How Meme Coins Turned Ordinary People Into Millionaires | joincrypto.online

 

Introduction: 

Welcome to today’s adventure, where we’re diving into one of the most unpredictable and often hilarious corners of the crypto universe: meme coins. These quirky digital currencies, born from internet memes and viral trends, have taken the crypto world by storm. From sudden surges in value to dramatic crashes, meme coins offer a roller coaster of excitement and risk for those brave enough to hop on. Whether you’ve heard of Dogecoin, Shiba Inu, or the infamous Squid Coin, this world is full of surprises. In this episode, we’ll explore the biggest rises and falls of meme coins, looking at both their wild success stories and their unforgettable crashes. So, grab some snacks, hop on your hamster wheel, and let’s take a ride through the highs and lows of meme coin madness!

Table of Contents

1. Introduction: The Wild World of Meme Coins
2. What Are Meme Coins?
3. The Roller Coaster of Meme Coin Prices
   • 3.1 Dogecoin: The Ultimate Comeback
   • 3.2 PepeCoin: A Wild Ride
   • 3.3 Squid Coin: A Shocking Fall
   • 3.4 Shiba Inu: The Rise of the Dogecoin Rival
   • 3.5 Dog With Hat: The New Meme on the Block
4. Conclusion: The Roller Coaster Ride of Meme Coins

The Wild Ride of Meme Coins in Crypto: Ups, Downs, and Everything In Between

Hey hamsters, today let's grab some snacks and dive into the ups and downs of those wild and wacky critters in the crypto world—meme coins! Picture this: meme coins are like a hamster wheel that spins super fast one day and then slows down the next. One moment you're zooming to the top with giants, and the next you are holding on tight through a dip. But what is this unique branch of coin, and what were some of the rises and falls its holders have experienced? Join us in today's Academy as we explore meme coin's biggest rises and falls.

What Are Meme Coins?

First things first, meme coins: think of them as the jokesters of the crypto scene. Fun, light-hearted digital coins born from internet memes, characters, or even random trends. Unlike traditional coins with serious goals, meme coins don’t really have utility; they are mostly about community spirit and laughs.

What is that? What is that? Wait one... you have definitely heard of Dogecoin, which, if you don’t know the backstory, also started as a joke. It was only after that it quickly gathered a huge crowd of enthusiastic fans, showing that a coin doesn’t need to be serious to get people on board. Then there’s Shiba Inu, which followed suit, adding some positive vibes to the crypto ecosystem.

The Roller Coaster of Meme Coin Prices

Now let’s dive into the roller coaster that is their prices.

Dogecoin: The Ultimate Comeback

First and least, as previously mentioned, Dogecoin. And more specifically, in 2021, when this meme coin became the ultimate comeback story. Initially launched in December 2013, Dogecoin was born from two software engineers, Billy Marcus and Jackson Palmer, who created the coin as a satire on competitive coins. After it was created, there wasn’t much movement—the price actually remained flat for seven years. That was until December 2020, marking the start of the bull market when almost every token hit its all-time highs. But Dogecoin didn’t just join the race; it sped ahead of the entire hamster pack. The coin surged over 2,000% in a matter of months, going from less than a penny to a high of $0.73 on May 8th, 2021.

In April 2021, Mr. Elon Musk tweeted “Doge to the Moon,” igniting a surge of 1,200% in Dogecoin’s price. Unfortunately, as you know, what comes up must come down. The coin supporter, Elon Musk, went on to make a much-anticipated Saturday Night Live appearance, leading many to buy into the meme coin if they hadn’t already. However, Dogecoin took a turn for the worst, tanking 71%, reaching a 60-day low. Now, at today’s price, Dogecoin sits at a cool $0.2.

PepeCoin: A Wild Ride

And then there was PepeCoin. PepeCoin emerged in early 2023, inspired by the nostalgic Pepe the Frog, the cartoon character that was wildly popular as an internet meme in the early 2000s and later appropriated by white supremacists during the presidential election in 2016. But that’s a story for another day. Those who were already in the game were quick to see a profit. Namely, one trader had purchased trillions in Pepe on Uniswap for $263, in which he saw an almost 5 million percent profit.

PepeCoin, which had only been introduced to the world a matter of weeks ago, quickly became valued at more than $1 billion, just three weeks after its listing. But the excitement around PepeCoin didn’t last. After hitting a peak, PepeCoin saw its price plummet by more than 75% in a short time. In October of the same year, the price of PepeCoin hit an all-time low of $0.01 and then in April 2024, an all-time high of $751. You could say PepeCoin is the ultimate hamster wheel of meme coins, spinning wildly upwards at times but just as likely to drop.

