I'm new in the crypto space and understanding different crypto projects. While the majority of cryptocurrencies I have studied about have some kind of a solution to the existing problem in Web 3.0, DeFi, etc. Recently, I studied Polygon MATIC, which is solving the problem of high gas fees on the Ethereum-based apps.
In the past few days, PEPE, a new meme coin, has gained massive attention in the community. But I actually didn't understand what could be its major objective. Is there any reason to say this meme coin will work for the betterment of the entire crypto and Web3 realm?
There is another new meme coin called SNEK, based on Cardano. What impact these meme coins will create in the crypto space?
I don't understand why meme coins such as Dogecoin, Shiba Inu, and Pepe are so famous and why do people invest in them, wondering about the future of meme coins.
The beginning $doge was being made for a "joke" only, it's not intended to do anything rather than exist, but alas the coin was too strong and still exists today and has something in common with Alts/tokens world; hype.
In the last few years, I witness some meme coins rising because people want to have fun, and there are some moments when people like to profit from it.
Doge started as a joke but made it to be on top meme coin that most investors prefer than any memes available. The hype (especially when Elon promote it) influence the investors and mostly the new ones to buy and hold this coin. Although memes are existing without real use case, the hype is the reason why it has value since people are investing for the hope to gain a x1000 profit which you can't gain if you invest in established coins since they already reach their ATH.
Though there's a possibility to gain huge, the risk of losing your money is also high in meme coins. Thus, it is not recommended to blindly invest in memes unless you already did your research and still decided to take a shot.