Meme Coins: The Rising Stars of the Crypto Community

Meme coins are digital tokens that have been around for over a decade. They originated as cryptocurrencies that leverage the popularity of internet memes and humor to attract and engage users across the globe.

Meme coins, a unique and captivating phenomenon in the world of cryptocurrencies, have been around for over a decade, captivating the attention of users across the globe. These digital tokens leverage the immense popularity of internet memes and humor to attract and engage users.

In recent times, we have witnessed a meteoric rise in the popularity of humor-themed digital tokens, particularly as major cryptocurrencies, such as Bitcoin and Ethereum, appear to be bottoming out. Meme coins have now begun to outshine Bitcoin and other cryptos among both young and experienced investors.

According to CryptoQuant, a crypto analysis company, Bitcoin's popularity hit a yearly low on Google search on October 12, 2024. The company assigned a score of 33 out of 100 to Bitcoin's popularity. At the same time, Google search for meme coins received a score of 78.

The popularity of meme coins hit an all-time high in October 2023, with a score of 94.

Meme coins: A deeper look into cryptocurrencies built around internet memes and humor

The genesis of meme coins can be traced back to December 2013, when software engineers Billy Markus and Jackson Palmer created Dogecoin (DOGE). The initial intent was to introduce a parody crypto, but it quickly gained widespread popularity, eventually becoming one of the most well-known meme cryptos.

Since then, the meme coin market has welcomed several contenders, including Shiba Inu (SHIB), Kishu Inu, PEPE, and more. Some of these managed to leave a lasting impact on the market and remained relevant to investors, while others had a short lifespan and crashed in no time.

The year 2024 has been particularly fruitful for the crypto community, witnessing the birth of multiple meme coins, such as MGMES, DOGE2014, MOODENG, and more. According to Step Finance, the community is currently driven by Solana-hosted meme coin options, which surpassed 490,000 in September 2024.

Step Finance also reported similar trends in meme coin popularity this October and hinted at a peak in investment activity on Thursday, October 10, 2024, as users minted over 19,076 meme coins.

At the time of writing, the value of the Solana-hosted options has exceeded the total market cap of over $10.2 billion, along with a daily trading value of over $2.4 billion. Dogwifhat (WIF) is currently the most valued Solana-based meme coin, trading at over $2.82 per unit and boasting a total market cap of over $2.85 billion.

It's important to note that meme coins are highly volatile and can be a risky asset. The value of a meme coin is heavily influenced by everyday internet trends and the community backing it. Assets like DOGE and PEPE continue to be the biggest profit makers due to the engaging community that has been gradually helping maintain their hype.

A misjudged engagement with the wrong asset can cause investors great losses. Readers are advised to do proper research and consult a financial advisor before investing.

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