If you have been following crypto news, you have probably heard about the rise of “meme coins.” These are tokens that don’t claim to offer any intrinsic value, but boom on the hype cycle surrounding the meme. Some of these coins have ballooned to ludicrous valuations. DOGE, considered by many to be the original meme coin, sits at a $22 billion market cap. Others include PEPE at $4 billion and the new contender WIF, which is based on a dog wearing a hat and sits at $3 billion.Buyers of these meme coins scour social media in the hope that they can find a booming meme coin to propel them to riches. The market, however, is fraught with risk: 99% of coins fizzle out or are outright […]
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