Feb 23, 2022
Tesla began accepting ‘grimacecoin’ – a fictitious currency that didn’t exist. Of course, within just a few hours, Grimace meme coins had been launched on the Ethereum, Binance blockchains and were trading on crypto exchanges like QuickSwap and PancakeSwap.
The Ethereum-based ‘Let’s Go Brandon’ coin, which was launched just 6 months ago as a dig at US President Joe Biden, has shed 99.5% of its value over the past 30 days, rendering it effectively worthless.
The very first meme coin was created in 2013 after Adobe engineer Jackson Palmer jokingly tweeted to IBM software engineer Billy Marcus: Investing in Dogecoin!
The two went on to create Dogecoin, a misspelling of the word ‘dog’, as a joke. Dogecoin’s price shot up by 1,602% in 2021, with a little help from Elon Musk.
Shiba Inu, Dogelon Mars, and Samoyed Coin, as well as Loser Coin and Sad Cat Token. At its height, Shiba Inu saw a gain of 50,000,000% in 2021.
At present, there are over 250 meme coins trying to attract crypto investors’ attention
It’s important to note that 90%-95% of these coins end up dead,
So, should you risk investing in such volatile tokens?
1) Does the project have a focus other than profits? 2) Who are the developers and what percentage of the tokens do they own? 3) Is the liquidity pool real? 4) Has the cryptocurrency’s underlying code been audited by a reputable third party?