15 Feb 2025

light mode

What’s a meme coin?

What’s a meme coin?

It’s time to spill the beans: At least once in your lifetime, you have wondered what sort of beast meme coins. And we really can’t blame you as they are fun, tradeable, popular, and Elon Musk-related (a biggie for sure).

What’s a meme coin?

 

It’s time to spill the beans: At least once in your lifetime, you have wondered what sort of beast meme coins. And we really can’t blame you as they are fun, tradeable, popular, and Elon Musk-related (a biggie for sure).

 

In this article, we will provide you with all the key bits and bobs that will help you understand what this class of coins is all about and help you navigate the ever-growing pool of coins with cute doggo avatars.

 

What sets meme coins apart 

 

Let’s start with the easy part: the meme. This term encompasses any type of picture on the web that is usually humorous and viral because everyone loves it. Simple as that.

Since the invention of social media, – which, as our younger audience would be shocked to find, has been around for less than two decades, – memes’ succinct funny messages and pictures have become an integral part of the internet culture.

 

Because of their popularity and omnipresence, they quickly made their way into the crypto-verse, garnering attention from the public worldwide. 

 

Unlike Bitcoin and Ethereum, the two established mammoth cryptocurrencies, meme coins lack bells or whistles such as sophisticated hard forks. They are simply here for the traders to be traded. They are also highly volatile, often have an infinite supply, are dependent on media hype, and tend to have a very low value, i.e. way below the 1 USD threshold.

 

They are the kind of coins that are there just “for funz”, albeit with potential use cases. At least that is what well-known crypto bull Mark Cuban thinks.

 

They also seem to be targeting people from the “woof-woof” team, not the “meow-meow” one as virtually all of them feature dogs, particularly the Shiba Inu breed. 

Alas, we cannot explain why the creators decided to leave the kitties out this time. It is one of the many mysteries that the crypto-verse has to offer.

 

Top five coins 

 

Now that we know what meme coins are in a nutshell, let’s take a closer look at the leading meme coin projects. 

 

According to Coingecko, the five meme coins with the largest market cap include: 

 

· Dogecoin (DOGE)

· Shiba Inu (SHIB)

· Baby Doge Coin (BABYDOGE)

· Dogelon Mars (ELON)

· Floki Inu (FLOKI) 

Source: Coingecko

Source: Coingecko

Dogecoin (DOGE) is, arguably, one of the most well-known meme coins.

 

Launched in 2013 by Jackson Palmer and Billy Markus, DOGE is a peer-to-peer, open-source cryptocurrency that features the Shiba Inu dog as its logo. Created as a joke, Dogecoin runs on the Litecoin blockchain and uses a script algorithm and the proof of work consensus.

 

Its main features include its low price, unlimited supply, and heavy dependence on praise from Elon Musk, who in 2019 came out, though jokingly, as its CEO. As with all things Musk-related, the community went cuckoo about this revelation, boosting its price overnight. 

 

Other celebrities, such as Cuban and the “la-la-la” rapper Snoop Dogg have also been promoting the coin – and with great success. In 2021, when Elon Musk, Mark Cuban, and Snoop Dogg endorsed Dogecoin, the coin saw a price increase of 800% within 24 hours. 

To date, Musk continues to support the project.

 

Like DOGE, Shiba Inu (SHIB), another meme coin, also features a dog of the same breed. 

Created in August 2020 by an anonymous person or group known as “Ryoshi”, it is a decentralized cryptocurrency that calls itself the “Dogecoin killer.” In 2021, Vitalik Buterin, the co-founder of Ethereum, donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund, which used it to curb the spread of the coronavirus in India.

 

Did it manage to kill DOGE though? The short answer is no.

 

Baby Doge, another popular meme coin, is likewise an extension of DOGE. Although it launched at an ultra low price of $0.000000000175 on June 1, 2021, in less than a month it saw a 44-fold increase. 

Then, however, it plummeted and has not shown a strong performance since. 

 

Baby Doge also has an NFT extension, which now offers users PlayToEarn (P2E) utility through its partnership with Petaverse in the Decentraland metaverse

 

Dogelon Mars (ELON) is another meme coin launched in 2021. What makes ELON special is that its mascot also stars in a comic series which is available as an NFT. Like Shiba Inu, ELON’s team decided to send half of the token supply to Buterin who again donated it – this time to the Methuselah Foundation in the US. 

In February 2022, the Foundation, which still has the coins, wrote a post saying, “If you dismiss $ELON as just another meme token, you’re totally missing the point. We believe in the potential of Dogelon Mars,” adding that “it is a mission token.”

 

The FLOKI Inu coin is the fifth largest meme coin by market cap, which “gives power and opportunity to the people — to the underdogs — instead of venture capitalists and hedge funds” and aims to “be the most known and most used cryptocurrency in the world”, according to the project’s site

The creators highlight the importance of the meme culture, with the team behind it saying that “our community loves and lives for the memes.” They also view it as a way to mainstream crypto adoption. 

