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Memecoins: From memes to multibillion-dollar pumps, scams and rug pulls

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Memecoins, or meme cryptocurrencies, started as a cultural phenomenon with the launch of Dogecoin (DOGE) in 2013, inspired by an internet meme and a critique of the wild crypto market at the time.

Dogecoin was developed by software developers Billy Markus and Jackson Palmer as a joke to mock what many saw as an irrational investment hype surrounding cryptocurrencies.Memecoins started as a form of social token.

They were often created and promoted by online communities or individuals with a shared interest or sense of humor. The social element of memecoins played a significant role in their success and adoption.

Other reasons for their popularity could be the sizeable total supply and low token prices. A decade later, memecoins are a multibillion-dollar ecosystem, popular as a high-risk, speculative investment.From DOGE to Pepecoin (PEPE), memecoins have come full circle.

Read more on cointelegraph.com
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