Meme coins exploded in popularity thanks to social media and celebrity buzz
Over the last few years, the crypto economy has consistently expanded in many parts of the world. This expansion has resulted in the use of cryptocurrencies for several purposes. This growth also led to the uptake and popularity of meme coins.
Meme coins are cryptocurrencies that gained popularity due to their association with memes. The term meme refers to texts, images, or videos that are often hilarious. Therefore, social action that results in the media forms being sent from one person to another on social media platforms emerges as the basis of these meme-themed coins’ popularity. This popularity aspect makes meme coins lack value and, most times become more unstable when compared to cryptocurrencies such as Bitcoin and Ethereum.
However, while they may lack value as centralized cryptocurrencies, meme coins possess a different characteristic with regard to their use. The meme coins have created and filled a niche as a hub for multiple projects.
Following the success of Dogecoin and its entry into the mainstream market, several other dog-inspired projects have come up.
Such projects include Shiba Inu (SHIB), Dogelon Mars (ELON), MonaCoin (MONA) or Volt Inu ($VOLT), a multipurpose meme coin that runs on Ethereum and the Binance Smart Chain.
This coin has become the subject of much debate, with its innovative approach acting as another essential game-changer in the crypto world. The meme uses hyper-deflationary mechanisms, which distinguishes it from other meme coins.