Memecoins are a type of altcoin created based on popular internet memes or jokes. Often created for entertainment purposes, memecoins are particularly popular among young users and tend to spread quickly on social media platforms. The technology or use case behind these altcoins is usually limited, and they are used for fun or community-building rather than as an investment. In this article, you can find answers to many questions such as what is Memecoin, what is MEME, and how to buy MEME, which shares the same name as the ecosystem listed in the Launchpool projects of the major cryptocurrency exchange Binance.
What is Memecoin?
Memecoin is the native ecosystem of Memeland, operated by 9GAG. Memeland is the Web3 venture studio of 9GAG, a globally popular meme platform. Memecoin is a member of the memecoin ecosystem, similar to Dogecoin (DOGE) and Shiba Inu (SHIB). Memecoin operates on the largest smart contract platform, Ethereum (ETH). This means that the Memecoin network does not run on its own Blockchain, so the service token MEME is considered a token, not a coin.
While the price movements of the members of this ecosystem can fluctuate widely, they are considered risky assets by investors. Memecoins are a unique type of cryptocurrency known for revolving around entertainment and internet memes. It is essential to do thorough research and understand the risks before investing in such assets.
MEME Analysis
MEME coin is the service token of the Memecoin network. Its supply is limited to 69 billion units. At the time this article was prepared, the circulating supply was 8.79 billion units, equivalent to 12.75% of the total supply. The all-time high (ATH) for MEME coin was recorded on November 3, 2023, at $0.02506. At the time of writing, it is trading 31.49% below its ATH at $0.02909. With a market capitalization of $177.2 million, MEME is currently the 5th largest memecoin. The memecoins ahead of it are Floki (FLOKI), Pepe (PEPE), Shiba Inu, and Dogecoin.
As is well known, the value of memecoins is often volatile and has a speculative nature. Users may hope to profit from investing in or trading memecoins, but the value of these assets can rapidly decline or fluctuate. Additionally, many memecoins may involve projects created for fraudulent or scam purposes, so it is essential to be cautious and well-researched before investing.
In general, memecoins differ from more traditional cryptocurrencies like Bitcoin (BTC) or Ethereum. The popularity of such digital assets began with the emergence of Dogecoin in 2013. Dogecoin is associated with the “Doge” meme, an internet joke featuring the facial expression of a Japanese Shiba Inu dog. These types of memes have been used as the symbol of Dogecoin.
How to Buy MEME Coin?
MEME coin can be quickly and securely bought and sold through Binance, the world’s largest cryptocurrency exchange by trading volume. To purchase MEME coin, you must first open an account on Binance (if you don’t have one) and then deposit fiat currency into the account. Once fiat currency such as US dollars, or euros has been deposited into the user account on the cryptocurrency exchange, the purchase can be made through trading pairs offered for MEME coin.
