Meme coins have become indispensable in the cryptocurrency market since their boom over a decade ago. Many of these coins enjoy the widespread support of social media and renowned personalities like Elon Musk.
As of today, there are over 2000 meme coins. This shows the fast growth of these cryptocurrencies. Therefore, it is important to inform you about how they work, their benefits, and their potential downsides, which you need to know as a gambler.
What Are Meme Coins and Should Gamblers Consider Them?
Meme coins are cryptocurrencies inspired by “unconventional” things like internet memes or social media jokes. For example, the meme coin Moodeng, which is currently trending, is a two-month-old female hippopotamus in Thailand. She has attracted multiple tourists and has close to three million followers on TikTok. Who would have thought a baby pygmy would become a big meme coin with a 300 million market cap? That is how random meme coins can be. They are established with humor as the central theme and mostly for entertainment rather than practical use cases.
Use of Blockchain Technology
Memecoins are created using blockchain technology, which means they are decentralized. Anyone can buy and sell meme coins on any platform where they are listed. Their value appreciates or depreciates depending on the community or individual pushing the project.
The first meme coin, which went live in 2013, is the Dogecoin. To date, this coin remains the number one. Elon Musk and Mark Cuban promoted it. Shiba Inu, the second biggest meme coin, was created in August 2020. These two coins are the foundation upon which others have been laid.
The success of meme coins often depends on the support from their fan base, with online communities playing a huge role. They are fun digital assets but highly volatile. You can make life-changing money by investing as little as $5. Likewise, all your investments can go down the drain within a few seconds right in front of you. Things change fast with meme coins. This explains why many investors still shy away from the market. Notable platforms that often have a significant impact on meme coins are TikTok, Twitter (now X), and Reddit.
Popular Meme Coins
Here are the top 10 meme coins ranked in order by market cap on Oct. 2, 2024:
- Dogecoin (DOGE): Market cap of $15.43B, price $0.1056
- Shiba Inu (SHIB): Market cap of $9.66B, price $0.00001642
- Pepe (PEPE): Market cap of $4B, price $0.0000009571
- Dogwifhat (WIF): Market cap of $2.2B, price $2.26
- Bonk (BONK): Market cap of $1.59B, price $0.00002247
- Floki (FLOKI): Market cap of $1.3B, price $0.0001357
- Popcat (POPCAT): Market cap of $969M, price $0.988
- Brett (BRETT): Market cap of $834M, price $0.0842
- Mog Coin (MOG): Market cap of $555.12M, price $0.0000001421
- Cats in a Dogs World (MEW): Market cap of $451.72M, price $0.005082
Gambling Tokens? Their Appeal to Casino Gamers
Often, meme coins attract high-risk gamblers. Since they are built and influenced by the community, there is a chance that anyone active on social media will get to know about them. And the consistency of promoting them often influences people to invest in them.
However, you have to understand that these coins many times have no intrinsic value since they aren’t tied to any practical application or use case. Also, the barrier for entry is quite low; anyone can create a meme coin. This is why they differ from other monetary assets like stocks and bonds established following some standard financial policies.
A meme coin can skyrocket in trade volume within a relatively short period and go to zero in minutes, days, weeks, or months. There are only a handful that have been able to stand firm. Most have a short life span.
If you still intend to put some of your money into Meme coins, you can do so. Genuinely, their ROI (return on investment) can be enormous, but they remain a game of chance. To protect yourself to a certain extent, you can look for community-driven projects, not those a content creator promotes. Check platforms like Reddit, X (formerly Twitter), TikTok, and Telegram for followers of the projects. For added value, come to our casino games section for more know-how.
If a project has a website, an X page with a good number of followers, and a Telegram page, these are good signs. Nevertheless, they are not guarantees.
Other Risks Associated with Meme Coins
As with any investment, there are risks associated with investing in a meme coin. We mentioned some of these above, now here are some more for your benefit.
They Can Be Manipulated
Some powerful individuals with a large online audience can easily manipulate the meme market. Creators can even “rug” the project under investors’ watch by withdrawing market liquidity, rendering tokens worthless.
Pump and Dump
In one of our recent news, we mentioned the pump-and-dump crypto meme. This occurs when certain individuals pump money into a coin to get the public to join in, and after some time, they dump the coin, withdrawing their already skyrocketed cash investment. The fear of missing out makes many people unsuspecting victims of these events.
Phishing and Fake Airdrops
When investing in a meme coin, you must be very careful. Sometimes, fake accounts that mimic some notable individuals online trick people into posting their wallets in the comment section for airdrop purposes or asking them to click a link, which may lead to losing all your assets. Stay vigilant.
Meme Coins in 2024: Stabilizing the Wrongs
- Dogecoin is a useful meme coin. You can pay for a Tesla using the coin. You can also wager on games with a coin in some of the best online casino real money platforms.
- Shiba Inu is also transforming into a utility coin. The project operators have created an exchange platform and plan to create a metaverse for its community members.
- Brett, the first base meme coin, is also on the path to becoming a useful token in various jurisdictions.
Bottom Line
Crypto memes, although highly volatile, are very fascinating digital assets to invest in. Also, you have to be active online to know the narrative behind a coin and those involved before making a decision.
Are meme coins worth considering? We’ll leave that to you. What we have said here is not to be taken as financial advice. Please do your research before you take a bold step.
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