Everything You Need to Know About Meme Coins [Detailed Guide] 2021 | Latest updates

Meme Coins cryptocurrencies – All you need to Know

we need to talk about the absolute insanity that is happening in the crypto world right now which is meme coins if I came up to you and give you an offer to risk any amount

of money, you have a 50 chance of potentially losing more than half of it but you have a 50 chance of potentially multiplying it by

over 100 times that is literally the scenario that is happening right now in the cryptocurrency world with meme coins and I am not talking about

dogecoin I’m talking about new coins that are being created right now with really low market caps and they are getting

absolutely insane momentum in this article I’m going to share everything I know about meme coins and I will do my best to paint the best

picture without any biases just so you know as a disclaimer I pretty much just bought as many meme coins as I could

and I have found a disgusting amount of success but I really want to focus on what’s going on here

the history of what’s going on, what is propelling this new world of meme coins?

is it too late to buy meme coins? how do I buy them and I also want to share the dangers are of buying meme coins?

I mentioned at the beginning those are some pretty good odds but you probably wouldn’t risk your life savings you’d probably risk

your lunch money at least I hope you wouldn’t risk your life savings that would be pretty stupid

if you find any of this information helpful please hit that like button and stick to the end of this post to get the juice out of it also the bonus tips.

Meme Coins cryptocurrencies - All you need to Know

what are meme coins?

meme coin is a coin or a token that has no inherent value and often times than not no utility they are typically themed

around a meme on the internet but not limited to memes for example dogecoin the original meme coin I’m sure most people are familiar with that

branded off of the doge meme much, back then creating a cryptocurrency was not so easy you actually had to be a developer there

really was a lot to it and you really needed a niche set of skills in order to create your own cryptocurrency nowadays pretty much all you gotta do is

pay the fee and sign up and boom you have your own cryptocurrency and that is how there are meme coins

popping up every single day all they do is pick a name pay the fees and provide liquidity.

I’ll explain that a little bit more in a bit but realistically the most difficult part about a meme coin is actually convincing enough people that

your coin is the next dogecoin because everybody knows if you bought dogecoin in the beginning you would be laughing with the

millionaires right now, when it comes to utility, a cryptocurrency can do many different things it could be a finance

token it could be a digital network it could be an entertainment network but in the case of meme coins you pretty much

you buy it for the meme that’s about it utility is optional now to recap a meme coin is a coin that is branded off of a meme that does not

inherently have value you would use a liquidity pool to give it value and the value is added when people buy the coin

out of the liquidity pool typically these meme coins have a very high circulating supply anywhere from one quadrillion to 100

quadrillion is that even a real number I’m not sure it is a real number

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What is Liquidity in Meme Coins?

What is Liquidity in Meme Coins

let me explain what I just talked about there about the liquidity pool this was a concept that was very confusing to me and I still don’t

quite fully understand it but the best way I can describe it is to think of a scale where on one side of the scale you have a coin that has real value and

then you have your coin on the other side the two sides must equal the same, so when you buy meme coins out of the pool it increases

the value because the supply in the liquidity pool goes down this is an automated alternative to the typical exchange where you have a

buyer and a seller the benefits of a liquidity pool that if you have a very low market cap in low volume it makes it very easy for people to

still make trades the problem is that it almost gives full freedom for anybody to just drop their coins into the pool and

plummet the value but there are some ways to look out for that and I’ll explain that a bit later so that’s sort of a description of what a meme coin is

hopefully, that wasn’t too confusing,

Past two months Data of Meme coins

let me tell you about what has happened over the past two months this year has been incredible for the cryptocurrency market,

I don’t know if it’s because we’re in a global pandemic and everybody just has a lot of time to look at charts and cryptocurrencies and people are just

trying to find different ways to make money at home I could say that from my own experience

and in the past couple of months, there has been this enormous rise in low market cap deflationary coins low market cap meaning that it is very

undervalued typically just starting out deflationary meaning that it is designed for the circulating supply to continue

to drop theoretically raising the value per coin and people are making absolutely disgusting money so at the beginning of march there

was a token that had a lot of momentum and it was called hoge finance I would assume that hoge is a playoff doge

they wanted to be the next dogecoin and they came up with a very clever plan on how they were going to do that they

