Crypto mining meme
Internet memes is quite contradictory but still culture, a unique cultural phenomenon that appeared in the world where everything goes online. In different countries, regions and language communities memes appeared quite a long time ago. When cryptocurrency emerged and developed memes penetrated even this field. Today, The Coin Shark will make a review of cryptocurrency memes and we will show how the modern online-culture reacted to the boom about Bitcoin, cryptocurrency, mining and ICO. Internet meme is a phenomenon of online space.
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Content:
- Tales from crypto: A billionaire meme feud threatens industry unity
- Moving Beyond Tweets and Memes: Revisiting the Bullish Case Around Dogecoin (DOGE)
- How high can meme coin prices go?
- Bitcoin, Ethereum Fall Over 5%, Meme Coins Shiba Inu, Dogecoin Also In The Red
- Memes and jokes galore as Bitcoin value plunges after Elon Musk’s new announcement
- Dogecoin (DOGE)
Tales from crypto: A billionaire meme feud threatens industry unity
In recent weeks, the two most popular - and established - cryptocurrencies, Bitcoin and Ethereum, have hit record highs. There are plenty of alternative coins available to those brave enough to dabble in crypto, all of which have their own USPs and potential uses.
However, one part of the market which sees plenty of mention are the so-called meme coins - first came Dogecoin, then came Shiba Inu. But what are they all about? The two coins, which started as a joke relating to the world's richest man, Elon Musk, have made it into the list of the most valuable digital assets. In fact, Shiba is now the third most popular choice on crypto trading platform Coinbase and Doge is 13th.
The question is, are Dogecoin holders selling out into Shiba Inu to ramp up the price, and then thinking they can repeat the trick in future with another newer coin? Yet, some experts are deeply sceptical of these ultra-speculative coins, which have been inspired by internet memes.
We take a look at what meme coins are and whether they risk devaluing more 'serious' cryptocurrencies - that is cryptos that claim to solve a problem or have some potential real-world use.
Meme coins have been in circulation for some time but they have garnered much more attention since the Gamestop saga in January, where Reddit chat room traders drove up the share price of the US video game seller chain. Amateur traders have since piled into the joke coins in the hope of achieving gains off the back of little more than social media hype and speculation. Dogecoin started off as a joke and has been somewhat legitimised by the attention of Elon Musk, who wants to send a 'Doge-1 ship' to the moon.
A single tongue-in-cheek or cryptic tweet from the Tesla boss can drive up the price of a coin hugely. Doge was inspired by a meme, as gifs, pictures or videos that go viral online are called.
This particular meme consists of a picture of a Shiba Inu breed of dog accompanied by text; the dog's internal monologue, deliberately written in broken English. Recently, another coin has joined the meme coin pack - Floki. It claims to be inspired by Musk's own Shiba Inu dog and has said it is pursuing an 'aggressive marketing takeover of Europe' and its billboards and posters can already be seen across the London transport network.
Glen Goodman, crypto commentator and author of The Crypto Trader, said: 'Meme coins were invented as a joke. The idea was that they're just supposed to be memes of this Shiba Inu dog that people seemed to like. Shiba Inu, the newer rival meme coin to Dogecoin, bills itself as a 'Dogecoin killer'. Its branding is the same internet meme as dogecoin is based on, using the image of a Japanese Shiba Inu dog. It is now surpassed Doge as the most valuable meme coin after a per cent spike over the past 40 days, and is now among the top 10 most valuable cryptocurrencies overall.
These are the types of story that could be influencing crypto speculators' behaviour - attempting to get into a coin at the start, drive up the value and then exit. Like Bitcoin, Ethereum and other well-established cryptocurrencies, meme coins use blockchain technology.
Dogecoin uses the same technology as bitcoin spin-off Litecoin while Shiba uses the Ethereum token. Meme coins may have started as a joke but they do act like other cryptocurrencies as a payment system, particularly for cross border transfers. Goodman says: 'If Elon Musk, the richest and most powerful man in the world, decides he wants this joke coin based on the picture of a dog to be the world currency, can he actually make that happen?
I don't think we can discount that completely. It's an unlikely scenario in large part because very few online shops actually accept meme coins, making them largely redundant. Instead, most crypto speculators will consider meme coins as a way to get rich quick. A new meme coin has seen an explosion of interest in recent weeks, after a huge advertising campaign on the London transport network which states 'Missed Doge?
