What is the difference between Meme coin and Altcoin?
What is the difference between Meme coin and Altcoin
New York City: Meme coins are digital currencies that take their design cues from viral memes, sarcastic comments, or puns shared on social media. It is estimated that there are around 124 different meme currencies in circulation at the moment. Tokens like Shiba Inu and Dogecoin are two of the most well-known examples of meme currencies now available on the market. Meme coins often have a huge quantity, or even a limitless supply, in contrast to Bitcoin, which has a limit of 21 million coins. There are more than 135.5 billion coins in circulation for Dogecoin (DOGE), and a successful miner earns around 10,000 Dogecoin (DOGE) per minute. One Dogecoin now has a value of approximately $660.
Meme coins have surpassed more established cryptocurrencies like Bitcoin and Ethereum in terms of popularity in recent years. Shiba Inu and Dogecoin, two of the most popular cryptocurrencies based on memes, are currently in the top 10 by market value. Let’s get a grasp on what meme coins are, where they got their start, and where they are in the market.
Meme coins are a kind of cryptocurrency that takes their design cues from famous memes, sarcasm, or puns shared on social media. There are around 124 different meme currencies available right now, as counted by Coinmarketcap. Meme currencies such as Shiba Inu and Dogecoin are two of the most popular tokens currently available on the market.
What Is Altcoin?
Altcoins are commonly defined as all cryptocurrencies other than Bitcoin (BTC) (BTC). However, some individuals consider altcoins to be all crytocurrencies other than Bitcoin and Ethereum (ETH) since most cryptocurrencies are forked from one of the two. Some altcoins employ distinct consensus techniques to validate transactions and open new blocks, or aim to separate themselves from Bitcoin and Ethereum by offering new or extra features or objectives.
Most altcoins are produced and launched by developers that have a different vision or usage for their tokens or currencies. Learn more about altcoins and what makes them distinct from meme coin
Because Altcoin are pegged to an external asset, such as legal money, they are often seen to be a kind of investment. Traders keep their holdings of fiat money in these accounts before exchanging it for another cryptocurrency or converting it to another kind of cash.
Are meme coins altcoins?
People often get “altcoins” and “meme coins” mixed up with one another. It is essential to note that not all “altcoins” are “meme coins,” but on the other hand, all “meme coins” are “altcoins.” Any currency (or token) that is not bitcoin is referred to as an altcoin. This encompasses the vast majority of cryptocurrencies that do not include bitcoin. Meme coins are a kind of virtual money, similar to Bitcoin and Ethereum. Meme coins, on the other hand, are often created to pay respect to memes, which may be defined as a concept that is amusing or entertaining and that is preserved in a picture, video, or other kinds of media. Meme coins, much like the internet memes they’re based on, are intended to spread quickly and be passed around. Meme coins, in their most basic form, are digital currencies that take their inspiration from online jokes, often known as memes. The Dogecoin was the first cryptocurrency to be based on a meme, and it was first released as a joke about the Shiba Inu breed of dog.
In a nutshell, these meme coins are a kind of altcoin, which means they are a form of a cryptocurrency that is not Bitcoin. They have some similarities to Bitcoin, but they may employ a variety of consensus processes and even contain smart contracts.
To summarize, stablecoins do not experience volatility, which is necessary for generating money from trading cryptocurrencies. This is a must. The extreme volatility of altcoins and meme coins makes them an interesting possibility for making significant returns, despite the fact that this also makes them riskier than traditional investments.