'Meme coins,' digital assets rooted in internet culture, are gaining significant traction, with established coins like Dogecoin taking off and other newer coins like dogwifhat, Pepe, and Bonk having explosive moves and reaching multiple billion dollar market caps. Even though investing in such assets carries high risks, including possible loss of principle, technological failures, and regulatory challenges, users in the space are having fun betting on which coins will be the most viral.

Memecoins blend internet culture with digital currency. Tracing back to the early days of cryptocurrency, with each cycle introducing new iterations, they gained momentum through early Bitcoin alternatives, ICO crazes, DeFi summer, and meme stocks, evolving to include NFTs which brought visual representation to these tokens. Memecoins, such as Dogecoin and Shiba Inu, have often been regarded as cultural tokens, gaining value from their associated memes and community engagement. Despite their potential for high returns, they carry risks of volatility and regulatory uncertainty.