Meme coins gained popularity through the support of influencers in the cryptocurrency industry, celebrities and investors whose actions drive the price higher during a short period of time. In general, meme tokens or coins are often seen as jokes circulating on social media platforms, and their prices typically crash after surging.
One instance of this phenomenon was in May 2021, when Facebook CEO Mark Zuckerberg posted a photo with the caption, My Goats: Max and Bitcoin. As soon as the post came online, a meme token, AquaGoat, surged nearly 300% within hours.
In a similar scenario, Elon Musk tweeted that any scandal involving him would become known as “Elongate.” Some time later, the ELONGATE token was launched — and developers claim that they’ve donated $3 million from their profits.
Since meme coins have little to no inherent value and are lacking in fundamentals, the primary trading aim is to sell short when their price surges. While meme coins are notorious for pump-and-dump schemes, there are still a few that might be worth your time.
Meme coins are indeed volatile and highly speculative, yet there are investors who refuse to sell them. So, which meme coins are genuinely worth your attention?
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