sourceThe creation of Doge Coin back in 2013 as a satire for Bitcoin gave rise to other Meme Coins and has unlocked a new trend in the crypto space. 2021 with its surprises became an elevating year for underrated Meme Coin. This explosive demand for Meme Coin sparked off after Doge Coin received the backing of the richest man in the world Elon Musk aka the Doge Father. The price of Doge Coin saw a tremendous increase outperforming Bitcoin earlier. This brought the spotlight to Meme Coins and a lot of Meme Coins were launched due to the success of Doge Coin. According to Coinmarketcap there are more than 5,000 Meme Coins in existence. These coins are characterized by the humongous supply and little or no use case. They're seen as the Joke of the Crypto World.
However we can't deny the fact that Meme Coins just like other coins have become an integral part of the Crypto Market currently and it has attracted a whole new vibrant base to the crypto market. They have a large active community who are able to influence the price of these tokens, members of these communities include the wealthy class, influencers, celebrities and low income earners. The implication is that Meme Tokens has made cryptocurrency to be affordable by anybody and this makes it stand out as an alternative to Bitcoin and Ethereum due to cost, this not being the only enticement, quick profit can be made due to pump in price. Meme coins can move up to 500% or more. Even Elon Musk on Saturday Night Live(SNL) called Doge Coin a hustle which is more like gambling than investing. So it is safe to say that Meme Coins carter for the need of short term investors which may fuel greed leading to excessive pump and dump.
Meme Coin has communicated a powerful message that you don't need to hodl for long term profit and look at the number of new crypto enthusiast Meme Tokens have brought into the Crypto space is thrilling. Affordability, Huge Profits within a short period of time and a very vibrant community is a huge impact. However lets bear in mind that it gets to a point a joke may no longer seem that funny.
Yes Meme Tokens have been tagged as a Joke Coin, some analyst have gone as far as predicting the extinction of Meme Coins siteing no use case and excessive supply which will be disastrous for to the growth of the price. Meme coins have also been tagged as the gambling hub of cryptocurrency, a hustle for quick profits and not a long term hodl. So it shouldn't be created.
However I don't agree that Meme Token should not be created because cryptocurrency is diverse and evolution applies to all things. Meme Coins are starting to create use case, coins like Shiba Inu are changing that perspective, with the launch of ShibaSwap, Shiba can be used to swap for other ERC-20 tokens. Also we shouldn't underestimate the powerful communities that are championing these tokens, these communities are very powerful and they increase enthusiasm for cryptocurrency. These communities through collective effort influence the price of these coins. They allow short term profit and this can encourage hodling of other fundamental coins.
On the issue of of its very large supply Meme Coins are constantly burnt thus reducing the supply and ensuring stability. I believe Meme Coins will evolve as some of these projects are having tremendous success. Besides there isn't much difference between Meme Coins and other coins. Take for example Shiba Inu which has now transformed to a decentralized ecosystem, numerous listing on big exchanges, a very active Community called Shibarmy is a game changer and if Shiba can involve from a Joke Coin to a Utility coin so can other meme coins.
sourcePoocoin was launched on the 7th of March, 2021. It was created on the Binance Smart Chain. It's ranked 4198 on Coinmarketcap and a total supply of 10,000,000 Poocoin. Poocoin is currently at $1.72, it reached has an all time high of $15.08 on 12th of May, 2021and on the 16th of October it fell to an all time low of $0.08442. To create stability in price with such big supply 25% of the total circulation are deposited in a deployer wallet and 8% charges for any transaction of Poocoin. Of this 8%, 4% is given back to the holders of this token while the other 4% is burnt, this means that this coin is constantly burnt thus reducing supply. In trading Poocoin one is limited to a maximum of 100,000 Poocoins.
Poocoin has an app which provides chart and portfolio management for Binance Smart Chain and it aims to improve on existing decentralized exchanges. They also provide chart tracking, transaction tracking and wallet tracking for BSC which allows low-cap coinsto be traded on Binance.
So Poocoin is not just like any other Meme Coin with no use case because it provides essential service to the Binance Smart Chain network and it is able to achieve stabling which is helpful for price appreciation. Poocoin has also been following up with the bull run just like every other cryptocurrencies and this is a very good sign.
Conclusion
Meme Coin is a proof that crypto is diverse and open to new innovation, Meme Coins have stormed the Crypto World by surprise with some of these coins performing beyond expectations. A lot of Meme Coins have been launched each promising greatness but not all this project are genuine, so before investing the any of these Meme Coins, it is important we adequate research about this coins and go for Meme Coins with use cases.
This lack of use case for a lot of Meme coins is a hindrance since the sole aim of cryptocurrency is to provide solution to real life problem. So with this newly acquired fame Meme Coins have to evolve. So as we invest in Meme Coins we should thread with caution because in as much as the profits are high the loss can be tremendous.