One of the top and favorite examples of meme coins is the popular dogecoin. This crypto has never gotten out of the top 10 cryptocurrencies and is being hyped by tycoons such as Elon Musk. It has a pair of Shiba Inu dog Kubasu with childlike language and colorful fonts.

Dogecoin was launched in 2013 December as a joke, and many people swarmed into it. People like pleasant things, so they wanted to investigate if the internet meme could work as an investment plan.

However, after some years, the founder and CEO, Billy Markus, sold all his coins, with the vice president resigning. Despite that, the coin has remained strong, and the board has insisted on strengthening its development.

Dogecoin was not the first meme coin, but its hype popularized others. Since 2013, there has been a rise in the number of meme coins. Unfortunately, many developers are lying on the side of dog-themed meme coins.

In 2021, there was a high rise in the meme coin, with dogecoins coming up with some minor deviations like the Dogelon Mars. As the name sound, the person behind the development of the dogelon is Teslas and Space X founder Elon Musk. He decided to tweet about them during the pandemic, and they went viral. A good number of individuals invested a lot of money in dogecoin. His interest in crypto has grown wide.

Other popular memes include Pepe Cash which was developed following the design of Frog. HODL has also been invented to upbringing the falling crypto market.

The History Of Dogecoin

Dogecoin was designed to poke some fun on the internet. It was to bring some good times to crypto investors and those against digital money. As a result, a large community, mainly on Twitter and Reddit, developed around it.

Some financial advisors and crypto enthusiasts said it was the best crypto for the newbie to learn from. The technology was simple, and you only needed a few dollars to start investing. So it acted as a lab experiment. At that moment, a single bitcoin was selling at $1000.

In 2014, the crypto community promoted dogecoin to the next level and named it a “friendly and fun digital currency.” Other communities like bitcoin and Ethereum were much concerned about the rise and fall of the prices. But money was not the key when it came to the dogecoin community. Instead, the people utilized the available chances to make life more interesting with digital currencies.

From 2016, there was the development and launching of bots on various social media platforms. These bots could complete a transaction when a person wants to send some money to an influencer they liked their posts. Dogecoin was the cheapest, and people experimented with the deal, and it worked well.
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The dogecoin community went ahead to conduct some fundraising for charity organizations. One of the top countries to receive the fund was Kenya and Jamaica. They build large water well in the northern arid areas of Kenya. Unfortunately, Jamaican Bobsled Team had just qualified for Sochi Olympics, but they could afford the cost of traveling. So the dogecoin community sent some crypto coins to rescue the trip.

The Marketing Strategy Used By DogeCoin

Marketing is always a difficult task when it comes to any project. When dogecoin started, the board offered hundreds of free coins to people at parties and events to attract a large pool of individuals. Some people secured more than 500 dogecoins, and the price was only 20 cents. If you did that seven years later, you could have gotten a free $353.

Risk Of Investing In Meme Coins

In general, investing in all cryptocurrencies is risky. Financial experts say, “invest only the amount you know you can lose.” Many people look at dogecoin as a light-hearted project, but it’s not. It has its own risk too.

Yes, we have many meme coins whose prices have skyrocketed by even 1000% within a few months. This results in some investors being rich. But you never know fate. Many people will invest in the new meme coins only to expect anything negative or positive. Some started well, but they ceased out of the market after months. There is no assurance that a new project will hit the market. To be a real entrepreneur, you need to take risks to succeed.

Some of these meme coins are never serious. Developers build them like a substantive project. There was a report that most of those meme coins are created by unskilled developers who copy the code of other coins and paste it. They then change minor things like the design to confuse the users.

Others don’t have a significant community of developers to turn ideas into real projects. After implementation, nobody is there to update the digital currency; hence lags behind the new technology. This has happened even with dogecoin; there was a time it almost failed because of the inactive developer’s community.

Another point making meme coins risky is the small board of teams controlling the market. Instead, they own many coins with fewer liquidity pools. This causes the price to go high, bringing Fear Of Missing Out(FOMO) among people. Such issues result in pump-and-dump schemes, where influencers cause people to buy the coins and inflate the prices. Then, after a short period, they dump all their investments and run to the next coin.

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Doing this is only a small percentage of people who are the top beneficiary. The average investor who thought the meme crypto would hit the market is left holding many coins with no market to sell.

Let’s Buy Meme Coins.

Despite meme coins being so volatile, many people are still investing. It is a good idea, don’t be afraid t stake your price. Some people are interested in the market cap, but others do it to put their name in the crypto industry. Those platforms that offer bitcoin and Ethereum have a lot of meme coins. You have to spare a few dollars to own your meme coin.

At Gemini, Binance, or Coinbase, you can freely sell dogecoin. The traditional trading platforms and stocks like SoFi, WeBull, and Robinhood allow users to invest in cryptos. With Coinbase, you require a minimum of $2 to purchase some dogecoins. The fees range between 0.5% – 4.5% on a single trade.

However, we have some obscure meme coins that cannot be purchased from normal platforms. Only interested investors create the accounts on special platforms and learn how those decentralized chains work. A good example is the dogelon Mars, which can be found at OKX, KuCoin, and Crypto.com.

Should You Invest in Memecoins

Financial experts have always insisted that before investing, make sure you have financial footage. There must be a backup that will save you if the market stumbles. There is a need to establish an emergency fund that will cover up in case of anything, and Its advantages are if you have a 401(K) retirement account from your company.

Look at your investment profile. Is it okay? If you don’t understand, hire a financial advisor, don’t just make the personal decision. Those who have taken time to review the meme coins have a low initial payment plan. Swim into research and understand how the meme coins market behaves. Be specific, don’t move from one meme coin to another, dwell on one, then dig deep into it to digest more knowledge. It will be easy to move into the next, and they almost work similarly.

Bitcoin has been termed a store of value as gold investor shift their priorities to digital currencies. If you are among the group, who want to store the coin or trade it as a hobby, avoid meme coins. Move with stable coins like Ethereum. If you fear those popular coins, invest your money in traditional stocks and index funds. This is the best choice for those people who get bored by digital currencies. However, more meme coins shall continue to sprout.