The world of cryptocurrency is always evolving, and new coins are constantly being introduced. Dan Schatt and Domenic Carosa, fintech veterans and executives of DeFi startup Earnity, want people to adopt the ever-evolving crypto and take advantage of the wealth one can acquire from it. One digital asset that has become well-known in recent years is the meme coin. In 2021, the meme coin market saw exponential growth, with some outlets even stating that it was the year of the dogs because the duo of Dogecoin and Shiba Inu led the meme coin pack in terms of value and market capitalization.
But what are meme coins, exactly? Memes and internet jokes inspire these tokens. The first-ever meme coin is the aforementioned Dogecoin, launched in 2013. It was named after the doge meme, a viral photo of a Shiba Inu that became famous around the same year. Dogecoin was developed as a parody, but it gained a massive following over the next several years and received an enormous spike in valuation during the middle of 2021.
Most meme coins are not meant to be taken seriously and should not be evaluated based on the utility they can potentially provide to users. Instead, they are often assessed according to how they can engage communities and the hype or virality they generate.
Meme coins are highly volatile. It is common to see the digital asset’s value plummet in just a single day. Also, unlike traditional cryptocurrencies, they typically have a very high or unlimited supply. Because of this, the worth per unit of most meme coins is relatively low. Therefore, crypto buyers should not deem this type of digital asset as a good purchasing vehicle.
For users who want to learn more about cryptocurrencies and where to put their money, the Earnity platform, under the guidance of its executives Dan Schatt and Domenic Carosa, is designed to help them by giving them a place to learn more about the world of crypto.
Earnity users can expect a marketplace with far less noise than other platforms as the community is designed to be free of bots, fake accounts, and shill armies that have become prevalent in the industry.