Dubai [UAE], February 08: A meme coin (also spelled memecoin) is a cryptocurrency that originated from an Internet meme or has some other humorous characteristic.

The term is sometimes used interchangeably with the term shitcoin, which typically refers to a cryptocurrency with little to no value, authenticity, or utilit 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—or it may be used to make cryptocurrency more accessible.

History:

In late 2013, Dogecoin was released after being created as a joke on the Doge meme by software engineers. 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.

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 United Kingdom Advertising Standards Authority

Some countries have taken steps to regulate meme coins. In early 2021, Thailand’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 endorsed the use of Dogecoin, one of the first meme coins.[6] He continued to post tweets about Dogecoin in 2022, including one in January where he stated he would eat a Happy Meal from McDonald’s on live TV if they started accepting Dogecoin as payment.[7] While the risk of losing money is significant, some projects seem to be successful and sustainable over time.

Here are the key characteristics of meme coins:

Leverage humour and satire. The humorous origins of meme coins are probably their most salient feature. Meme coins are often created as jokes or parodies, relying on humour or satire to offer entertainment value.

Built on community. The value and popularity of meme coins are heavily influenced by their online communities. Active and engaged coin holders play a crucial role in sustaining a meme coin’s popularity.

Popular on social media. The most successful meme coins get plenty of attention on social media. A thriving social media presence directly affects the price performance of a meme coin.

Elaborate everything about Memecoins in a way that even a layman can understand. Make sure to explain the risks, opportunities and threats to their investments in a short, concise and easy to read manner.

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