Before we start detailing the key features to look for in a credible meme coin, let’s first define the concept of a meme coin itself. Introduced in 2013, meme coin development are typically crypto projects built around meme-worthy themes and animals. For example, Dogecoin (DOGE), the first meme currency, was inspired by the Shiba Inu (a breed of hunting dog developed in Japan) meme sensation (an image of a presumably smiling Shiba Inu dog) that took the internet by storm in recent years. years. early 2010s.
Notably, the success of Dogecoin gave rise to a horde of other dog-themed coins, including the self-proclaimed DOGE killer ( Shiba Inu coin or SHIB), which briefly surpassed the former in In terms of market capitalization, earlier this year. Unlike traditional cryptocurrencies, meme coins are not typically judged based on the utility they provide to users. Instead, more emphasis is placed on the currency’s ability to attract high community participation. In essence, virality is the most important factor needed to measure the success of meme coins. With this in mind, what then can be done to identify credible and fake meme coins?
The History Of The Development Team.
Those familiar with the cryptocurrency sector understand that reputation is an important component to consider when considering the feasibility of a product or platform. Therefore, it is advisable to unravel the identities of the project’s Core Collaborators and their backgrounds. Please note that it may be impossible to find information about members of the development team due to their decision to remain anonymous. In such cases, you can base your research on the team’s design decisions, especially tokenomics.
Be wary of meme coin development where a single entity controls a significant portion of the total supply of the token. These digital assets are prone to experiencing a price drop if the major token holder decides to dump (sell) their coins. Therefore, it is advisable to opt for a meme coin whose circulating supply is not concentrated among a handful of investors.
