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Meme coins are a subset of cryptocurrencies that originated from Internet memes, popular culture references or humorous concepts. Unlike traditional cryptocurrencies, meme coins often lack an underlying utility or purpose beyond the community and cultural phenomenon they represent.
Nevertheless, the popularity of meme coins has been evidently growing over the years.
Some crypto experts, like Andrew Kang, claim that meme coins will outperform all other altcoins in the upcoming bull run.
More precisely, he stated that the crypto market could expect an increase in the value of meme coins by up to 100 times.
Moreover, there has been a rise in the production of new meme coins, precisely due to the popularization of the existing ones.
How Did Meme Coins Originate?
The beginning of meme coins occurred back in December 2013, when the now widely popular Dogecoin was first introduced to the crypto market.
Dogecoin was created by software engineers Billy Markus and Jackson Palmer with the goal of producing a peer-to-peer digital currency that could reach a broader demographic than Bitcoin.
The newly created token was based on the then-popular Doge meme, which features a Shiba Inu dog accompanied by Comic Sans font representing the dog's internal monologue.
Such a "carefree approach" to creating a new cryptocurrency was the complete opposite of the often serious and technical nature of other cryptocurrencies, such as Bitcoin and Ethereum.
The process of creating meme coins is similar to other cryptocurrencies.
Developers choose a blockchain platform, often using the "forking" method to copy and modify the code of an existing coin, and then integrate a meme or theme that will define the identity of the new coin.
The success of Dogecoin inspired the creation of numerous other meme coins, each hoping to capture the same popularity by combining humor, community engagement, and the speculative nature of crypto investments.
The rise of meme coins also relies heavily on social media and community support.
Platforms like Twitter, Reddit, and Telegram play a significant role in spreading awareness and creating hype around meme coins.