Meme coins are a type of cryptos that are inspired by an internet meme or viral image. The underlying technology is blockchain. As they are cryptos, they can be mined. They are available for buying-and-selling at crypto exchanges.

Meme coins are generally associated with culture and community. Some are created for fun or recreation. Cryptos, as we know, have technical features, whereas meme coins are known for their association with a meme.

Some popular meme coins are Dogecoins (DOGE), Shiba Memu (SHMU), Pepe Coin(PEPE), Wojak Token (WOJAK).

The key difference between meme coins and cryptos such as Bitcoin and Ethereum is the utility. Meme coins are meant for investors to make fast money. Cryptos such as Bitcoin have a limited supply of 21 million — once it reaches the limit, people can longer mine Bitcoin. This drives the demand and price. It becomes an expensive buy. This is not the case with meme coins. Dogecoin has an unlimited supply. Shiba Inucoin has a supply of 1 quadrillion. A Shiba Inucoin is priced on July 4, 2023 at $0.068 For $100, you can buy 1463 Dogecoins. The proposal is attractive for young generation. A few dollars investment buys you thousands of meme coins.

Meme coins have significant presence on social media. Prices are driven by their popularity.

As meme coins do not have any fundamental economic or business use, there is price volatility. It is vulnerable to sentiments. At times, creators or investors of meme coins disappear with investor’s money. It is called rug pulls.

Governments initiate efforts to rein in some meme coins.

Despite inherent risks, some meme coins have a strong following. Meme coins have an uncertain future.