Crypto meme

Market capitalization

Many meme coins also aren’t backed by the same technology as established cryptocurrencies like Bitcoin, nor do they have any established ecosystem to support them. Of the meme coins that are currently popular, only two use tested blockchains: Dogecoin’s protocol is based on Litecoin, and Shiba Inu was built on the Ethereum blockchain.  Meme crypto Pepe recorded some $20 million of volume on OKX in its first hour of trading, according to analysis by a team led by Clara Medalie, the head of research at crypto data provider Kaiko. Pepe’s market cap briefly topped $500 million—still 25 times smaller than that of Dogecoin, the biggest memecoin—with volumes also surging on the decentralized exchange Uniswap.

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Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile — the memecoins bounce back and forth wildly at times — and scams and hacks occur with some frequency. Key differences among Dogecoin and Shiba Inu Recognize that these products are often sold on markets that span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. Although the SEC actively enforces securities laws, risks can be amplified, including the risk that market regulators may not be able to effectively pursue bad actors or recover funds.

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But crypto has been operating like this practically from the beginning. The meme aspect of it has always been part of the appeal. Bitcoin and dogecoin and ethereum are as much a cultural and internet phenomenon as they are a technological or financial one. And as crypto goes more mainstream, so do the memes, especially as people are getting into day trading without much of an investment plan. Popularity The popularity of dogecoin inspired the launch of a slew of other dog-themed cryptocurrency coins. Shiba Inu was launched in August 2020 by anonymous developers and touted as the “dogecoin killer” that would overtake dogecoin in value. The coin runs on the Ethereum blockchain and is focused on developing its strong decentralised community known as the Shib Army.

Meme coins on cryptocom

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Memecoins: From memes to multibillion-dollar pumps, scams and rug pulls Boom of MOON, the crypto from Reddit's "CryptoCurrency" community

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