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Meme Coins: Definition, Working, and Pros & Cons

March 26, 2024

GS Paper III Science and Technology

Context

Meme Coin

Recently Meme Coins are Garnering considerable popularity (as their inception is rooted in the burgeoning meme culture on the internet, characterized by humor and levity) within the cryptocurrency realm.

About Meme Coin

The term “meme coin” originated with Dogecoin, conceived as a playful response to the Doge meme featuring a Shiba Inu dog.

  • Definition: 

    • Meme coins, also known as ‘memetic tokens’ or ‘community coins’, are digital currencies created as a form of satire or humorous tribute to the internet culture. 
    • They often feature quirky names, logos, and branding that reference popular memes, jokes, or internet phenomena. 
    • Presently, the market boasts over 300 different meme coins.
      • For Example: Dogecoin (DOGE), Shiba Inu (SHIB), Retik Finance (RETIK)

  • Working of Meme Coins:

    • Meme coins function similarly to traditional cryptocurrencies, leveraging blockchain technology to operate.
    • They are commonly established on platforms like Ethereum and Solana, which facilitate their functionalities. 

Pros & Cons of Meme Coins 

Pros Cons
  • Highly Volatility: Possibility of earning a profit if values rise
  • Extensive or uncapped supply: Minimal values per token due to extensive supply.
  • Exploring Blockchain Technology: An Engaging Approach to Understanding Cryptocurrency, Smart Contracts, and Platforms such as Ethereum and Solana.
  • Straightforward creation process: Comparatively straightforward creation process when juxtaposed with traditional cryptocurrencies.  
  • Increase participation in Trading: Potential participation in an active investing and trading community
  • Lacks intrinsic value or unique utility: These coins are primarily driven by speculation and community engagement.
  • High risk and volatility: Due to rapid price fluctuations it poses risks of  High Volatility.
  • Lack of Regulation: As it operates within a largely unregulated environment, heightening susceptibility to fraud and manipulation. 
  • Limited adoption: Compared to leading cryptocurrencies, thereby restricting practical applicability. 
  • Technologically complex for some users

 

Also Read: E-Rupee’s Journey: Struggles In Trial Phases

 

Must Read
NCERT Notes For UPSC UPSC Daily Current Affairs
UPSC Blogs UPSC Daily Editorials
Daily Current Affairs Quiz Daily Main Answer Writing
UPSC Mains Previous Year Papers UPSC Test Series 2024

 

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