What Are Memecoins?

Memecoins are a category of cryptocurrencies inspired by humor. Developers usually link individual memecoins to internet trends and popular memes. Most often, the humor behind the memecoins and the promise of fun becomes the motivation for attracting a community of users to memecoins’ platforms.

Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the most popular memecoins today. Both are dog-themed and boast of significantly high adoption levels. Although DOGE and SHIB remain classic memecoins, behind-the-scenes activities by their community members are expanding their use cases to serve purposes beyond fun and speculation.

The History of Memecoins

Software engineers Billy Markus and Jackson Palmer created Dogecoin in 2013 as the first-ever memecoin. They developed the digital asset as a joke to satirize the growing popularity of cryptocurrencies. Dogecoin adopted the Shiba Inu dog as its mascot, which became a popular product among cryptocurrency users. 

It is worth noting that Dogecoin remained the lone memecoin in the crypto space for several years before Shiba Inu (SHIB) launched in 2020, followed by the proliferation of several crypto…

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