Gate.io Blog What are memecoins, and can they make you rich?

What are memecoins, and can they make you rich?

19 January 09:04

Memecoins have been trending on Coinmarketcap in the past few weeks, with new memecoins popping up and enjoying explosive growth out of nowhere. But what does a memecoin actually do? And why should you trust Gate.io for your memecoin investments?

What is a memecoin?

The most well-known of all memecoins is dogecoin, created as a “joke” by its creators due to the wild speculations in crypto back in 2013. However some considered it as a legitimate investment prospect and with a fast growing online community, it was able to reach a market capitalization of more than 50 bil USD in 2021, with an all-time high of 0.74 USD. The massive growth in dogecoin led to overnight crypto millionaires with some investors earning more than 1000% on their investments.

Eventually this has led to other memecoin projects being created with some of the most popular and well known being Shiba Inu, Floki Inu, Safemoon Inu, etc. Each based off a meme or something that Elon Musk tweeted about, and each with a community hoping their memecoin will become as popular as dogecoin and eventually reach 0.01 USD or as they say in crypto “to the moon”.

Memecoins on gate.io

As cryptocurrencies becomes more mainstream as an investment, we can expect more memecoins being released in 2022 and beyond. Tesla has now even accepted Dogecoin as a form of payment, so its possible some memecoins may eventually become “useful”.

Gate.io has already listed the most popular memecoins such as: Dogecoin, Shiba Inu, etc. But it has also included some of the latest projects such as Dogelon Mars, Samoyedcoin, DogeDash, etc. Each of these projects has been listed as its online communities believe that it has the potential to become as successful as Dogecoin and reach 0.01USD. But more importantly it has been vetted for its transparency and integrity, therefore ensuring the safety of our user’s assets on Gate.io

Why should you trust Gate.io for your memecoins?

The prices of memecoins are unpredictable as they are mainly dependent on community sentiment and can be affected by tweets from celebrities such as Elon Musk. Therefore memecoins are very volatile for investments and prices can crash as quickly as it grows. Furthermore many memecoins have no fundamentals or base of usage other than being a speculative asset, each with an online community hoping to become a crypto millionaire overnight.

This has led to many memecoins turning out to be scams, such as Squid coin, Anubis DAO, etc. Most of these scam projects are listed on DEX platforms hence it has little regulation and verification in its listings.

However on Gate.io: every project regardless of whether it is DeFi, P2E or memecoin, each are carefully vetted for the potential of being a scam. Gate.io has a team of analysts verifying every new project with regards to its fundamentals that has applied for a listing on Gate.io. By analyzing the project’s white paper, website and investors,

Gate.io will further screen out projects which are deemed inadequate in explaining its project’s dynamics. Once the project has guaranteed its credentials, only then shall Gate.io list the project. Therefore you can be feel safe by investing in memecoins on Gate.io as the security of your assets is our first priority.

Author: Gate.io Observer: Alex N
This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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