The future of both sectors remains uncertain, but both have captured significant attention and investment in the crypto market. It refers to cryptocurrencies that are – but not exclusively – developed and inspired by internet jokes and memes. Another example can be to grab attention from a celebrity, like with Baby Musk trying to chill the coin until Elon Musk will tweet about it. The most famous meme asset is Dogecoin – a viral dog meme of a Shiba Inu. In many cases, meme-based cryptos aren’t designed to be taken seriously.
Part of its success is attributed to celebrities like Elon Musk and Mark Cuban, who openly promoted Dogecoin using their social channels. This contributed to Dogecoin’s price surge, which set it up for success. NFTevening is an award-nominated media outlet that covers NFTs and the cryptocurrency industry.
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Still, its homage to the frog differentiates it from alternative meme tokens. Dogecoin was the first meme coin to be created in 2013, roughly five years after Bitcoin was launched. In 2021, the meme coin market witnessed tremendous growth following the spike in the price of Dogecoin.
Beyond these individual tokens, platforms connected to AI-driven meme projects are also gaining momentum, evidenced by the Virtual Protocol’s rapid growth during the past months. According to CryptoSlate’s data, Virtual registered a new all-time high of $5.09, after climbing 20% during the last 24 hours. These tokens, blending artificial intelligence with the viral appeal of meme culture, have surged to a collective market capitalization of over $10 billion, as per Coingecko data.
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If you find a token with a weird name, make sure you look up the project because it is likely that the token is a meme coin. As you may notice, many meme cryptocurrencies share the name (and even the likeness) of patron crypto meme saint Elon Musk. Musk has been involved with Bitcoin and crypto since around 2019 and 2020 and has even spearheaded Tesla accepting Bitcoin payments (at least for a few months). Musk is notorious for tweeting about cryptocurrencies like Dogecoin and drastically increasing or decreasing their value. This has earned him both love and BilliCatCoin.org hate from the crypto community, and many have questioned his seeming price manipulations, but he continues to be an influential figure in the space. We’ve already seen the likes of FLOKI, which started as a meme coin looking to shift away from purely being meme coins and achieve other forms of utility.
This is a high-risk investment and you should not expect to be protected if something goes wrong. Meme Index ($MEMEX) has secured more than $1.5 million within weeks of its presale launch, cementing its place as a rising star in the meme coin sector. Those who like to live life on the wild side and don’t mind the riskiest of plays. The Meme Frenzy Index is for high-risk investors seeking extreme volatility. While many tokens may fail, a strong performer can significantly boost the overall value of the index. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.
