Meme-Based Cryptocurrencies: At the end of last year, the crypto market price soared, igniting the mainstream interest in the space that we see today. Despite the popularity, coins like Bitcoin (BTC), Bitcoin Cash (BCH), and Ripple (XRP) continue to take precedence.
But there are hundreds of cryptocurrencies available, with some being meme-based cryptocurrencies. In an age where cryptocurrency and memes are more popular than ever, let’s look at both the pros and the cons to these currencies.
Meme-Based Cryptocurrencies: Yay or Nay?
Last week, at the ‘Yahoo Finance All Markets Summit: Crypto,’ Nick Tomaino, a former Coinbase employee, discussed the crypto sector. He spoke specifically of meme-based cryptocurrencies.
With the spike in popularity in the crypto space over the past year, and with the main demographics interested being between 20-30 years of age, Tomaino believes that “if you create a coin,” as well as “a good meme, you could have a billion dollars in market value.”
These coins have both pros and cons.
Pros of Meme-Based Cryptocurrencies
When it comes to meme-based cryptocurrencies, the only pros we will see are in the long-run. The majority of the meme-based cryptocurrencies that we see today have been quickly launched, which paves the way for mistakes.
However, Tomaino argues that “for every person that just cares about getting rich quick,” there will be “a person that becomes more deeply interested in the technology.” The latter person is the one who will help the crypto sector in the long-run.
Cons of Meme-Based Cryptocurrencies
Mentioned briefly, meme-based cryptocurrencies are often the ones that are quickly launched. This means, according to Tomaino, “a lot of people are probably going to lose a lot of money.”
Examples of Meme-Based Cryptocurrencies
- Dogecoin (DOGE):
Ranked as the 26th largest cryptocurrency by market cap, Dogecoin was named after the famous Shiba Inu meme.
Dogecoin is currently selling for $0.002683. This puts the coin down 10.37% in the past twenty-four hours.
Cryptocurrencies Inspired By Other Things
If not inspired by a meme, there are some other bizarre inspirations for cryptocurrencies out there. These do tend to make a person question their credibility, and whether they were launched at the proper time or with any consideration.
Trumpcoin: an altcoin created by those – you guessed it – who support Donald Trump.
Unobtanium: a coin named after a mineral in the fictional movie ‘Avatar.’
The Takeaway
Would you invest in a meme-based cryptocurrency? Or, do you think they show a lack of professionality in the crypto sector?