The Memecoins are a category of tokens that are made as a joke/meme. They are usually centered around a comical subject like a dog breed. Just like you have seen in the case of the Shiba Inu (Shib) and Dogecoin (Doge).
The prominent feature of the Memecoins is their high growth rate. This growth rate is fueled by the rising purchase from mostly retail investors. Furthermore, the CEO of Binance, also known on Social Media as Changpeng Zhao “CZ,” said in an interview that the Memecoins growth, specifically Dogecoin, is the instant reflection of the “Power of Decentralization.”
Further, he added that he still doesn’t get the concept of Dogecoin yet. However, the rise in this currency shows the Power of Decentralization. Similarly, if a large number of people from the Crypto community value it because it’s cute and they like the meme, it has value”.
Moreover, Zhao added that Dogecoin has lasted for so many years. It’s gone high and down, but it’s still in trend. Now, we have Shiba Inu, which is again a meme coin. We have alot more meme coins now!
The Crypto Bubble Including Memecoins
The Binance’s CEO also defined the term “Bubble.” The Crypto Bubble means many digital currencies, including the Bitcoin and meme coins, both are relative terms. Further, he explained that many great companies nowadays, including Amazon, have experienced a high degree at some point in their business lives. He added that the digital currency system would become less volatile and more stable with the additional cash flows.
