Recently, tokens such as WallStreetMemes have heightened interest in meme coins, with many anticipating their potential as the next big thing in crypto. The fact that famous people from around the world, like Elon Musk, were interested in WallStreetMemes only added to the excitement and got people who wanted to invest in meme coins even more eager.
Richard Dawkins, for those unaware, coined the term “meme” in his book “The Selfish Gene.” A “meme” is basically a way to measure how popular and influential an idea is in society. Also A meme measures how an idea affects the group awareness. A meme can literally be anything, from a video of Grandma breakdancing to a picture of a cat making a funny face. What are the best meme coins to invest in for 2023, and how do they make money in this way? How about we find out?
So, What Are Memes?
You should know how memes work before investing in them, even if the opening gave you a brief overview. It makes perfect business sense to invest in meme coins just as you would in a company you were investing in.
Memes have existed in various forms since 1993, but they became popular in the mid-2000s. Although it is true that Richard Dawkins coined the term, the one we use today was changed by a man named Mike Godwin, who started using the term to describe pictures posted on early internet sites as “memes.”
Since then, the simple meme has grown into a cultural and pop phenomenon, with memes available for literally any kind of situation, popular person, song, or unique moment. Memes actually make up a lot of the internet, so they bring a lot of traffic to sites like 4chan, Reddit, Instagram, and even Facebook, to name a few. All of this traffic means money for these sites, and over the years, they’ve made billions of dollars just by putting up amusing pictures of cats and grandmothers breakdancing. It is strange, but that’s the internet age for you.
Currently, meme coins began with Dogecoin, which is basically a normal cryptocurrency based on the popular Shiba Inu meme known as “doge.” It was the first time a meme transformed into a currency. Dogecoin is now worth $9.57 billion. The new company WallStreetMemes was the next to join the trend. The company has recently transformed its NFT collection of memes into a cryptocurrency, and so far, this venture has been very successful. For the first time in history, we can now turn digital junk into a highly valuable product. Those silly cat pictures and dancing grandma GIFs can actually be worth a lot.
How Do Meme Coins Work?
Luckily, meme coins are the same as other cryptocurrencies. The only difference is that they don’t have all the serious business branding. Instead, they have memes! These coins are essentially intended to function like a cheap digital substitute for real money and are typically sold for very low prices. Many cheaper options exist, but most aren’t accepted as payment in stores or online. To use them, you’ll need to change them into a more trusted cryptocurrency like Bitcoin, Ripple, or Ethereum, or you can just go to a crypto market and exchange them for cash.
Our meme coins are based on the open-source Ethereum ERC-20 smart contract technology. These cryptocurrencies use the same computer network and source code as Ethereum. Since Ethereum is generally regarded as the most trusted option to Bitcoin, the most established of cryptos, its use undoubtedly adds another layer of security and trust to them.
There are almost as many meme coins as memes, with up to 340 on various sites. Because Ethereum has an open-source system, anyone with enough coding know-how and experience can basically start their coin and base it on anything they want.
There are many different meme coins out there, which may tempt buyers, but it’s important to know that not all of them are good investments. Only invest in reputable exchanges holding well-known and trusted coins with larger market caps. This is because they are less likely to crash or be very unstable. However, it can be quite profitable, albeit a little risky, to know how to ride the instability and get in and out fast on more volatile coins. But trading on more popular measures like the VIX (Volatility Index) is also fraud. Wall Street brokers have been using this trick for years to make huge profits every year.
Which Meme Coins Should You Look Out For?
So it’s difficult to say which meme coin will be the next big thing to rise or fall. If you’ve ever heard that cryptos are hard to predict, then this is now more true than ever with meme coins.
Sticking to safe, popular coins like Shiba Inu and Dogecoin is a good idea for more conservative buyers. With not too much risk, you can make steady gains on these coins. Coins like PEPE and Floki Inu might be more appropriate if you’re looking to profit from fast, erratic buying.
It’s also worth looking around at some of the more trusted trading sites that let you trade meme coins. Investing in a meme coin and trading on its performance can often boost your profit. Remember that you’re also spending more money, which means that the risk is almost twice as high. However, by spending some time looking at the chart’s past data, you should be able to get a general idea of how the coin is doing and be able to place some modest wagers.
It’s always a beneficial idea to invest some time in pre-sales of new coins. It is common for makers of new coins to give their coins at very low prices when the coin first comes out to get people to invest in it. It’s important to keep in mind that a coin doesn’t have any assets that it can use as security or even to help boost its market worth. Basically, the coin is worth the amount of money that was invested in it. You can often find that if you bought a few coins at a lower price and then sold them at a higher price, you can actually make a substantial profit. Investing in a coin early is wise, as you can be sure you’ve already invested in it and will profit if it goes through any significant price jumps.
Conclusion
To sum up, meme coins are the coolest and most unusual way to use cryptocurrency so far. They’re fun, exciting, and can make you a lot of money if you know how to deal with them.
However, it’s important to thoroughly research each meme coin before investing to avoid the risk of losing a significant amount of money due to a poor investment. Do the work to actually research the price yourself and compare different cryptoexchanges to find ones with low fees that are still trustworthy and not dishonest. In the past, some of these exchanges have turned out to be complete scams.
Fortunately, there are a lot of trusted markets available, and if you learn how the process works on more stable coins, you’ll quickly become an expert at investing and learning how to ride the bulls with confidence.
