The reputation of cryptocurrencies has taken some time to become accepted in financial circles, but the benefits of a decentralized digital currency are finally starting to take hold, and deservedly so.
More and more businesses are starting to accept the most popular cryptocurrencies, with the casino industry being one of the first to adapt to shifts in consumer behavior with dedicated crypto casinos being created.
Cryptocurrency and blockchain editor Alan Draper details the benefits of using cryptocurrencies, including increased anonymity and security provided by blockchain technology. Quicker signups and payouts are also key reasons behind crypto’s popularity in the online casino industry. (Source: https://readwrite.com/cryptocurrency/best-crypto-casinos/)
There is a long list of popular and well-established cryptocurrencies to choose from like Bitcoin, Ethereum, and Tether. Another popular option is meme coins that started life as a bit of fun and have turned into viable cryptocurrencies.
Meme Coins Explained
Meme coins first appeared on the scene at the end of 2013 as a joke based on the Shiba Inu meme. Today, more than 1300 meme coins are listed; however, the vast majority have little or no value.
Meme coins are considered to be a highly volatile asset, with their value typically experiencing rapid fluctuations. They rely on community engagement to determine their popularity, and like the memes they are based on, they can enjoy significant popularity that may drop off quickly.
Some meme coins will offer functionality with a specific ecosystem, and those that are listed in cryptocurrency exchanges can rise in popularity and value.
In some cases, meme coins will offer the owner a level of governance rights, meaning holders can vote on project-related proposals.
How Meme Coins Work
The development of meme coins starts with developers creating smart contracts that define the coin’s functionality and rules on blockchain platforms.
Early investors may have the opportunity to buy meme coins, or in some cases, they will be distributed for free or in return for specific cations.
Developers must first come up with the coin concept, and meme coins will typically try to jump on the popularity of a new or established popular meme. The blockchain chosen by developers will depend on its suitability for the coin’s intention. Ethereum is one of the most popular blockchain platforms due to its functionality.
The coin will be tested within developmental frameworks before smart contract codes are defined. ICOs (initial coin offerings) are strategies that get the coin into the public realm, and good community engagement can create a strong early demand.
Meme coins can be used as an investment opportunity like other cryptocurrencies, but can also be used to build communities, create viral marketing campaigns, or for entertainment purposes.
The Value of Meme Coins in 2024
Meme coin values, like all crypto values, are subject to market fluctuations. Some of the most popular and well-established meme coins include Dogecoin, Shiba Inu, Shiba Memu, ApeCoin, Pepe Coin, and Floki Inu.
Judging which coins will rise in value is a skill that all investors would love to have, with the potential for high returns illustrated by Bitcoins’ current high prices.
Investment in new or developing meme coins has the potential for high short-term and long-term returns, but the volatility of the investment makes it a difficult market to negotiate.
A lack of tangible assets or revenue streams means the main focus of value is based on the popularity of the coin. This has the potential to drop off at any point, which makes it a high-risk investment strategy.
Research and due diligence should be part of any investment, but those who buy meme coins for fun or entertainment purposes could find themselves sitting on a valuable asset if things go well.
