Meme cryptocurrencies are referred to as "meme coins" or "meme tokens" collectively. The Ancient Greek word "mmma," which meaning "imitated object," is the source of the word "meme." The meme serves as a bridge between people, especially in today's society, and is a crucial component of social activity. It is the fundamental unit of community culture. The market narrative of such meme coins is driven in part by the collective sentiment of buyers. But why do these meme coins seem to be so appealing?
History of meme coins
In 2021, two dog-related memetic currencies, Dogecoin (DOGE) and Shiba Inu (SHIB), became paradoxical thanks to social media hype.
The first meme coin was made, called Dogecoin (DOGE). Software developers Billy Markus and Jackson Palmer created it in 2013 as a joke intended to ridicule the irrational speculating in cryptocurrencies at the time. The Doge meme, which was an image of a Japanese Shiba Inu that went popular, served as the inspiration for DOGE. Today, the market value is over 19 billion dollars, and it has garnered a lot of investor interest, making it one of the most well-known cryptocurrency projects with widespread acceptance after Bitcoin and Ethereum. Trade DOGE with MEXC Global.
Shiba Inu Coin (SHIB) is a dog-themed digital meme currency named after the Japanese Shiba Inu. The Shiba Inu was created on the Ethereum blockchain in August 2020 by a mysterious developer named "Ryoshi". The total supply of SHIB is 1,000 trillion. After a successful launch, Ryoshi locked 50% of Uniswap's total supply and laid the foundation for Shiba Inu's liquidity. Ryoshi also transferred another 500 trillion Shiba Inu coins to Ethereum co-founder Vitalik Buterin, who burned 90% of them and donated the remaining 10% to the Covid-19 Relief Fund in India.