“Memes appeal to everybody: to poor and rich, to small and great, and to young and old alike. This is why the people’s cryptocurrency is a meme at heart,” they write.

 

Though not leading the charts just yet, recently another meme token made headlines – the Saudi Shiba Inu, which is trending on CoinMarketCap. The project is already gearing up to launch a collection of NFTs and plans to create a decentralized exchange (DEX) that supports meme coin listing.

 

Wrapping it up

 

Even though most meme coins remain on the lighter side of crypto, it is undeniable that their allure is growing. New projects keep popping up in the crypto space, receiving publicity for reasons both good and bad. So, if you are thinking of investing in some of them, we advise that you do your homework thoroughly. 

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
AI Is Making Crypto Scams Smarter—Insights from Chainalysis 2024

AI Is Making Crypto Scams Smarter—Insights from Chainalysis 2024

The 2024 Chainalysis report confirms that AI-driven fraud is on the rise, with crypto scammers cashing in at least $9.9 billion through advanced deception tactics.

The Coinomist
North Korean Hackers Infiltrate GitHub & NPM to Steal Crypto

North Korean Hackers Infiltrate GitHub & NPM to Steal Crypto

Lazarus Group, a North Korean hacking unit responsible for numerous cyber attacks, has launched a new campaign targeting software developers and crypto wallets.

Anahit Avetisyan
Solana Outpaces Rivals as App Revenues Surge in Crypto Revival

Solana Outpaces Rivals as App Revenues Surge in Crypto Revival

Messari reports that Solana-based apps saw an unbelievable 213% revenue spike, making Solana the top blockchain for app-generated earnings.

Anton Kryshtal
HashFlare Founders Admit to $575M Crypto Fraud Scheme

HashFlare Founders Admit to $575M Crypto Fraud Scheme

A long-anticipated court hearing in the U.S. has concluded with HashFlare co-founders Sergei Potapenko and Ivan Turogin admitting to charges of wire fraud.

The Coinomist
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Jan 27, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Jan 27, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
How to Bump a Transaction in the Bitcoin Network

How to Bump a Transaction in the Bitcoin Network

Sometimes, Bitcoin transactions can get “stuck,” especially if a low fee was set. In such cases, you might wonder: Why is my Bitcoin transaction stuck?

bitOn
Inside Cryptocurrency Farms: How Digital Coins Are Mined

Inside Cryptocurrency Farms: How Digital Coins Are Mined

Cryptocurrency farms and mining have evolved significantly since Bitcoin launched in 2009. To understand their growth, it helps to look at the broader history of resource extraction.

The Coinomist
From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

Trump’s meme coin isn’t an outlier—it’s part of a broader trend. Back in 2021, celebrities were minting NFTs, and by 2024, they had moved on to personal token launches. The connection between fame and crypto has been growing for years, even if many failed to see it.

Vlad Vovk
Which Macroeconomic Factors Make Crypto Rise or Fall? 

Which Macroeconomic Factors Make Crypto Rise or Fall? 

It happens when you check the market and crypto prices are up or down for no obvious reason. Then you do some research and find out that there are actually reasons outside the crypto space.

Anahit Avetisyan
How Blockchain Helps Combat Disinformation

How Blockchain Helps Combat Disinformation

Fake news has become a global issue, shaping public opinion, fueling social tensions, and even influencing political decisions. With the rise of social media, the spread of misinformation has accelerated, making it increasingly difficult to regulate. However, blockchain technology offers a promising solution in the fight against fake news.

Daryna Nesterenko
Trading Psychology: How to Avoid Falling Victim to Your Own Biases

Trading Psychology: How to Avoid Falling Victim to Your Own Biases

The most successful traders aren’t always the smartest. More often, those who excel are the ones who understand psychological traps, manage their emotions, and maintain rationality under pressure.

Vlad Vovk
SBF’s Prosecutor Quits – What It Means for Crypto Crime

SBF’s Prosecutor Quits – What It Means for Crypto Crime

Danielle Sassoon, Acting U.S. Attorney for the Southern District of New York, has resigned, making headlines this week. And you’ve definitely heard of one of her biggest “client” names.

Anahit Avetisyan
Trump’s Crypto Summits: Pragmatic Move or Regulatory Mess?

Trump’s Crypto Summits: Pragmatic Move or Regulatory Mess?

What’s the best way to figure out how the crypto industry needs to be regulated in the U.S.? Donald Trump is considering different options.

Anahit Avetisyan
MORE
«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

Matvii Diadkov, founder of Bitmedia, shared with us in an exclusive interview his expert insights on Web3 adoption, impact of GameFi and community-centering tendencies in the market.

The Coinomist
“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

The first crypto craze took place almost a decade ago. Overnight, many people found out about Bitcoin and its underlying technology, blockchain.

Lesia Dubenko
MORE