Memecoins(1): What are memecoins ?

Memecoins are cryptocurrencies designed and created by internetmemes or trends More specifically, when you put your entire life savings into a coin that represents a dog or a cat and has no real life application or utility, these are commonly mentioned as pump and dump schemes. Trendy meme coins come out in droves on a daily basis, reach sky-high prices, then plummet to the ground. Shiba Inu and Dogecoin are the obvious ones to mention, but they aren't all that have come into play in the past year. Some of these new coins are currently designed with low market capital and gain an extremely bizarre momentum. we will see what these meme coins are, how they work, and how they're utilized: Now, I hope you're not the kind of persons who would have put their whole life savings into a meme coin, as mentioned earlier because even though they can make incredible returns, they are terrible investments.

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Meme coins aren't new, but where did they come from, and why?
Just as the name implies, they are cryptocurrencies inspired by memes, funny and exciting ideas captured in an image, video, or other forms of media, however, they aren't limited to memes.
These meme coins are coins or tokens without a permanent value and no utility so we can look at the original meme coin, Dogecoin, which was branded off the popular Doge meme, MuchWow, in 2013.
Creating crypto wasn't as easy as it is today, you either had to be a developer or have some strong developer skills, in fact You had to have a niche set of skills to be able to design your own cryptocurrency.
Now, you simply sign up, pay a fee, make liquidity provisions, and boom, your own cryptocurrency.

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Liquidity provisions?
Because it's so easy to make meme coins, they're emerging every day, however, the hard part about meme coins is being able to convince people that the coin you are offering will be the next Dogecoin or even better.
If you're not familiar with meme coins, you may not understand why Dogecoin is a yardstick to other coins.
Let's put it this way, if you bought Dogecoin in the beginning, you'd definitely be dining with the millionaires right now.
Looking at utility, cryptocurrencies are capable of doing many things, from finance tokens to a digital e-sim network or even an entertainment network.
However, meme coins are generally bought for the memes, therefore, making utility optional.
In short, a meme coin is a coin branded on a meme with no permanent value and to give it value, you need to use a liquidity pool with the value being added when the coins are purchased out of the said pool.
Unlike the usual exchange where there is a buyer and seller, a liquidity pool is automated and it comes with benefits.

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What are these benefits?
If you have a pretty low market capital in low volume, liquidity helps people make trades regardless, but there's always a catch, isn't there?
In this case, the pool gives people the freedom to drop their coins into the pool, which drops the value.
Hogue Finance came on the scene and did something very clever:
They created a token with a liquidity pool where as long as there was a consistent flow of buyers into the pool, the circulatory supply was always going down while the value went up and in the end, Hogue Coin ran its course and died down.
Another called SafeMoon, which was built on the Binance Smart Chain Network, popped up, then there were a host of others that turned up, creating a meme coin competition.
If you're still thinking about buying a meme coin, let you know that there are dangers, one of which is scams, considering how easy it is to create a meme token, scamming is at its peak.
However, doing your own research will go a long way for you, you will need to look to find coins that are vetted and audited.

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How to buy ?:
Install the MetaMask wallet from your browser, which is just like your regular real-life wallet.
You'll be using the Binance Chain Network, whose default network for the wallet is Ethereum.
You have to have this configured yourself and don't panic, they provide an easy guide to follow to help you do that.
BNB is the official Binance coin, which is what you'll use to add to the liquidity pool to get your meme tokens.
Once you've made your purchase, you'll want to transfer it to your wallet, so it's safe.
Pay attention here and make sure you're withdrawing from the Binance Smart Chain Network.
Finally, you input your address and hit withdraw. Once this is set up, you can get most of your meme coins on PancakeSwap.
This website allows you to connect your wallet to swap tokens for other tokens as you wish.
Some tokens may not be listed publicly, but head to the tokens website and see if they have a buy button that directs you to the PancakeSwap website.
Once you are redirected, be sure you are purchasing the right coins, then enter how much BNB you wish to swap, and there you have it.
After this, make sure to add the token you've purchased to your wallet to keep it safe and that is all, it really is that simple.