Although most people are familiar with Bitcoin, it is not the only cryptocurrency available. Meme-based currencies like Dogecoin have grown in popularity over the years, spawning a flood of imitators such as Shiba Inu, Dogelon Mars, Samoyedcoin, and Doge Dash, among others.
Though they are frequently designed as a joke, these coins have the potential to become mainstream. Dogecoin, for example, saw a significant increase in value in May 2021 before leveling down and is presently ranked eleventh in market capitalization by CoinMarketCap. Nonetheless, their value is never particularly high—Dogecoin is now worth roughly $0.15 per coin.
So, are meme coins to be treated seriously? Here’s what you should know before you invest.
The most valuable meme currencies in terms of market capitalization
Meme coins, in a nutshell, are cryptocurrency inspired by memes and online jokes. Dogecoin, for example, was inspired by the Doge meme, which was inspired by a viral photo of a Shiba Inu. These cryptocurrencies are frequently not meant to be taken seriously, but they can nevertheless gather traction when members of the community invest in the newest one to participate in the joke.
When a coin becomes popular and its value rises, retail investors may hop on board and further boost its value.
Popular meme coins are often boosted in popularity by prominent internet characters and celebrities. Elon Musk is perhaps the most well-known example, and there’s even a Dogecoin fork named Floki Inu based on Musk’s genuine pet dog.
Some meme coins are just made as a snub. Mongoose Coin was founded in December 2021 after a member of Congress made up the moniker during a session on digital currency.
Meme coins have been present for a few years, but some attribute the current growth to the late-2020 meme stock battle, in which the Reddit forum WallStreetBets grossly overstated the worth of GameStop’s shares.
In 2021, another Reddit community named SatoshiStreetBets began a similar stock war against established cryptocurrencies such as Bitcoin and Ethereum. Internet superstars like Musk joined the meme coin bandwagon, and the resulting popularity prompted additional people to launch similar cryptocurrencies.
Some meme coins are more than just amusement. For example, the creators of the Floki Inu meme coin collaborated with the Million Gardens Movement, a nonprofit co-founded by Musk’s brother Kimbal.
The Dangers of Investing in Meme Coins
The valuation of the Squid Game hoax fluctuated dramatically.
Meme coin valuation is extremely unpredictable since it is heavily influenced by community mood and arbitrary outside sources such as celebrity tweets. While this means that the value of a particular meme coin may skyrocket, as it did with Dogecoin, it may also plummet very fast if and when the community loses interest and goes on.
Some people have also developed viral cryptocurrencies to defraud people.
Taking advantage of the viral popularity of the Netflix drama Squid Game, a Squid GameSquid Game-based coin increased millions of percentage points in value to a peak of over USD 2,000 per coin before the creators sold off their units and disappeared with everyone’s money.
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. Only two prominent meme coins use tested blockchains: Dogecoin’s protocol is based on Litecoin, while Shiba Inu was created on the Ethereum blockchain.
Most of them are also largely worthless outside of the cryptocurrency sector; for example, no one takes SafeMoon as payment for products and services (though Newegg now accepts Dogecoin). Because of their topicality, it’s unlikely that most of the meme coins that are being generated will still be around in a few years. Even if they are, their worth is likely to be close to nil.
After 2013, a slew of meme coins appeared in the crypto market and quickly gained traction. There was a period when Bitcoin was solely used for pleasure and fun, which led to crypto nerds producing ridiculous Bitcoin splits.
Their journey in the crypto market was not easy; it began only when Dogecoin demonstrated its promise, and Shiba Inu gained investors along the way, becoming committed investors who saw SHIB and DOGE as long-term investment assets.
Shiba Inu and Dogecoin are the most prominent competitors in the cryptocurrency industry, but they are also without a doubt the forerunners for other meme coins.
They have not only set an example for other meme coins to grow in the market, but they have also created a space for them to flourish and establish themselves as real competitors to some of the industry’s top cryptocurrencies.
Catcoin, which was recently introduced to the market, is enthralling investors.
That being said, let’s dive into detail about what the catcoin is everything that you as an investor need to know about it.
What exactly is CATCOIN?
The Catcoin, a new meme coin, is changing the attitudes of Shiba Inu and Dogecoin investors, as well as their investment procedure.
Who started it?
Miaoshi Nekomoto launched Catcoin in November 2021 to establish a vast ecosystem for cat lovers.
Competitors for CATS?
Currently, the CATS token is posing a challenge and serving as a strong competitor to DOGE and SHIB. After successfully demonstrating its dazzling performance capability and unique features, it has emerged as one of the finest meme coin investment possibilities in 2022.
Catcoin was the first crypto-related initiative to offer live Twitch feeds, allowing the community to exchange comments and thoughts on Catcoin.
Catcoin is expected to rapidly outperform other big meme coins such as Dogecoin and Shiba Inu, which are already available in the crypto market.
How may Catcoin be put to use?
