- Pepecoin or Frog inspired coin, which was in news recently , it was created by an artist .
- Meme coins like Doge, shiba etc are some of the meme coins that are developed for entertainment purposes.
- Pepe coin’s worth is $0.0975 per meme.
Talking about the meme coins, they are cryptocurrencies created for entertainment purposes, says one of the newspaper authors. There are various types of Memes Coins /Cryptocurrencies – some of them are Doge, Shiba, and Pepe coins ( recently introduced in April 2023).
Real Currency v/s Meme coins.
The basic key point here is the control. Real currencies do have centralized control over the physical notes, government authorities are the one who introduce or print out the notes for the public, whereas digital currency/cryptocurrency is the one which is very decentralized and is very uncontrolled.
Digital currency is a decentralized form of currency, also it is not recognized in INDIA as a currency. In other countries, it can be considered as a currency but in countries like India, it is still merely a digital currency used for entertainment purposes.
Cryptocurrency can never be backed up with gold or silver. Meme coins are not extensively used soo it is impossible to use meme coins as real currency. Therefore it is very difficult to imagine cryptocurrency as a ‘Real Currency’.
Cryptocurrencies/meme coins are being made to reduce counterfeiting. Unlike real currencies, counterfeiting is very common, although we have certain rules to encounter such counterfeiting.
Meme coins as Futuristic Real Currencies?
No, Meme coins cannot be made as real currencies. Because there are certain types of government that have a proper definition for the currencies and it also has a good centralized form of structure to control the flow of currency.
In order to be a part of real currency, Meme coins have to be eligible for the fact that it has the worth of getting converted to gold and silver as an exchange. Having zero or no intrinsic value in the market it can be real currency.
Compared to the risk of the exchange, the real eal currency has zero risk investment because it is always fixed that if you are investing in the bank you will get interest, that too will be the real currency which can be used everywhere. whereas talking about the risk involved in the meme coins and cryptocurrencies is non-convertible money.
Neither can be changed to real cash nor universal. It has to be universal if it needs to be traded otherwise there is no future with these Meme coins as compared to real money.
Meme coins are basically inspired by social media networks and have no relation with real currency exchanges. Therefore we have seen the typical difference between meme coins and real currencies.
Meme coins are highly volatile and therefore their supply is huge, but talking about the real currency it is not volatile. Having a thorough understanding of meme coins requires a verified liquidity pool.