Recently, the cryptocurrency market has seen a real explosion of interest in memetokens, coins created for humorous purposes. Sergey Mikheev from UTEX explains that the first and most famous memetoken was Dogecoin (DOGE), created in 2013 based on a popular Internet meme about the Shiba Inu dog. DOGE was initially designed as a joke on Bitcoin, the symbol of a cryptocurrency coveted by investors. The name “Doge” was chosen specifically to create a coin that would look as ridiculous as possible.
However, thanks to the support of famous names such as Elon Musk, Dogecoin has not only become a joke, but also a cult phenomenon. The support of Musk, who calls himself the “Dogefather”, and the mention of the coin on popular platforms caused its value to increase sharply. In May 2021, the market value of DOGE reached $ 88 billion, making it a pop culture phenomenon.
The idea of Dogecoin inspired the creation of dozens of other memetokens, such as Shiba Inu (SHIB), which quickly gained popularity and reached a significant market value. However, not all memetokens have the same success. Many of them quickly lose value after a short-term peak due to the lack of intrinsic value and underlying technology.
The creation of memtokens is based on open blockchain technologies that make them easily accessible for copying and modification. These coins are often promoted through social networks and artificial interest is created around them. However, behind all the hype around memtokens, there is often only speculation rather than real investment opportunities.
Source: Ferra
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