Meme coins are cryptocurrencies inspired by memes or jokes found on the Internet and social media. The inception of meme coins began with Dogecoin (DOGE) in 2013, which originated as a parody and drew inspiration from the popular Doge meme featuring a Japanese Shiba Inu dog.
Meme coins exhibit high volatility and are predominantly driven by community engagement. They can experience rapid popularity surges overnight due to endorsements from online communities and the fear of missing out (FOMO). Conversely, their prices can also plummet unexpectedly when traders shift their attention to the next trending meme coin.
One notable characteristic of meme coins is their tendency to have a substantial or even unlimited supply. For instance, Shiba Inu (SHIB) boasts a total supply of 1 quadrillion tokens, while DOGE has no maximum supply, and over 100 billion tokens are already in circulation. Since meme tokens typically lack mechanisms to burn coins, their vast supply contributes to relatively low prices. With just $1 USD, one can acquire millions of meme tokens.
Retail investors are often drawn to meme coins due to their low cost, typically priced at a few cents or even fractions of a cent. While the nominal price may not hold significant meaning given the large supplies of these coins, the ability to possess millions of a particular meme coin creates a distinct appeal compared to holding a fraction of popular cryptocurrencies like ETH or BTC. With just a few dollars, traders can obtain thousands or even millions of DOGE, SHIB, or Akita Inu (AKITA) tokens, fostering accessibility and speculative opportunities.
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