Is Meme Coin a Humorous or Scary Investment Choice?

On Thursday, analyst ZachXBT, pointed out in his X post that an ex-Fortnite player, under the name Serpent, was involved in a meme coin scam. By compromising accounts of over nine celebrities, including Usher, McDonalds, Andy Ayrey, and Wiz Khalifa, the player had taken about $3.5M in funds and gambled the proceeds in online casinos after converting them on Solana. This brings to light that the meme coin market should induce additional regulatory guidelines to safeguard from potential risks.

Originally, meme coins emerged in the market as a joke, but over time, they became an integral part of the cryptocurrency ecosystem. The first meme coin to be created was Dogecoin (DOGE). It was created in 2013 by two software engineers- Billy Markus and Jackson Palmer, who took inspiration from an internet meme, Doge.

As the market evolved, Dogecoin led the way for others like Shiba Inu, Floki, Pepe, Bonk, etc. Like DOGE, these have also gained traction and a significant user base in the market. The rally of these coins depends on several factors, including social media, which could affect its trajectory within seconds.

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