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- 1 Dogecoin is considered as first meme coin created by Billy Markus and Jackson Palmer
- 2 The Floki Inu token is a multi-chain token built on both the Ethereum blockchain and Binance Smart Chain.
What is Meme Coins?
Meme coins are digital currencies based on memes or imitations of other cryptocurrencies. They were created as a joke and intended to be shared (traded). As of 2023, there are more than 340 Meme coins.
Like other cryptocurrencies, Meme coins and tokens are built on blockchains, decentralized, and their transactions are immutable. But this is where their similarities stop. Meme coins do not have specific use cases, they ride on influencer and community support.
5 Top Crypto Meme Coins
1). Dogecoin
Considered the first meme coin, Dogecoin was created by Billy Markus and Jackson Palmer in 2013 to make fun of cryptocurrencies’ claim of taking over the world. The Dogecoin logo is based on a meme with a deliberately misspelled word ‘doge’ used to describe the Shiba Inu dog. It started as a blog designed by Jackson Palmer. The idea to develop the currency was initiated by Billy Markus.
The Dogecoin blockchain was built on scrypt technology which is a key-derivation function used as the hash function in the Proof-of-Work (PoW) protocol. Scrypt technology makes performing large-scale hardware attacks expensive as hackers require large memory.
Dogecoin can be used as a payment option as it processes transactions faster than Bitcoin. It is not an efficient store of value. Dogecoin has no maximum supply, meaning there is no scarcity to drive prices.
2). Shiba Inu token
The Shiba Inu token was created to be run solely by its community called ShibArmy. Named after the Japanese breed dog Shiba Inu, the Shiba Inu token was launched in August 2020 by an anonymous developer called Ryoshi. It has an initial total supply of 1 quadrillion.
Shiba Inu token is an ERC-20 token built on the Ethereum blockchain. In 2021, the Shiba Inu team launched ShibaSwap, a decentralized exchange offering a marketplace to NFTs, swapping, staking, and liquidity pools to support ERC-20 tokens.
3). Pepe Coin
The Pepe coin is an ERC-20 token built on the Ethereum blockchain and launched in April 2023. Although the coin is based on a meme from a cartoon created in 2005, it has no affiliation with the cartoonist Matt Furie. The coin was created solely for entertainment and has no official team, roadmap, or inherent value.
Pepecoin has a market cap of $5.5 Billion with over 65,000 holders. The coin creates scarcity by burning a small percentage of its supply for each transaction.
4). Floki
The Floki Inu coin was created in 2021 as a meme of Elon Musk’s pet Shiba Inu dog, Floki. It has evolved into a 3-layered Web3 project: a meme coin, utility token, and for charity. The Floki team aims to develop a school on every continent, offer the Floki token as a payment option, and educate crypto enthusiasts through Floki University.
Floki Inu is a multi-chain token built on the Ethereum blockchain and Binance Smart Chain. In December 2022, the Floki team launched its play-2-earn NFT gaming metaverse called Valhalla.
5). Baby Dogecoin
Baby Dogecoin, launched in 2021 was built on the Binance Smart Chain. It seeks to rescue dogs and increase crypto adoption. Every transaction is taxed at 10%, half of which is distributed to holders.
Meme coins are speculative investments and some of them are worth as much as the buyer is willing to pay.
These are the top crypto coins available in the market right now. It is suitable to research them in detail before investing in them. The aforementioned details can give you a good headstart.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
