What is a Memecoin? Pepe, Doge, Shiba, Bonk, and Dogwifhat

Memecoins are now a thing, from Dogecoin and Shiba Inu to newer entrants like Pepe, dogwifhat and BONK. But what are they and why are they popular?

What is a Memecoin?

Memecoins are digital currencies born from internet culture, humour, and often, a dash of absurdity. Unlike Bitcoin or Ethereum, which strive for real-world use, memecoins are often driven by community hype, viral trends, and occasionally being in on the joke.

The OG: Dogecoin (DOGE)

Dogecoin, the granddaddy of memecoins, started as a lighthearted joke in 2013 featuring the now-iconic Shiba Inu dog. Its rise to fame was unexpected, driven by online communities, celebrity endorsements (like Elon Musk), and a sense of fun that resonated with a new generation of crypto enthusiasts.

Shiba Inu (SHIB): The Dogecoin Killer?

Following in Dogecoin's pawprints, Shiba Inu burst onto the scene in 2020, branding itself as the "Dogecoin killer." While it shares the Shiba Inu mascot, SHIB has a different tokenomics model and a growing ecosystem that includes decentralised exchanges and NFTs.

Pepe

Pepe is a memecoin built on the Ethereum blockchain, inspired by the popular "Pepe the Frog" internet meme. Launched in April 2023, it quickly gained popularity. Since then the journey has been volatile, as per most altcoins.

Pepe Coin's creators openly state that it has no intrinsic value or expectation of financial return.

Bonk

BONK is a dog-themed memecoin built on the Solana blockchain. It gained popularity through a massive airdrop to the Solana community in December 2022 and quickly became a viral sensation.

It is primarily driven by community hype and internet culture rather than having a specific utility or real-world application.

Like Doge, Shib and Pepe, BONK is highly volatile.

Dogwifhat

Dogwifhat (WIF) is based on the Solana blockchain. It emerged from the meme-loving corners of the internet. Its origins trace back to a Twitter profile picture in 2019, featuring a Shiba Inu dog wearing a pink beanie. This image quickly went viral, sparking a wave of memes.

The meme's popularity continued to grow, eventually leading to the creation of the dogwifhat cryptocurrency in late 2023. The project's developers, who remain anonymous, embraced the meme's playful nature, even choosing "WIF" (a playful misspelling of "with") as the coin's ticker symbol.

Despite having no real-world utility or technological innovation, dogwifhat quickly gained traction within the crypto community. By March 2024, dogwifhat even surpassed other established memecoins.

Why these altcoins so popular?

Memecoins appeal to our love of community, shared experiences. They offer a way to participate in something fun and exciting, even if it's just for the laughs. Plus, the low barrier to entry (often just a few dollars) makes them accessible to a wide range of people.

But yeah. Let's remember that these particular altcoins can also be highly volatile and speculative investments. Their value can fluctuate wildly based on social media trends, celebrity mentions, or even just random internet chatter.

You know the advice here: Only invest what you are prepared to lose.