The world of crypto is now heavily influenced by the pump and dump business model. Investors trade large sums of certain coins in a short period which causes the market to fluctuate over time.
In such a trending and uncertain market model, meme coins are on the rise when it comes to gaining attention. These coins are primarily based on a meme character circulating the world at the launch point.
Meme coins: A brief intro
In simple words, meme coins are trending cryptocurrencies. These currencies are influenced and inspired by the meme characters or jokes going around the globe at a certain point. The classic Shiba Inu meme and the rise of Dogecoin are clear examples of this.
According to experts, there is no surety that you will be making profits from these coins. Like stated before, the principal purpose of these coins is to act as an internal joke. But at times, community members invest in them just to have a part in the joke.
Identifying a meme coin
Specific characteristics can help you identify whether or not the coin you are looking at is a meme coin. The first one is the unlimited or high-market supply. You won’t see an end to these coins. Because of this, the per-unit value of such coins is also meager.
The low market value allows almost anyone to buy many such coins. This pushes the popularity of such coins over the charts for the time being. Plus, making such kinds of coins is not an issue anymore with the help of heavy development software.
Before investing in a meme coin, you need to understand a few things. First, meme coins are highly volatile concerning the price tag. The price of such coins is influenced by any celebrity tweets or the overall emotions of the community, which can change in a matter of minutes.
Second, the market value of such coins can crash drastically. The same thing happened with Dogecoin. Third, there are properly organized scammers that run such cryptocurrencies to allure people to a solid investment and then scam off their solid investments. You need to be very much aware of a situation like this.
Buying Dogecoin in UAE
The UAE is on a mission to become a hub for cryptocurrencies enthusiasts from around the globe. As a step to turn this initiative into reality, the government of UAE has allowed trading for certain cryptocurrencies in the first round. Dogecoin is one such crypto unit.
Now, to buy Dogecoin in UAE, you have two possible options. The first one is to go independent and buy such units independently. The second and most probably the better option is to buy Dogecoin with the help of a local exchange.
The future of meme coins
According to experts, the market for meme coins will always remain uncertain. The major reason behind that is the volatility and trends. There is no possible way to predict the future of such coins without considering factors like community input into account.
The future will always come with several meme coins springing up from all sides just because of the rising trends. To invest in such units, you need to be sure that the coins’ market will last that long. There is no other way to project the growth of meme coins.
The world of cryptocurrencies is now also targeted by instant investment projects. The meme coins keep springing to the surface market now and then, taking the pump and dump game to the next level.