Thinking About Investing In Meme Coins?• January 9, 2022 5:58 pm • Comments
Meme coins, cryptocurrencies that seemingly have no function or utility, have been around since the inception of the industry.
Some of the most popular ones include Dogecoin and Shiba Inu which have seen exponential growth in the past few years with many users HODLing these coins as enthusiasts proclaim they will “go to the moon”.
In the recent retracement from record price levels that occurred late last year, these meme coins are finding difficulty maintaining their high valuations. Doge has decreased 80% from it’s all-time high and Shiba Inu has declined more than 65% since it’s all-time high.
As a result of the recent price changes, Twitter users have reacted in interesting ways.
DogeTooCheap tweeted a meme of a Shiba Inu knocking at doors labeled 17 cents which is a price that the coin has been unable to surpass since December of last year.
This our life right now $Doge #Dogecoin pic.twitter.com/p1u5Rty89m
— DogeTooCheap (@JustinScerini) January 3, 2022
Not all HOLDers have reacted in despair though.
Other crypto enthusiasts are still optimistic about meme coins and remain headstrong about “to the moon” despite the recent loss in rally strength like Duncan Grey.
January will be the month to determine the growth of #SHIB. I have a very good feeling we’re on the way to the moon and beyond. 🚀 pic.twitter.com/gddZMRZLH2
— Duncan Gray (@DuncanGray) January 5, 2022
There are many reasons why people buy meme coins. Some want to be part of community or a joke, while others see it as a way to get rich quick.
For some, a coin like Doge was their first step into the crypto world. Mark Cuban stated that buying Doge is better than a lottery ticket and will help expose a novice to the intricacies of the crypto market.
Will meme coins still continue to be relevant 5 or 10 years from now?
No one knows for sure, but what these coins have done so far have surpassed many people’s expectations.
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