Get Floki'. Adverts have also popped up across the globe, which - alongside frantic social media support - has seen its price rise 45 per cent in 24 hours, from an extremely low level. Its aggressive marketing push is reportedly paid for by a 4 per cent marketing fee on buyers. It cannot be purchased on the main buying platforms.
Rick Meckler, partner at Cherry Lane Investment said: 'It seems driven by fad buyers hoping to get in now and flip later to what will need to be a new series of buyers at even higher prices.
Goodman added: 'Shiba's valuation whichever way you look at it is an insane valuation because… you can't spend it in shops. But we have to accept that it is a slim possibility. According to information on Coinbase, unlike Bitcoin - which is designed to be scarce, dogecoin is 'intentionally abundant. It is claimed 10, new coins are mined every minute and there is no maximum supply. The same can be said of Shiba, with a total supply of 'one quadrillion' coins.
On Coinbase, it says the coin supports projects such as non-fungible token art incubator and the development of a decentralised exchange. Tesla chief executive Elon Musk helped dogecoin reach new highs earlier this year. Cryptocurrencies were largely dismissed by institutional investors as a worthless asset in their first decade of existence. However, since then, asset managers have taken a different perspective and now more and more institutional capital is pouring into crypto.
But if meme coin prices are soaring but there is very little fundamental value, does it risk devaluing the more legitimate coins? Goodman seems to think so: 'The main problem with meme coins in terms of that PR effect is they completely distract people's attention from the really exciting technological progress that is going on within the crypto industry.
It's a new operating system and so new apps can be built on top of it. Everyone just thinks of cryptocurrencies as just pure currency and nothing else, just something you can exchange for other money. They're far far more than that. That said, the long established cryptocurrencies may not have done so well, but also have not suffered as the meme coins rally.
Many mainstream financial advisers would argue that cryptocurrencies are not an investment at all - merely a form of gambling or way of indulging in very high octane trading.
If you accept that they are at least currencies, then people should bear in mind that ordinary investors are generally advised against trying to profit from the movements of the world's national currencies. However, despite the established financial world's views, cryptocurrencies are regarded as an investment by many of the people who hold them. But cryptocurrencies are also complex and inherently volatile and as such are at the very high end of the risk spectrum.
They don't know. Nobody knows,' Goodman said. If a meme coin crashes, you can make a stop loss order which can protect some of your money but it shouldn't be taken as guaranteed insurance. A stop loss order is an order placed with a broker to buy or sell a specific stock or cryptocurrency once the stock reaches a certain price.
However, the problem is that if the price of a meme coin falls dramatically, the stop loss won't work. It can only work if there are people willing to buy at the exact moment the stop loss is triggered. Goodman said: 'In extreme situations there are no buyers, only sellers. Even if your stop loss is triggered, the price can continue falling and your platform is unable to close the trade because there's no one willing to buy. So in that sense it is a pyramid scheme.
Surely, once the joke wears off, then who cares? You'll often hear it described as a cryptocurrency, which isn't very enlightening. In simple terms, it is virtual money, with no physical notes or coins. It was invented by someone claiming to be called Satoshi Nakamoto and to be Japanese, but his or her real identity is unknown. In its early days it was often used for illicit activity but bitcoin has become attractive to ordinary investors and is even described by some as digital gold, ie a store of value.
Bitcoin is stored in a digital wallet on smartphones or computers. Transactions are recorded on a blockchain, the giant online ledger behind the currency. You can in theory use bitcoin to pay for goods and services, though it is rarely accepted. Most buy it in the hope of a profit rather than to transact in it.
Anyone with access to a computer or smartphone can buy bitcoin through an exchange. You will have to pay trading fees on top of the cost of the bitcoin itself. Bitcoin is not backed by any tangible asset or underlying commodity, such as gold. It has no intrinsic value. It is 'worth' what people are prepared to pay — and that has been extremely volatile. It depends on whether you believe bitcoin will rise in value. It's a huge risk.
And the same can be said of other cryptos too. City watchdog the FCA recently reminded savers that they should be prepared to lose all the money they put into bitcoin and crypto, so only invest cash you can afford to lose.
If things do go wrong, dealings in bitcoin are largely outside the regulators' safety nets. An old adage of: don't invest in what you don't understand holds true. If you are tempted, read up about how crypto works, the particular use and white paper of the coin you're interested in, don't invest money you cannot afford to lose, use a legitimate platform, make it a small part of your portfolio and most importantly, be prepared to lose all of your money and for volatile price swings.
