Meme coins have a long history in the crypto currency game.
From dogs (Dogecoin) to kitties and more.
Meme coins are a form of alt coins and are usually made as a joke with fun in mind and sometimes become very valuable especially if there is an entire community build around them.
It all started with what is now called Dogecoins.
Basically around 2013 as a joke by two engineers, a coin was created with a dog character based on a Japanese hunting dog called Shiba Inu and eventually a community started to form around it.
The cofounder of Ethereum told his story of how he first put about $20,000 into Dogecoin as a bit of a joke and was later given half of the coins worth about $13 billion.
He then burned or literally destroyed half of this amount because he said he did not “want to be part of the locus of power and money” that it brought.
So in 2021 he said he would donate about $1 billion worth to help the covid cause India.
Unfortunately his offer to donate 50 trillion Shiba Inu coins (5% of the total in circulation) resulted in the price drop of the coin by 50%. So he was told to be extra careful how the money went to the right parties.
So basically a usueless coin about dogs gave rise to the craziness today where there are hundreds and perhaps thousands of coins out there with new ones coming out every day that have some reference to dogs or cats or some cartoon animal usually referred to as a pet.
People have the idea that the way to get rich today is create an animal character and to set up a website that looks great and talk about the important terms that help to launch a “project”
- the Roadmap (which shows the timeline of the launch and how it will sell over the first 3 years)
- the community (make it sound fun and engaging so people will spend more money)
- the team
- the funding
- the token economics- distribution of money to tax, liquidity, marketing/development
- tie it into some games and the metavers
(under construction Dec 16, 2021)