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Crypto Currency

What are Meme Currencies and How do they work

The crypto world loves to have a little fun with crypto assets in the shape of meme tokens. Starting with Dogecoin, the dog symbol has become the favourite one to follow. After DOGE, Shiba Inu and many others have used the dog symbol for attraction and good luck.

Dogecoin was created as a joke in December 2013 and with its creation, a new era of crypto assets was introduced. The Age of meme token is here to stay and is dominating the crypto world with already making a mark in the top ten cryptocurrencies.

Almost all the meme tokens have a joke or a reference to a mainstream society and celebrities associated with them. This makes them followed by a community that is already following a certain celebrity or a thought that is behind that meme currency.

After the success of Dogecoin, the crypto world was stormed with the crypto tokens having the resemblance of it with a dog as their symbol and many other similarities which made Dogecoin a common meme currency in use.

With this following of Dogecoin, it looks like there has emerged a new meme currency group that is themed on a dog. Tesla CEO, Elon Musk, is a big reason for the rise of Dogecoin and his tweet about the advantages of backing the Dogecoin really hyped this meme coin and others like it.

What is Dogecoin?

Dogecoin is an open-source, peer-to-peer cryptocurrency. It is created by Jackson Palmer who also runs a website called Shitcoin.com. The name “Doge” comes from the famous Shiba Inu dog, which has become one of the most popular dogs in Japan. The Dogecoin community has been using the Doge meme for a while now, but this is the first time it has been adopted as a currency.

 Now, over a year later, Dogecoin has become an established cryptocurrency. It has grown into a full-fledged community, with its own Reddit, Twitter, and Facebook pages. And it has become a popular choice for those looking to invest in cryptocurrency, thanks to its low price point, fast transaction times, and its ability to be traded on exchanges like Bittrex, Poloniex, and Kraken.

Since then, Dogecoin has evolved into a legitimate cryptocurrency, with its own exchange, mining, and development teams. While its popularity has waned over the past few years, it remains one of the most successful cryptocurrencies ever created. In fact, it was recently ranked as the second most valuable cryptocurrency by CoinMarketCap, right behind Ethereum.

How Does Dogecoin Work?

The world’s first cryptocurrency was launched on January 12, 2013. It was created by a programmer called Jackson Palmer and is also known as “Dogetip” or simply “Doge”. The name was chosen because it combines the words “dog” and “et” to form a humorous reference to the popular Internet meme.

The most important thing to know about Dogecoin is that it is decentralized like Bitcoin, meaning it doesn’t have a central authority. All of its operations are managed by the network itself.

How do you send Dogecoin?

The primary method of sending Dogecoin is through a wallet application. You can download a wallet from the official Dogecoin website. You’ll need to create a strong password and keep it safe. It’s recommended that you never share your password with anyone else because if your wallet gets stolen you could lose all of your coins. There are two types of wallets: desktop and mobile.

Desktop wallets are installed on your computer, they allow you to send and receive coins but they are the most cumbersome of wallets to use. Mobile wallets, or apps, are very easy to use as long as you have Bitcoin or Ether. The downside is that they aren’t as secure as a desktop wallet. If you were really lucky, you might have witnessed the actual creation of the first cryptocurrency.

In August of 2008, someone (or someone) under the pseudonym of Satoshi Nakamoto published a paper – The Genesis Inflationary Scenario of a Peer-to-Peer Electronic Cash System – that detailed how Bitcoin would work and why it should replace the current financial system. Bitcoin was created to be a peer-to-peer network that would operate without any third-party interference.

Conclusion:

Meme tokens are based on a decentralized financial system that makes them a safe investment but yet it is highly advisable to check the market and make your analysis before investing in any meme token. Hokk.finance is another good meme project which provides a good insight into other meme currencies as well.

When you decide to invest in meme tokens, be sure to spend some time checking the market that will help you to make an informed decision for a better investment.

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