How did meme coins become so popular? Back to list

Member SinceMar 07, 2022

Posts 155

Seamans

Jun 22, 2022 a 07:12
According to others, the crypto market thrived during the COVID-19 epidemic as regular investors sought a hedge against inflation. However, determining the specific reasons is difficult. The market capitalisation and diversity of meme currencies increased in parallel with the buzz.
It all started in late 2020, after the "meme stock" stories of GameStop (GME) and AMC Entertainment (AMC), in which the Reddit community inflated the prices of these shares by up to 100 times in a matter of months. In January 2021, a Reddit group discussed boosting the price of DOGE in order to create a cryptocurrency similar to GME. The pattern caught on, and the price of DOGE rose in tandem with Elon Musk's tweets. Dogecoin reached a new all-time high of $0.73 USD in five days, indicating an almost 2,000 percent increase.

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