Squid Coin: A Shocking Fall

If you remember the popular Netflix show Squid Game, you probably know this one: Squid Coin. This meme coin, inspired by the popular Netflix show Squid Game, saw the fame in late 2021. Its price rose thousands of percent within days as investors flocked to join what they thought was a unique opportunity. The meteoric rise attracted tons of attention, pushing its price up to over $2,800 per coin—an estimated 4,000% gain. At the same time, the market value jumped to $2.4 billion with $14 million in trading volume in the same period.

However, perhaps more interesting was the aftermath of this meteoric rise: a shocking rug pull. The developers of the project abandoned Squid Coin and ran away with investors' money, effectively ripping it away from under their feet. When investors tried to cash in, they discovered they were locked out—trapped in the smart contract like hamsters in a cage with no exit. Only to find out that the creators of the project cashed out with $3.4 million. Squid Coin went from $2,862 to a fraction of a cent. Unfortunately, this left some investors out to dry. One investor from Shanghai said, “It’s a tragedy. I don’t know how to recover my loss,” adding that he was now worried about how to pay his bills.

Shiba Inu: The Rise of the Dogecoin Rival

Holding the number four spot is Shiba Inu, with an equally impressive gain. Back in January 2021, Shiba Inu was trading at the super low price of $0.0000119, becoming a huge draw for meme coin enthusiasts, since even the smallest of hamsters could grab a hefty stash at these prices. Just $1 could have had you pocketing 8.4 billion SHIB tokens. But let’s say you were a Shiba enthusiast back then: instead of going for $1, you decided to splurge with $10, snapping up over 84 billion SHIB tokens.

If you held on tight and didn’t sell that on October 28th, 2021, at its all-time high of $0.8845, your $10 would have turned into over $7.43 million. Yes, it is almost unfathomable. Now, while SHIB is still up from where it started, if you had purchased the token at its peak, you would have taken a pretty big hit. SHIB has since gone down 79.5% from its all-time high, where it currently sits at $0.000008616.

Dog With Hat: The New Meme on the Block

Rounding out the top five is the classic "Dog With Hat," which is very simply a meme token of a dog wearing a hat that operates on the Solana blockchain. Naturally, when Dog With Hat hopped onto a major exchange, it was like our hamster getting a turbo boost on the wheel. In April 2024, the token saw its price increase by 1,450% to $42 before completely retracing.

Conclusion: The Roller Coaster Ride of Meme Coins

Meme coins may seem like a fun, lighthearted part of the crypto world, but they carry real potential for massive gain and equally significant losses. Just remember, the meme coin wheel spins fast, so approach with a sense of humor, caution, and a good understanding of the risks.

Thanks for joining today’s Academy. Subscribe and remember, hamsters are power—one for all and all for one. Bye!

Frequently Asked Questions (FAQs)

1. What are meme coins and how do they differ from traditional cryptocurrencies?
   Meme coins are digital currencies born from internet memes, viral trends, or pop culture references. Unlike traditional cryptocurrencies, which are created with specific use cases or goals in mind, meme coins focus on community involvement, humor, and entertainment, often lacking real-world utility.

2. Why do meme coins experience such extreme price fluctuations?
   Meme coins tend to have highly volatile prices due to their speculative nature. Their value is largely driven by social media trends, celebrity endorsements, and the hype within the community. This leads to rapid surges in value followed by sharp declines, making them a risky investment.

3. What was the most famous rise in the value of a meme coin?
   Dogecoin’s rise in 2021 is one of the most notable examples. Originally created as a joke in 2013, Dogecoin saw a massive surge of over 2,000% in value, hitting a peak of $0.73 in May 2021 after receiving attention from Elon Musk and the broader online community.

4. What happened with Squid Coin, and why did it crash?
   Squid Coin became a viral sensation in late 2021, soaring in price by thousands of percent. However, it experienced a “rug pull” when the developers abandoned the project and took off with investors' money. This caused the coin’s value to plummet from over $2,800 to a fraction of a cent, leaving investors locked out and unable to cash out.

5. Are meme coins a good investment?
   Meme coins can offer massive gains, but they come with high risk due to their extreme volatility and lack of utility. Investors should approach meme coins with caution, understanding the speculative nature and the potential for both quick profits and significant losses.