To be honest, there’s no clear definition for the term “meme coins,” which are essentially Memes that go viral on social media these days. It is commonly recognised that meme coins are purely based on internet viral stories and have no real-world applications.
Thus, “Are meme coins a safe investment choice?” is the first query that most people have. Given that meme coins have no practical application, is it dangerous to invest in them? In this post, we’ll explore the answers to all of these queries as well as many more!
The Ascent of Meme Currency
The first name that springs to mind when we hear the term “mem coin” is “Dogecoin.” Billy Markus and Jackson Palmer designed it in 2013. Although Dogecoin was initially created as a joke, its development has been nothing short of extraordinary.
The internet generation responded favourably to the term Dogecoin, and it quickly gained popularity. The popularity of Dogecoin did not fade quickly, and it continued to grow over time, giving rise to a number of additional meme coins, like Shiba Inu, Dogelon Mars, Pepe Coin, and more!
However, there is always something to be aware of when it comes to excellent things. It is important for investors to use greater caution when spending their hard-earned money on these meme coins because they lack any significant applications.
Are meme coins an unsafe bet?
Yes, investing in meme currencies is dangerous. The majority of meme coins are referred to as “memes” since they lack use cases. These altcoins are typically propelled by social media trends and hype. Before purchasing meme coins, you should, as an investor, exercise caution and speak with a financial counsellor.
Investing in Meme Coins for 2023
Think about the following before making an investment in meme coins:
Another moniker for Shiba Inus is the “Dogecoin killer.” It grew significantly in 2021 despite its high supply, reaching an ATH of $0.00008845 in October. But it has been in a downward trend since then. The good news is that specialists anticipate longer-term advantages as well. Our SHIB forecasts indicate that it may reach $0.0001204 in 2030, a significant increase above the SHIB price at that time.
In comparison, this memecoin is quite new. Dogelon Mars’s branding and name resemblance to Elon Musk attracted attention. Soon after debut, in July 2021, Dogelon Mars, which had started at a value of $0.00000005, hit an ATH of $0.00003263.
It attempted to establish a new ATH once more in November 2021 but was unable to surpass $0.000002184. Afterwards, it continued on a notable downward trend. It might, however, reach $0.00000151 in 2030 according to our ELON projections, therefore you should aim for long-term growth.
Dogecoin is still a well-liked meme currency. It is the industry leader in memes. Expert views on DOGE are divided. With Elon Musk’s help, it expanded by more than 1000% in 2020–2021. Experts are optimistic about the cryptocurrency, and a number of Dogecoin price forecasts indicate that it may reach $0.57 by 2030.
Meme coins do not have a finite supply, in contrast to Bitcoin. The demand for these coins is also impacted by their infinite availability. These meme coins are much more volatile than altcoins, which are already extremely volatile cryptocurrencies.
For that reason, it is crucial that you carry out your own thorough investigation before to purchasing these coins. Meme coin investments can be wise decisions as long as you proceed cautiously and don’t just chase the rat race. It can be a poor investment choice to solely invest in FOMO.