Past two months Data of Meme coins

created this token with a liquidity pool where every time you purchase the coin there is a 10 tax where half that tax

gets redistributed towards holders and the other half of that tax gets burned, so theoretically the circulating supply

will always come down and the value should always go up as long as you have a consistent flow of buyers into the pool there was only one

very big problem with their token they developed it on the Ethereum network and if you’re familiar with the ethereum network at this moment

there are very high gas fees which means every time you transfer this hoge token there would be a huge gas fee on your

transfer that is no fun for nobody and it lost its momentum and pretty much died out but of course shortly after another token arose

solving the major problem by using a different network with very low gas fees we’re talking 15 cents a transaction

that token is called the safe moon and it was created on the binance smart chain network as opposed to the ethereum network

now when people heard about this they heard it was the next hoge which happened just a week prior but if you got in early on hoge

you could have made a lot of money and at this point, a lot of people were looking at the safe moon as the next

hoach but this time a lot more potential for longevity and boy did it work I can personally say

I have 100 times my money unfortunately I only put in 30 dollars but 3000 from 30 that is absolutely insane and then of course

once people saw the early success of safe moon you name it within the next week there were probably a hundred more copycats

and it’s sort of becoming a competition to see who can come up with the best branding and come up with some sort of utility for your meme coin

the best part about all this is that people like you and I just normal people didn’t really matter what coin you put

it on because it was the very beginning it was an incredible stroke of luck and that is what I mean by terrible investment

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Elongate Meme coin

one of the more clever ones is this one called elongate while there was all this momentum with safe moon Elon musk made a tweet

saying if there is ever a scandal about me please call it elongate and probably within an hour, there was a new token called

elongate entirely made for the meme hoping that Elon musk might tweet about it one day but what I think is very

unique and clever about this coin instead of taking that 10 tax and burning half of it they put that half into a donate wallet where they then use

that money for different charities as of now, they have raised over 1 million dollars for charity just this month alone which in my opinion is

pretty awesome and from what I can tell there’s been a couple of other charity tokens that have popped up elongate

seems to be the biggest most successful

Is it a good idea to buy meme coins now

Is it a good idea to buy meme coins now

Disclaimer: First of all, I’m not a Financial Advisor so it’s all up to you whether you want to buy or not

I’m not sure there’s a lot of coins that could follow in the footsteps of the safe moon and elongate as well as many others

that have been very successful to be completely transparent after the success of safe moon I kind of just threw thirty dollars at

any coin I could find the biggest place to find them are tick-tock and Reddit you can also find them on Twitter and i have to say

of the 10 cryptocurrencies, I bought there was only one that I actually lost money on all the other nine have at least doubled their money

i think there’s just a lot of momentum happening right now I personally have no idea if it’s going to stick around a lot

of these coins are developed for longevity the whole idea is that by you holding you’re receiving rewards by not selling that’s part of the 10 tax

that happens every time that is part of the whole gimmick so personally, I’m deciding to hold on see where it goes but of course you know

this is not financial advice

I don’t know what I’m doing I’m buying memes coins on the internet speaking of which the barrier to actually buy a meme coin

is not that simple which makes me think we are actually still in the early days because of how many steps it takes to actually

buy your first meme coin now before you go ahead and buy a meme token there are some things you gotta look out for

The dangers are of buying meme coins?

There are some dangers the biggest danger is that because it is so easy to create your own meme token there is going to be a lot of scams

personally of the 10 meme coins, I bought there was one that I think turned out to be a scam, the scam is what is called a rug pull this

is where the developers sort of hold a bunch of coins they get people to buy in and then they dump their coins back into the market

causing the value to plummet and they just take their money and run,

the best way to avoid this problem is to do your research find coins that are vetted audited that is basically like a third third-party

safety check if the developer is very public with who they are for example they show their

face or their voice, they’re a public person there’s a good chance that the developer is not planning on scamming people

now you probably can’t just search the token you want on the website because it’s probably not publicly listed because these are all very low market

cap coins almost none of them are publicly listed what you’ll want to do is go to the coins official website and they will

probably have a buy button that buys button will probably direct you back to XYZ swap coin with a URL that has

the token address already in it you should see a pop-up with a disclaimer letting you know that tokens can have the same name as other tokens

so be careful to make sure that you are not being tricked make sure you are buying the token that you intend to buy and

then from there make sure your wallet is connected to the site enter the amount of bnb you would like to swap and you will receive your first

meme token now there is one more step you got to do you can either do this after or before you buy your token

you just want to add that token to your wallet don’t worry if you bought the token and you haven’t added it to your wallet yet

you won’t see it yet but it is there it’s on the blockchain it is associated with your wallet address, you just have to add the display

you can always verify your token on BSc scan this is where you can find all the information that is going on with the BSc blockchain.

Meme coin Latest News

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Thank you

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