Meme coins (sometimes spelled “memecoins”) are cryptocurrency tokens that are based on internet memes. Broadly defined, a meme is usually a popular phrase, image or idea that is shared on the internet. The first cryptocurrency in this category was Dogecoin (DOGE), which gained a large following after its release in 2013. Dogecoin is among the top 10 largest cryptocurrencies available today with a market cap of slightly over $8 billion.
Dogecoin’s success inspired many developers to create their cryptocurrencies tied to a popular meme. Since 2013, hundreds of different meme coins have been released to the public, but few of them achieved similar popularity. Shiba Inu is the only other meme coin with a market cap of over a billion dollars and is currently ranked as the 12th largest cryptocurrency by market cap, which is a little over $6 billion.
Meme coins at a glance
Price: Meme coins trade at prices well under a dollar, and sometimes even a fraction of a cent. Their low price point…
This article was written by Connor Emmert and originally published on www.nerdwallet.com