and if nothing untoward happens, this awareness will increase and lead to the expansion of the adoption of this currency.