That idea gained momentum, accompanying the influence of Tesla CEO Elon Musk’s tweets, and the price of DOGE rallied. In January 2021, a Reddit group joked about pumping up the price of DOGE to create a crypto equivalent of GME. It started after “meme stocks” such as GameStop ( GME) and AMC Entertainment ( AMC) saw their prices pumped up by as much as 100-fold in a few months during late 2020 by a Reddit community called WallStreetBets. Since 2013, other meme coins have been created, and as of March 2022, there are more than 200 such coins, where Dogecoin ( DOGE) and Shiba Inu ( SHIB) are the most trended and traded meme coins. This is true for most meme coins – they do not have an economic or business use case or utility, and exist mainly to be traded.
#None of my business meme science software
Its developers, software engineers Billy Markus and Jackson Palmer, didn’t intend for it to have any real use. In general, meme coins are designed to go viral and be shared, like the memes they are based on.ĭogecoin, the largest meme coin in terms of market capitalization, was initially created as a joke to mock Bitcoin and other mainstream cryptocurrencies. Unlike Bitcoin or Ethereum, meme coins are designed as an homage to a meme, an interesting or funny idea captured in an image, video, or another form of media. Ethereum is the largest altcoin, and second largest cryptocurrency in terms of market capitalization, for example. Often times, people confuse “meme coins” with “altcoins.” It’s important to make the distinction that not all “altcoins” are “meme coins,” but all “meme coins” are “altcoins.”Īn altcoin is any coin (or token) that is not bitcoin, which is practically all cryptocurrencies except bitcoin. Why is there so much hype around that coin, and other meme coins? And is it warranted? Let’s first understand what meme coins are. And although its market cap currently sits at about $10 billion as of this writing, that is still quite a lot of money for something that, essentially, is a practical joke. Part of the reason for its extraordinary market cap is mainly because it has over 132.67 billion Dogecoin in circulation, more than any other cryptocurrency by far. And yet at one point, it reached a market cap of $70 billion, which is larger than the market cap of companies like FedEx, Marriott, Activision-Blizzard, BMW, and other major corporations. We'll talk more about dogecoin itself further down, but for now, it's enough to say that as a cryptocurrency, it wasn't meant to be taken seriously. Dogecoin is a reference to a meme known as "doge," featuring a photo of a cute Shiba Inu dog with accompanying text in broken English meant to represent its inner thoughts.
Meme coins have been around for a while, but they gained popularity and hype in 2021, when celebrities like Elon Musk and Mark Cuban promoted Dogecoin, the first meme coin, which was created in 2013. This article, written by Rutgers Business School FinTech Professor Merav Ozair, was originally published on. Rutgers Stackable Business Innovation Program.
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