Meme coins, while initially starting as a joke, have actually managed to pull off a high level of market dominance within the cryptocurrency industry.
These currencies, once seen as just random fun, are now even better options for transferring value or making online transactions than many of the largest cryptocurrency tokens in terms of market capitalization.
This is due to the fact that, in most cases, meme-tokens charge lower fees within each transaction, and many of them have even developed their own ecosystems that have provided a heightened level of utility for the native cryptocurrency token of that specific project.
In other words, these meme-tokens transformed from being just another joke to something that has actual utility, and as such, can grow in value going forward.
Today, we are going to be diving deeper into some of the world’s best meme coins you can buy in February of 2022.
What is a Meme Coin?
Meme coins are cryptocurrencies that have been inspired by memes or jokes that are shared across the internet, specifically throughout social media channels.
The first meme-token was Dogecoin (DOGE) which launched in 2013 was a parody token that made fun of the cryptocurrency industry at the time and was inspired by a popular Doge meme, which featured a Japanese Shiba Inu dog. However, after the popularity and growth of this token, we saw the rise of many other meme-inspired coins.
Throughout 2021, meme coins exploded in terms of popularity, and most of the dominant forces behind them were dog-themed meme coins. These are essentially meme-inspired cryptocurrencies which are typically highly volatile when compared to major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
The main reason behind this is due to the fact that they are driven by their community as well as fan-base, instead of some technological advancement or feature that they are trying to push within the industry, such as the case might be for decentralized finance (DeFi) tokens for example.
What this ends up resulting in is a lot of hype, as well as social media attention for the tokens, but also gives them a high level of risk.
The five best Meme Coins to buy in February of 2022
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Shiba Inu (SHIB)
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Kishu Inu (KISHU)
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Baby Doge Coin (BABYDOGE)
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Dogelon Mars (ELON)
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Spell Token (SPELL)
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency token that was initially created in August of 2020 by an anonymous person or a group of people that go by the name of "Ryoshi." The main inspiration for this token is the Shiba Inu Japanese breed of dog, which was initially featured in another meme-coin known as Dogecoin (DOGE), which truly brought the term meme-coin to its high level of popularity. As such, Shiba Inu (SHIB) was initially seen as the "Dogecoin Killer," but over time, it became something much larger. Alongside the SHIB token, there are the LEASH and the BONE tokens, as well as SHibaSwap. SHIB, LEASH, and BONE all come together to create ShibaSwap, which gives users the ability to DIG or provide liquidity, BURY or stake, and SWAP tokens to gain WOOF returns through a passive income reward system.
Kishu Inu (KISHU)
Kishu Inu (KISHU) is a meme cryptocurrency token, and a decentralized project which is supported by a community whose goal is to grow the token together. It works on a decentralized model and is an ERC-20 token. The project offers its holders rewards in the form of NFTs, merchandise, swapping as well as other incentives. Additionally, there's a high level of transparency, trust, and longevity, and it's also a token created by an unknown group of developers.
Baby Doge Coin (BABYDOGE)
Baby Doge Coin (BABYDOGE) is a deflationary token specifically designed to become scarce over time. All holders of the token can earn more BABYDOGE, which is automatically sent to their cryptocurrency wallets, all due to the fact that they are simply holding onto BABYDOGE coins within their wallets. It features auto burns, auto-reflections, locked liquidity, and even a charity wallet.
Dogelon Mars (ELON)
Dogelon Mars (ELON) is a cryptocurrency doge-themed token that aims to replicate the success seen across many other dog-themed cryptocurrency tokens. The founders of Dogelon Mars ended up locking 50% of all of the EON liquidity in a Uniswap liquidity pool, while the other half was donated to Vitalik Buterin, who is the co-founder of Ethereum, who then donated EON to DAOs and foundations.
Spell Token (SPELL)
Spell Token (SPELL) is essentially a token responsible for the governance of abracadabra.money, which is a platform intended to let users deposit collateral in the form of interest-bearing crypto assets. By doing so, they can mint Magic Internet Money (MIM), which is a stablecoin that attempts to maintain a value of $1.00 USD. SPELL is a token that can be staked as a means of earning sSPELL, which grants governance rights as well as other rewards to holders.
Summary
Hopefully, now you know a bit more about what the best meme coins are out there and what kind of value they can give you, assuming that you decide to buy them.
By staying up to date and getting in on these meme coins early, you are not only becoming the owner of coins that can go up in value but are becoming a part of a dedicated community that supports them.
Many of these projects were initially made as a joke; however, over time became something much more. Each of them has a strong following and community surrounding them through many social media platforms, and their value is influenced by these factors as-well.