Dogecoin was created by software engineers Billy Marcus and Jackson Palmer in 2013 as a joke payment system, ushering in the era of the meme cryptocurrency.
However, much to the surprise of two engineers, the coin launched to ‘dethrone’ bitcoin, the most popular and valuable cryptocurrency, has gained popularity.
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Reports suggest that over a million unique visitors visited dogecoin.com within the first month of its launch.
What are Meme Coins and Tokens?
A meme coin has no inherent value, and often no utility. As the name implies, these cryptic rants often—but not exclusively—surround Internet memes: jokes and images shared on social media.
Why are Meme Coins Popular?
Two words: public impact. Figures like Elon Musk and Mark Cuban not only affect visibility but also have a major impact on the price and value of these meme coins.
For example, last Saturday Elon Musk was on Saturday Night Live where he said that Dogecoin was a “hustle” that caused the coin to drop nearly 30%.
But it quickly worked out by the end of the week when Elon tweeted that he was working with Doge devs to improve system transaction efficiency.
Also, you have Dallas Mavericks owner Mark Cuban, who said that Mavericks was on track to complete 6,000 Dogecoin transactions in April.
Cuban said he supports it because people actually use it for transactions, and the more people spend it, the more businesses that use it.
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What are Meme Coins Worth in 2021?
The market capitalization of all meme cryptocurrencies was $33,238,833,302, while trading volume was $3,282,553,655.
Among the top 10 meme cryptocurrencies, Dogecoin moved the most at 5.24 percent, followed by ERC at 4.56 percent. Kamrocket was the heaviest loser with a drop of 18 percent in one day.
Dogecoin also scores big in terms of market cap – alone selling a share of $28 billion, while the closest competitors – Shiba Inu and Safemoon have a market cap of $3 billion and $1 billion, respectively.
Which are the Most Trending Meme Coin?
- Shiba Inu