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Meme coin madness! What about Floki? Get Floki' Adverts have also popped up across the globe, which - alongside frantic social media support - has seen its price rise 45 per cent in 24 hours, from an extremely low level. Low cost portfolios.
Moving Beyond Tweets and Memes: Revisiting the Bullish Case Around Dogecoin (DOGE)
What exactly is it? In non-technical terms, Dogecoin has proven to be an all-star drafter compared to what was thought it would become ever since it was created. Dogecoin has received huge encouragement in the form of tweets and payment acceptance throughout various industries. Billionaire Mark Cuban, owner of the Dallas Mavericks, carried out over 20, Dogecoin transactions and became the number one merchant using the alt-coin ever since. Ever since, Musk has been responsible for any fluctuations in the market trends of dogecoin, pushing it to an all-time high and making it the 4th biggest cryptocurrency in the world. Not every one of them has had the same success as Dogecoin or Bitcoin per se.
How high can meme coin prices go?
Elon Musk has been a very vocal supporter of Dogecoin, and one of his recent tweets was filled with memes on Dogecoin. Musk mentioned in the tweet that he and his children have set up Dogecoin mining rigs. This is a computer whose sole purpose is gaining more of the currency. The clear takeaway here is that Elon Musk feels Dogecoin is worth the investment. Not really economic, but it was a fun family project. When another Twitter user asked Elon Musk what equipment he used, he gave the name of a price-effective data miner. He said that he had bought it off of eBay, which is a strange place for a billionaire to buy anything.
Bitcoin, Ethereum Fall Over 5%, Meme Coins Shiba Inu, Dogecoin Also In The Red
Exploring into the lives of the twins whose avatars were featured in the popular "Pomp Eet" and "domp eet" memes. Pay tribute to the twins who created the famous "pomp eet" cryptocurrency meme. The two French television personalities passed away in the same week, both at the age of They were moved to the intensive care unit ICU. Grichka passed away on December 28, and Igor passed away six days later, on January 3.
Memes and jokes galore as Bitcoin value plunges after Elon Musk’s new announcement
TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on Bitcoin mining and trading, sending the digital currency tumbling. Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process that produces newly minted cryptocurrencies such as Bitcoin. Bitcoin took a hammering after the latest Chinese move and is now down nearly 50 percent from its all-time high. It shed as much as 17 percent on Sunday, before paring some losses and was last trading steady in Asia. Investor protection and prevention of money laundering are particular concerns of governments and financial regulators who are grappling with whether and how they should regulate the cryptocurrency industry. US Federal Reserve Chairman Jerome Powell turned up the heat on cryptocurrencies last week, saying on Thursday that they pose risks to financial stability and indicating that greater regulation may be warranted.
Dogecoin (DOGE)
When autocomplete results are available use up and down arrows to review and enter to select. Touch device users, explore by touch or with swipe gestures. Log in. Sign up. Crypto Memes. Collection by Werner.
We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency has been around for over a decade. The virtual coin has attracted full communities, like those invested in Dogecoin , a cryptocurrency based on a meme that Musk is also connected with.
If there is one form of cryptocurrency that illustrates the power of digital investments, it is Dogecoin. What started off as a joke on Reddit in late is now a billion-dollar asset anyone can invest in. But did you know that Dogecoin is not the only meme cryptocurrency out there? Here are some of the most popular meme cryptos besides Dogecoin, should you ever choose to invest in any of them. MonaCoin was founded by an Internet user who goes by the name "Mr.
Top news. With Dogecoin and Shiba Inu at the center, observed an incredible memecoin mania. It all began when, soon after Tesla had made its purchase of Bitcoin, Elon Musk began to make frequent tweets about Dogecoin. This would become the spark for several incredible runs that the coin would have shortly after. Many other new coins were inspired by it, including Shiba Inu. Here is a chart that shows how Dogecoin performed over the course of the year
The last few weeks have been… well. Watching the crypto markets right now feels a bit like Wile E Coyote must when he realizes the road ended three steps back and the only thing beneath him is an open canyon. We all have every reason to wallow in a pit of depression, binge-watching Netflix while eating Pringles by the tube and mourning wealthier times. Or is that just me?
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