Catcoin can also be utilized to create applications that will supply the community with various ideas about the crypto industry and assist new investors.
According to the Catcoin founders, CATS is more than simply a token; it is a crypto market revolution in and of itself.
For the time being, the only concern on investors’ minds is whether the period of the dogs will come to an end. Will catcoins, a new meme coin, take over the crypto meme field?
For the time being, all investors will have to wait and see what happens.
Catcoin has the potential to overtake Doge and Shibcoin as the future king of meme coins.
Since 2013, a plethora of meme coins has entered the crypto market and exploded in popularity. Previously, they existed solely for amusement, and as a result, crypto nerds began developing ridiculous Bitcoin splits. However, as Dogecoin demonstrated its true potential, other big meme coins such as Shiba Inu began to attract a large number of committed investors who regard SHIB and DOGE as long-term investment assets. Shiba Inu and Dogecoin may be the most prominent competitors in the cryptocurrency industry, but they are also the forerunners for other meme coins.
SHIB and DOGE have paved the way for other meme coins to thrive and establish themselves as serious challengers to some of the market’s leading cryptocurrencies. Another meme coin has recently been created and is quickly on its way to becoming one of the major digital currencies. Catcoin is a new meme coin that is causing Shiba Inu and Dogecoin investors to reconsider their purchases.
The Ascension of Meme Coins
The unexpected popularity of meme coins in recent years has piqued the interest of youthful investors in cryptocurrencies and meme crypto concepts. According to experts, the entire realm of meme coins was developed to prey on people’s fears by inflating every aspect of the currencies, driving even the most cautious investors insane. Dogecoin and Shiba Inu are the two most popular meme coins. Meme coin prices are often lower than those of most other cryptocurrencies, resulting in high quantities of daily trading from new and youthful investors.
The way meme coins are considered as short-term investments, rather as market money-generators, is a major element in their growth and collapse. Meme coins are currently on the main page of every consumer-investing website. However, some crypto analysts and professionals advise investors to consider logically and extensively before investing in meme currencies, particularly significant coins such as Shiba Inu and Dogecoin. Meme currencies have been the target of fraudulent activity, most notably pump-and-dump schemes. However, there are market investors that take these coins seriously because they generate the most attractive revenues in the shortest amount of time.
One of the many reasons meme coins have risen in popularity is that people have begun to spend more time on social media networks and have noticed the popularity of meme coins as well as promotions from various significant public figures and celebrities. Furthermore, because producing a meme coin is significantly less complicated than generating a cryptocurrency, the market is seeing an increase in the number of new meme coins.
Introducing Catcoin In November 2021, Miaoshi Nekomoto launched Catcoin to establish a community-driven currency based on a meme with the huge aim of developing a massive ecosystem for cat lovers.
Meme coins are currently on the main page of every consumer-investing website. However, some crypto analysts and professionals advise investors to consider logically and extensively before investing in meme currencies, particularly significant coins such as Shiba Inu and Dogecoin. Meme currencies have been the target of fraudulent activity, most notably pump-and-dump schemes. However, certain market participants take these currencies seriously because they can generate the most lucrative revenues in the shortest amount of time.
One of the many reasons meme coins have risen in popularity is that people have begun to spend more time on social media networks and have noticed the popularity of meme coins as well as promotions from various significant public figures and celebrities.
Catcoin is now available.
Miaoshi Nekomoto started Catcoin in November 2021 intending to develop a community-driven token based on a meme and a massive ecosystem for cat lovers. The CATS token is currently a major competitor to DOGE and SHIB, and it has emerged as one of the finest meme coin investment possibilities in 2022, owing to its outstanding performance capabilities and fascinating characteristics. It is the first cryptocurrency-related initiative to offer Twitch live streaming, allowing the community to voice their thoughts on Catcoin at any moment.
This one-of-a-kind and high-performing meme coin is expected to quickly surpass the performance levels of other big meme coins such as Dogecoin and Shiba Inu.
Catcoin can also be used to create programs that provide various tools to the community and simplify the crypto world for novice investors. CATS, according to its designers, is more than just a token; it is a revolution in the crypto industry.
Even though Catcoin was created with large aims in mind, the initial liquidity was reported to be US$10,000. Rather than spending a lot of money on marketing, the coin focuses on providing the best services to its community. It values a welcoming and caring community in which anyone can become a member of the family.
Its development is primarily centered on the Catnip project, which is scheduled for completion and release in 2022. Holders can also multiply tokens due to the reflective function of the token. Investors can hold CATS and see their profits develop on their own. They can also keep track of their reflections and choose whether or not they are ready to use their Reflection tool.
Its goal for 2022 is to establish a strong community that will support the continued development of Catnip. It will be an encrypted, anonymous platform that will leverage blockchain technology to generate a safe identity and allow users to use the network while also sending CATS anywhere in the globe for a secondary purpose.
The real question now is whether the reign of the dogs will come to an end. Will catcoins dominate the crypto meme market? Time will tell.