Dogecoin and Shiba Inu are two famous names in the crypto world. Besides these two, innumerable coins exist in this market. One can buy meme coins through the various exchange platforms available. The Crypto market is unpredictable, and a few movements can spin the entire market around. However, it is essential to understand what these coins are and what makes them different from others in the competition. If you travel back, the first one – Dogecoin, was created to instil fun into the crypto trade. The purchase can be made in a few simple steps.
Definition
A meme coin is nothing but a form of cryptocurrency that has something to do with a popular meme. These coins are created on the very idea of something funny or interesting on the Internet. These are primarily used for trading instead of involving in transactional activities. They are volatile and attract young investors on a large scale. Celebrity influence significantly impacts the rise and fall of the crypto market. It was only when Elon Musk promoted Dogecoin that its popularity rose.
Top Meme Coins
DOGE
DOGE is a famous coin in this category and was created by Billy Marcus and Jackson Palmer in 2013. The software engineers had zero idea that DOGE would be among the top 10 cryptocurrencies in 2021. Supply and demand add value to a particular asset, which has been the case with DOGE. It was the partnership between Reddit and Dogecoin that the latter rose by 7,000 %. It has a supply of around 132 670 764 30 coins in the ecosystem. It is an old favourite for many investors and remains at the top.
Shiba Inu
SHIB or Shiba Inu is an Ethereum altcoin and has often been considered an alternative to Dogecoin. It is among the various altcoins in the crypto space and was launched in August 2020. The launch was led by an anonymous group called Ryoshi and conveyed its decentralised nature. As per the source, SHIB ranked 16th with surging market capitalisation. It has a total of more than 549 trillion coins in the market and has no maximum limit. The secure and stable nature of the altcoin built on the Ethereum blockchain makes way for many opportunities.
Dogelon Mars
Dogelon Mars or ELON is another Doge-theme meme coin. It was brought on 23 April 2021 and had been making some buzz. Elon’s mascot is also traded as a non-fungible token. Elon’s team followed a similar publicity stunt like the Shiba Inu and sent half of the supplies to an Ethereum founder. The founder donates some coins and keeps others to increase their long-term value. The doge-themed project aims to replicate the success of Dogecoin, which has the third-highest proportion among all the meme tokens in the cryptocurrency market.
Things Needed to Buy a Meme Coin
- The primary thing to do is create an account on the crypto exchange. You will need an email address and, in some cases, a phone number and photo ID. You will need to confirm your identity before diving into crypto trading.
- The process is called Know Your Customer or KYC and includes verification. You also might need to provide address proof with the help of a bank statement or utility bill.
- Some exchanges do not require the KYC process. However, those do not allow one to transfer local currency from your bank. In that case, you will need to go through KYC. Once the verification is done, ensure the security and get started.
Final Thoughts
A person can sell or convert the meme with the exchange that helped purchase. Take the necessary precaution for safe and prosperous crypto trading. Multiple exchanges facilitate the buying and selling of a meme coin.