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More and more people are paying attention to cryptocurrency every week. Of course, everyone knows the big-name Bitcoin, but many people don’t know how crypto works or what it means for the future. Let’s face it; most people only know about cryptocurrency from memes they’ve seen on social media. There are a few popular meme cryptos, such as Dogecoin, that become more popular every day. This article will discuss why crypto is more than just a meme.
The Benefits of Meme Crypto
Meme crypto, like Dogecoin, is one of the most popular for several reasons, including:
High Brand Recognition
While meme cryptos are currently a few of the most popular types of digital currency, they have high brand recognition, which makes investors more likely to invest. Strong brands reduce costs for everyone. Many complex subjects are involved in crypto investing, including blockchain, NFTs, and more.
Strong brands, such as Dogecoin, make learning more appealing for investors and shorten the learning curve. In addition, meme cryptos have similar attributes to big brand names, which gives investors a feeling of familiarity that makes them more comfortable in investing.
Loyal Communities
Meme cryptos have loyal followings that are active in the digital world. As a result, new investors can feel like they’re part of an active community, which supports one another, allowing investors of all types to come together and learn from one another.
Ultimately, the more loyal the community, the more investors want to partake because there’s comfort knowing other people are happy and successful investing in crypto.
Cheaper Point of Entry
Meme cryptos are typically cheaper than other types of cryptocurrency, which means more people can invest. But, unfortunately, the low prices make new investors feel like they can get rich quickly without realizing that the price is different from the value.
The Challenges of Meme Crypto
New investors might disregard that there is a risk with meme crypto because they want to be part of a community and have a fear of missing out. However, disregarding the potential risk is a huge mistake for investors of all experience levels.
Ultimately, meme tokens have high concentration, which means they are less valuable than tokens with a lower concentration. After all, the more of something there is, the less valuable it is.
Why Dog Meme Crypto?
As you already know from the exposure Dogecoin has gotten in the media, dog meme crypto is on the rise. Shiba Inu is another popular meme token you might have heard of. The dog theme can be a big lure for new investors who are looking for a cryptocurrency that appears more friendly than other types of tokens, such as Bitcoin.
Social Exchanges
Cryptocurrency investing only becomes more popular each year. In addition, social investing has also started to become more popular, making purchases of meme-based assets easier in the next year or so.
Cryptocurrency investing platforms combine social media with cryptocurrency investing to make it friendly and promote the idea of community. These crypto exchanges help integrate better levels of education with social engagement so investors can meet one another and learn.
Investors can also access feeds from the media and other traders’ portfolios to copy successful trades to make the experience easier and more enjoyable.
Are Meme Cryptos Similar to Regular Cryptos?
All cryptocurrencies function the same. For example, bitcoin functions the same as Dogecoin. Crypto is built using blockchain, a digital database of all currency transfers from one individual to another. Typically, computers produce, track, and manage crypto.
The blockchain is verified by a network of computers that help to prevent fraud and ensure currency is properly moved. There are over 10,000 types of cryptocurrency, and they all use some form of blockchain technology.
While all cryptocurrencies function the same way, there are differences between them. The two popular dog meme cryptos, for example, were created for different purposes. All cryptos have their prices and a maximum number of coins.
Where Did Dogecoin Come From?
Believe it or not, Dogecoin was created to make fun of BItcoin, which is why it became such a popular meme. Dogecoin was meant to mock the fact that people were paying their hard-earned money for digital money. The joke itself became one of the most popular and largest cryptocurrencies.
Now, Shiba Inu is considered to be the next big thing for meme crypto as the founder hopes to see Dogecoin eliminated. Shiba Inu has three variants, SHIB, LEASH, and BONE. The company also has other features of a community.
Capitalization
Market capitalization is the total value of the coins in existence. As more crypto coins come into existence, the market cap will also grow. Unfortunately for Dogecoin enthusiasts, the market cap is still low compared to giants like Bitcoin. However, Dogecoin has made crypto investing more popular among regular people rather than investors who enjoy high-risk investments.
Issuance
Dogecoin currently has more than 130 billion coins in existence, but it continues to issue more each day with no cap on the total number of Dogecoin tokens. While Dogecoin has many serious investors, this meme token is still a joke on large cryptocurrencies like Bitcoin. Its unlimited token production is part of the joke, but that hasn’t stopped investors from continuing to buy more.
Is Crypto More Than a Meme?
To serious investors, cryptocurrency is more than just a meme because it offers the potential for long-term portfolio growth. However, as Dogecoin continues to take part in its joke, its existence has promoted cryptocurrency in regular households, which has produced more serious investors.
Trading crypto means understanding what you’re buying and what it can mean for you. You can’t get rich overnight, but many people have found financial success from cryptocurrency. No matter which crypto you invest in, you should never invest more than you’re willing to lose because you never know what can happen.
For example, if you lose your private key, there is no way to recover your lost money since cryptocurrency isn’t regulated by any authority.
Do your research before investing in crypto. Some features will make some cryptocurrencies more popular than others, but new currencies that are popular now might end up forgotten about in just a few months.
