What are Meme Coins? Dogecoin, SHIBA INU, Dogelon Mars, and MORE

You’ve probably heard of terms like Bitcoin, Ethereum, and Binance, whether you’re a cryptocurrency expert or not. You’ve probably also heard of terms like Dogecoin, SHIBA INU, and Dogelon Mars. The latter three are actually known as Meme Coins, which we’ll get into more detail about in a moment.

What exactly is cryptocurrency?

Before we go into the specifics of meme coins, let us first define cryptocurrencies.

Cryptocurrency is essentially a digital currency that employs blockchain technology. Cryptocurrencies are not issued by a centralized entity. The central bank of a country is an example of a central authority.

Because of cryptocurrency’s volatile volatility, investing in it is risky. Nonetheless, the crypto industry has been on the increase, particularly this year. Bitcoin, Ethereum, Binance, Cardano, Tether, and XRP are some popular instances of cryptocurrency.

What exactly are Meme Coins?

If you’ve delved into the world of cryptocurrency, you’ve probably come across the word Altcoin, a combination of alternative and coin. According to Investopedia, the phrase is primarily applied to coins that are alternatives to Bitcoin.

Meme Coins, which Investopedia describes as “inspired by a joke or a funny spin on other well-known cryptocurrencies,” are a prominent sort of Altcoin in the market today.

Meme Coin Examples

There are only a few meme coins available on the market right now. You could even recognize some of them if you like dogs, Elon Musk, or both. Here are some meme coin examples:

Dogecoin

Dogecoin is one of the best examples of a meme coin that began as a joke. According to Forbes, this meme coin started in 2013 and had a loyal fanbase.

Many people consider Dogecoin to be the first meme coin, and Forbes estimates its price to be $0.29 as of October 31, 2021. According to Forbes, that price has increased by about 145,000% since 2017.

Dogelon Mars

Elon Musk, CEO of Tesla, has emerged as a key figure in the cryptocurrency industry. As a result, it is not surprising that a meme coin has been named after him. Dogelon Mars is the name of this meme currency.

According to CoinMarketCap, Dogelon Mars, also known as ELON, has a market worth of $971 million. As of press time, it is priced at $0.00000175. The circulation supply of Dogelon Mars coins is 557,528,013,986,286 ELON coins.

SHIBA INU

According to Forbes, SHIBA INU is a meme coin that was launched in 2020 and works on the Ethereum network. Elon Musk frequently mentions SHIBA INU as one of two meme coins. The Dogecoin is another meme coin that is frequently associated with Musk.

According to Investopedia, the SHIBA INU’s value increased by 91 percent in October 2021 just because Elon Musk tweeted a photo of his pet shiba inu on a Tesla.

The initial price of the SHIBA INU was $0.0000000014. According to Forbes, the price has risen to $0.00007567 as of October 31, 2021, representing a 5,400,000% increase.