The world of digital currencies is full of options. All kinds of cryptocurrencies, including Dogetti (DETI), cater to various kinds of investors, traders, and use cases. Altcoins and meme coins are two distinct types of cryptocurrencies that have shot to fame in recent years.
Altcoins or alternative coins are alternative cryptocurrencies that are not Bitcoin, while meme coins are cryptocurrencies that are related to a popular meme or cultural phenomenon. They do share some similarities, but several significant differences set altcoins apart from meme coins.
What Are Altcoins?
As mentioned above, altcoins are an alternative to Bitcoin, the first-ever cryptocurrency in the world. Bitcoin is still the most popular cryptocurrency to date but with time thousands of new altcoins have emerged as alternative options for investors. Since altcoins are different from Bitcoin, they come out as quite an attractive option for traders and investors who are always on the lookout for something new and different.
Altcoins can be best used as a store of value, a means of exchange, or for smart contracts. Today, the leading or most-known altcoins are Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). However, all these cryptocurrencies have different use cases, so if you’re looking to invest in any of the above, prior research will always go a long way in determining the right altcoin for you.
One of the biggest upsides of altcoins is their ability to offer faster transaction times at lower transaction charges than Bitcoin. They are also more versatile than the oldest cryptocurrency in the world as they offer different features and use cases that are absent in Bitcoin.
What Are Meme Coins?
Typically created for fun, meme coins are based on a popular meme or cultural phenomenon. This is why they are not meant to be taken seriously for investment purposes. Meme coins generally don’t have a specific use case and are hardly backed by any underlying technology or asset.
Anyone can create a meme coin with a basic understanding of blockchain technology. This is one of the many reasons why there are so many meme coins. Some of the most famous meme coins include Dogecoin, Shiba Inu, and Safemoon. Dogetti (DETI) and Big Eyes Coin (BIG) are two upcoming meme coins that are already making big waves in their presale phases. Meme coins generally get popularity due to their unique branding and marketing or because of their massive social media following.
Meme coins are community-centric and rely heavily on their community members. They are fun to invest in but at the same time, they are also highly speculative and may be subject to high volatility. Their values can swirl around external factors like social media trends and celebrity endorsements. For example, seasoned business celebrity Elon Musk has backed many different cryptocurrencies, including meme coins, which gave rise to their value and popularity.
Comparison of Altcoins and Meme Coins
As discussed above, altcoins and meme coins are both cryptocurrencies but with significant differences. They come to the fore where Bitcoin fails to deliver, such as transaction speed and scalability. They have different use cases and goals, and they can also differ from each other based on their underlying technology, consensus mechanism, and governance structure.
On the contrary, meme coins are based on jokes and memes, often created as a parody of traditional cryptocurrencies. In the past, meme coins have been used to make quick profits or poke fun at the crypto industry.
Their purpose and use case are the main differences between altcoins and meme coins. While altcoins are created to solve real-world problems, meme coins are generally a joke or a bid to capitalize on hype or attention.
Another key difference between altcoins and meme coins is their level of risk. Altcoins are generally less risky than meme coins because they have a clear use case and development team backing them. It doesn’t mean that altcoins are not vulnerable to volatility. However, they tend to have a more stable and consistent trajectory than meme coins.
While altcoins look the better of the two options, it is a fact that meme coins have generated massive hype and interest in the recent past. Dogecoin, which was created as a joke in 2013, is now the leading meme coin of all time and has strong support from the community and developers. Dogetti is yet another meme coin that is in the first stage of its presale, during which, it has raised more than $375k and looks strong to attract more eyeballs in coming days. You can also join the bandwagon by using the promotional code WISEGUY25 and enjoy an incredible 25% bonus on your purchase.
It is always advised to carefully consider market trends and technical analysis before investing in either type of cryptocurrency.
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