A meme coin is a cryptocurrency term for popular currencies, sometimes depicted with comical or animated memes, that are supported by enthusiastic online traders and followers. meme coin is usually inspired by a joke or an internet meme that circulates a community. For example Dogecoin which was created by Billy Markus is a famous meme coin that was intended to mock Bitcoin. It was created from a viral meme of a Shiba Inu which explains the dog face that represents it. Then, there’s a Shiba Inu meme coin that was intended to mock Dogecoin. There are also meme coins inspired by current trends. For example SQUID which was inspired by Squid Game, a popular Netflix show that lasted for a while until the hype died.

WAYS TO IDENTIFY THE MEME COIN

1. Does the meme coin have a strong community, social backing, or positive social media sentiment?

Go beyond looking for mentions or checking accounts exist. Does the meme coin have genuine followers and fans? Are "likes" genuine, or does the coin’s interaction look like it’s from bots? Is the community waiting excitedly to get their hands on these memes? Are crypto influencers talking about this coin, and do you trust them?

2. Is the team behind the meme coin credible?

Can you quickly find the project team on the meme coin website? Have they launched other projects? What’s their background on their LinkedIn profiles? Both Google and LinkedIn are great resources for checking out meme coin developers and project backers. Also, look for quality project roadmaps and detailed whitepapers.

3. What are the meme coin tokenomics or smart contract audit results?

There’s a lot to consider here, so make sure you understand how crypto coins are created, launched, and governed. Will tokens be burned in the future? How many meme coins are allocated to the community for decentralized governance or liquidity? Or do too many coins seem to be allocated to the project team? Does the project have a smart contract audit, and what’s the rating?

4. Does the meme coin have utility, or is it unique?

Crypto coins or memes that have utility beyond being an asset can show higher potential. Is the meme highly collectible? Scarce? Is the meme coin stakable to earn yields? Is it part of a game or a series? Does it leverage a brand?

5. Does the meme coin have funny names

While humor differs for everyone, most meme coins have a rather funny sounding name. For instance, SpaceKim or Wakanda Inu Token. If you find a token with a weird name, make sure you look up the project because it is likely that the token is a meme coin.

6. Is it all about the hype!

Meme coins are driven by the community that backs up the token. The community is built around social media and community platforms like Discord, Reddit, Telegram and even Instagram. Token holders are sometimes incentivized to promote the token which is a sort of marketing ploy. Groups like Reddit and Discord also have raids that spread hype and urgency to get other users to buy in.

7. Traded mostly on DEXs (Decentralised Exchanges)

Besides Dogecoin and perhaps Shiba Inu, most other lesser-known meme coins are often not listed on CEXs (Centralised Exchanges) because these exchanges have regulatory standards to abide by. Some exchanges however are not regulated like Gate.io so they might list some of these meme tokens. This is only if they have a certain trading volume that would be profitable for the exchange. On a DEX, anyone can list a token, so you might have better luck finding Kitty Inu or Safemoon on a DEX (Decentralized Exchanges).

8. Founders Admit It’s a Meme Coin

The easiest way to find out of course is if the founders just say it’s a meme coin. Oftentimes, you will be able to read about the token on their designated websites. This would list the whitepaper, mission, objectives and so on. If you read it and find it to be rather funny or odd, then you could be sure it’s a meme coin! For instance, Floki Inu mentions that it combines “the power of memes with real utility and charitability”. The Million token calls itself the “Web 3.0 meme coin (“King of the Jungle of dogecoin)

SOME OF THE MEME COINS INCUDES:

1. Dogecoin

2. Shiba Inu

3. Baby Dogecoin

4. Pepe

5. Floki

6. Dogelon Mars

7. Pepe 2.0

8. Wall Street Meme

9. Doge Killer

10. Milady

11. Samoeyed

12. Kishu Inu

13. Dogechain

14. YooShi

15. SpongeBob

Meme coins are fun and if you’re lucky, you might even be able to make a fortune. But before investing in one, keep in mind the risks that you expose yourself. Meme coin prices highly rely on community sentiment and viral moments. For most investors, it’s best to risk a small part of your portfolio into these meme coins instead of being all in.

While meme coins may be fun, they are also highly risky investments and may hold little or no intrinsic value. In other words, proceed with caution and always remember to DYOR.