Looking beyond the joke: Underlying fundamentals of meme coins

economictimes.indiatimes.com:

Dogecoin (DOGE) and Shiba Inu (SHIB). It will not be faulty to say that meme coins seem a volatile investment compared to Bitcoin or Ether. If 2021 has been any indicator of the rise of meme coins, then 2022 is predicted to bring an era of meme coins being used as transactions for services. Essentially, meme coins are cryptocurrencies inspired by jokes or memes as we so like to call them. The first meme coin was the Dogecoin, originally launched as a parody of the Shiba Inu dog. Now, the challenge lies in changing perception, or rather have something as amusing as a meme to be considered an amicable investment. Cryptocurrencies are influenced by community-driven investors and social media trends, and therefore, it is significant to have audiences understand the fundamentals of meme coins. One key characteristic of meme coins is their unlimited supply. As of today, the market notes a total supply of 1 quadrillion tokens for Shiba Inu, and over 100 billion tokens in circulation for DOGE (basically no maximum supply). Interestingly, one can buy an ample amount of meme coin tokens by investing just USD 1, which can explain their relatively low prices, and why they seem to be an affordable investment compared to other cryptocurrencies.

Did you Know?

The Shiba Inu team launched a burn portal to help address the issue of the massive supply of SHIB tokens As of June 29, 2022, more than 400 trillion tokens have been burned to cap supply

To summarise:

Now, let us move on to the fundamental difference between meme stock