N.Priyadharshini

2023/11/25 17:08

Altcoins vs Meme Coins and P&L In Futures

Meme coins are cryptocurrencies that are created based on some popular internet memes or humorous characteristics, with no specific purpose or use case. They are created just for fun and entertainment purposes and hold no inherent value. However, they became quite popular in recent years capitalizing on the hype of the internet memes.

Being the first-ever meme coin, Dogecoin started the meme coin trend and today they became an inseparable part of the crypto ecosystem with billions of dollars worth market cap. Some of the top meme coins are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe coin (PEPE), Bone ShibaSwap (BONE), etc. While most of these are started as memes, they are growing into actual cryptocurrencies with specific use cases.

For example, Dogecoin is being used for making online payments and the second-best meme coin, Shiba Inu is building an entire ecosystem of protocols including a decentralized exchange, ShibaSwap, a layer2 blockchain, Shibarium, and SHIB metaverse. However, some meme coins like PEPE are being alleged as rug pulls when insiders stole over $15 million worth of tokens.

Meme coin vs. altcoins and their differences are worth paying attention to, to make investment decisions. While people trade meme coins for speculation and to make profits in the short term, they invest in altcoins to support the project and to make long-term profits. Meme coins are highly volatile and have no real-world use cases, which is not the case with altcoins. No matter which cryptocurrency you choose to invest in, do not forget to do your own research!

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