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Memecoin has become one of the most talked-about topics in the crypto world recently. Even though this type of cryptocurrency development started as a joke, it didn't take long for them to gain popularity. But why are crypto enthusiasts spreading misinformation about these memecoins, and why are companies choosing to invest in memecoin development? Explore this blog in its entirety.
Understanding Memecoin
A memecoin is a particular kind of cryptocurrency that becomes well-known due to its hilarious and viral appeal. These collectible tokens include pop culture allusions, memes, or relatable jokes. They might consist of pictures, movies, or other kinds of material.
Memecoins have no utility or value inherently. Their value depends on their popularity over the internet. It is a creative perspective on the crypto industry, leading to entertainment.
In 2013, two software programmers named Billy Markus and Jackson Palmer introduced Dogecoin, the first memecoin. Despite the fact that this memecoin was first intended as a joke, Elon Musk's tweet in 2019 helped it gain popularity. There are several different memecoins available now.
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The Working of Memecoins
Meme currencies function similarly to other cryptocurrencies. They utilise blockchain technology and are decentralised. They are not subject to any particular governmental or financial authority. A public ledger is used to store the transaction history once transactions have been verified by a network of computers. Transparency and immutability are ensured. As a result, users can engage in direct trading of memecoins on decentralised exchanges (DEXs) without the involvement of middlemen.
Popular Memecoins
We have enlisted the three most popular memecoins below:
Dogecoin (DOGE)
Dogecoin is the most popular memecoin in the crypto market. It was based on a viral internet meme of a Shiba Inu dog. Essentially, its developers took Litecoin's code as a reference to encoding Dogecoin.
The cryptocurrency was initially designed solely as a parody of previous crypto initiatives by its authors. But the crypto community took notice of this memecoin. It is being used by users on social media and crowdfunding sites for digital tipping services.
Shiba Inu (SHIB)
Shibu inu coin (SHIB) is an ERC-20 token that gained popularity due to its dog-themed ecosystem. Its developers took inspiration from the Japanese dog breed of the same name.
In 2020, the company's founders printed a quadrillion SHIB tokens. They gave Vitalik Buterin, the creator of Ethereum, the remaining tokens while locking half of its supply in Uniswap. He gave the remaining tokens to charities while burning the majority of them.
Additionally, this memecoin provides SHIB holders with access to its decentralised exchange, ShibaSwap.
Pepecoin (PEPE)
PEPE memecoin has been one of the quickest memecoin to gain a market cap of $420 million. Its founders launched it in April 2023. Within three weeks, it crossed this mark.
Users can trade this popular memecoin on crypto exchanges like Uniswap, Huobi, OKX, and more.
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Memecoin Development
A memecoin is a cryptocurrency that is mostly based on online memes. To acquire traction and encourage user participation, it makes use of memes' widespread appeal and viral nature. The following are the general steps in the development of memecoin:
Conceptualization
Define your memecoin's goals and distinguishing features. Identify the best ways to include memes into the branding, marketing, and community involvement of the coin.
Blockchain Choice
Pick a blockchain that is appropriate for your memecoin. Ethereum, Binance Smart Chain, or other platforms that allow smart contracts are popular choices.
Token Creation
Create your memecoin token on the chosen blockchain. It typically involves using a smart contract to generate a standard token like an ERC-20 or BEP-20 token.
Tokenomics
Design the tokenomics of your memecoin, including the total supply, distribution mechanism, and any token burning or rewards system. Consider how memes will play a role in the tokenomics, such as meme-themed rewards or incentives.
Integration with wallet
Make sure your memecoin is compatible with well-known cryptocurrency wallets so that users can securely store, send, and receive it. Think about integrating with hardware, mobile, or web wallets.
Exchange Listings
Secure listings on reputable cryptocurrency exchanges to increase the liquidity and accessibility of your memecoin. Approach exchanges that support meme-related projects or have a large user base interested in cryptocurrencies.
Ongoing Development and Maintenance
Continuously work on improving and maintaining your memecoin. Listen to community feedback, address issues or vulnerabilities, and implement updates and new features to keep your memecoin relevant and appealing.
Memecoins can be fun and draw attention, but because of their speculative character and market volatility, they frequently include higher risks. Therefore, it's crucial to approach the development of memecoin with caution. To protect users and uphold faith in your project, you must assure transparency and responsible practises.
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Looking for Memecoin Development Services
Memecoin development is something you should think carefully about before choosing. The development depends on appropriate research, technical prowess, and resources. Therefore, it is essential to get professional help from a cryptocurrency development company for your project.
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