Facts for Prelims (FFP)
Source: Business Standard
Context: Meme coins, a subset of cryptocurrencies, have gained popularity within the digital currency realm.
- Originating from internet meme culture, these coins are often created as humorous tributes and lack substantial underlying value.
- Their key characteristics include extreme volatility, large or uncapped supplies, and easy creation facilitated by blockchain technology.
- Dogecoin and Shiba Inu are notable examples of meme coins, with quirky branding and significant community engagement.
However, investing in meme coins carries risks due to their speculative nature and lack of fundamental value.
