Meme Coins That Still Have Market Traction in 2022 by@CryptoAdventure

Meme Coins That Still Have Market Traction in 2022

Memes began as images on the internet that individuals would casually share with others for entertainment. Memes are a form of self-expression for millennials and the Gen Z, they are more community-driven. Dogecoin's "election" of Elon Musk as CEO was an excellent example of a meme coin's popularity boosted by prominent internet figures and celebrities. The price of meme coins is extremely unpredictable since these tokens heavily depend on community mood and arbitrary external factors like celebrity tweets. Dogelon Mars (ELON) is an attempt to repeat the success of DogeCoin and to realize Elon Musk's dream of populating Mars.
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Investing in the cryptocurrency market offers several advantages to traders in today's meme culture. More seasoned investors are paying attention to this seismic change being driven by the next generation of investors.

Many people have heard about meme coins, and today's post will examine the genesis of this new trend and highlight five of those cryptocurrencies that exhibit high traction for 2022.

Crypto Investments in the Meme Culture

The culture that emerges from memes is known as "meme culture." Memes began as images on the internet that individuals would casually share with others for entertainment. 

As a result of memes' widespread use on social media, many individuals are increasingly using them in conversations that don't take place on those platforms alone.

It is the intersection between meme culture and cryptocurrencies, with the generation of tokens often lacking in fundamentals. A form of self-expression for millennials and the Gen Z, they are more community-driven.

Coins based on memes and online pranks, known as meme coins, are a form of digital currency. When a picture of a Shiba Inu became popular, the Doge meme was born, and Dogecoin (DOGE) appeared on the market. 

When others participate in the amusement by purchasing the currently hot cryptocurrency, these cryptocurrencies can gain momentum. 

As soon as a coin becomes popular, ordinary investors may hop on board and increase its value even more. Dogecoin's "election" of Elon Musk as CEO was an excellent example of a meme coin's popularity boosted by prominent internet figures and celebrities.

In 2020, the Reddit group WallStreetBets inflated the price of GameStop stock, which sparked a boom in meme coins. When Redditors started joking about similarly raising the value of Dogecoin, history quickly repeated itself. Something similar happened with SHIB (Shiba Inu), a memecoin that labeled itself “the anti-Doge.”

The price of meme coins is extremely unpredictable since these tokens heavily depend on community mood and arbitrary external factors like celebrity tweets. 

Dogelon Mars (ELON)

An attempt is being made by Dogelon Mars, another parody currency, to match Dogecoin's popularity. That brings us back, once again, to Elon Musk, king of the meme currency market. 

Elon Musk's remarks on digital currencies heavily influence the cryptocurrency market. At its core, Dogelon Mars is an attempt to repeat the success of Dogecoin and to realize Elon Musk's dream of populating Mars. 

Dogelon Mars doesn't have many examples of how it may be used. Much of its growth is due to the support of the dog-loving community, as is the case with other meme currencies.

It has yet to receive Elon Musk's endorsement, despite his name being associated with him. The price of the Crypto might skyrocket with a single tweet endorsing the product. 

The coin's supply will influence the future price of the currency. A total of one quadrillion Dogelon Mars are available. One-half of the token supply was delivered to Vitalik Buterin, and the other half was locked in the Uniswap liquidity pool.

MonaCoin (MONA)

Ascii cat meme-related token MonaCoin was introduced in 2013. An unnamed "Mr. Watanabe" is credited with inventing the cryptocurrency, although that person's identity has never been revealed. 

There are MONA incentives for processing fresh blocks of MonaCoin transactions, which all miners get. For every 1,051,000 blocks, the amount of MONA awarded as a block reward is cut in half in a Bitcoin-style move.

Segregated Witness (SegWit) was introduced in MonaCoin (SegWit). As a result, it processes transactions more quickly than Bitcoin and other cryptocurrencies. Mr. Watanabe indicated that MonaCoin was not a security when he launched the coin on an internet forum. It was claimed that the currency was part of a game whose goal was to identify hashes in the MonaCoin network.

MonaCoin claims to be the first Japanese coin and is mainly utilized in Japan. Traders use the  Japanese yen or other cryptocurrencies to buy MonaCoin, and the option to access a "smart ATM” is also relatively popular in the country. 

Hoge Finance (HOGE)

Hoge Finance is a memecoin with a community primarily made out of memes. Any brand partnerships or collaborations that Hoge Finance would want to engage in are handled through a Swiss non-profit organization.

ERC20 meme coin HOGE (the self-described "original DeFi meme token") brings a 2% fee on every transfer on the Ethereum blockchain.  Taxes are passed on to current holders, and some are burnt permanently, creating a deflationary virtual asset. 

The project used a “fair launch” mechanism to enter the market, meaning that everyone (from developers to small traders) had a chance to purchase HOGE for the first time on the same trading day.  

HOGE is run solely by a decentralized community, joining the small groups of blockchain projects with no dedicated wallets for the founding team.

HOGE has secured a powerful partner in the House of Representatives with whom they can continue the struggle against DeFi regulation: the “DeFi Angels.” We are talking about a network focused on education, fair launches, and community-vetted deals in the sector. In December 2021, Hoge Finance even spoke to Congress about the possibility of regulating DeFi.  

Akita Inu (AKITA)

Dogecoin had a significant influence on the creation of Akita Inu (AKITA). On the Ethereum network, it uses the ERC-20 protocol to create its tokens. In conjunction with the Polarfox community, its lightning-fast development has set the crypto sector abuzz.

Akita Inu was added to several exchanges within a few months of its introduction, including MXC, HotBot, and Poloniex. The AKITA network supports the AKITA community, which stands behind the AKITA token. To this end, AKITA provides total financial support for the network and its associated entities, including social media platforms and webspace.

Because there are no founders or team tokens, AKITA may claim to be a decentralized, community-driven experiment. The goal of the community is to go forward by achieving consensus on future choices. 

Like ELON, AKITA’s founders claim that half of its tokens were sent to Vitalik Buterin, and we don’t know how Ethereum’s founder will use this coin.

Volt Inu (VOLT)

Volt Inu (VOLT) is based on Ethereum and the BNB Chain as a hyper-deflationary coin. The project wishes to offer exposure to its holders to various blockchain assets, including NFTs, nodes and altcoins, stablecoin farming, and staking. 

The smart contract for VOLT has recently been updated to reflect the most current changes in the market. One of the primary purposes of this procedure was to expedite the project's progress and ensure its success. 

The developer team also produced a browser-based online game based on the play-to-earn (P2E) paradigm, Volt Inu 2D Racers.

Profits from treasury investments are used to buy back and burn VOLT tokens, which is in line with the hyper-deflationary nature of the coin's design. In addition to this mechanism, VOLT has established an automated burn tax (2% on ETH and 4% on the BNB Chain).

As a result of the reduced supply in circulation, the combination of these factors aims to ensure an ever-rising price floor.

Conclusions on Meme Coins and Market Traction in 2022

It is probably too early to call the end of meme coins since these beloved cryptocurrencies are still attracting high inflows of capital from the market. 

The fact that the debate over the way investors should treat these tokens is still open is the ultimate indicator that the curiosity surrounding meme coins is still high. It will be interesting to watch the sector’s future in the following months.

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