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Meme Coin Fraud: Fun Coins or Risky Traps?
What Are Meme Coins?
Meme coins are one of the several digital currencies that were created as a result of the various jokes, internet memes, or even just funny concepts that existed back in the day. Some, however, such as Dogecoin and Shiba Inu, were jokes at first, but they eventually grew to be quite a number of people’s serious business investments. But for every success story, there are always numerous hoaxes.
“Meme coins are for scams,” as a famous saying goes, and it’s all about the hype. When it’s time to become a place where fraudsters take over, it is as simple as creating a viral marketing campaign with an attractive name and website with the right timing.
How Did Meme Coins Start and Where Do They Trade?
Meme coins are mostly traded on decentralized exchanges (DEXs). In contrast to typical exchanges, DEXs enable you to deal without intermediaries. However, noted exchanges for trading meme cryptocurrencies include:
- Dextools: A favored application used to keep track of the performance of meme coins.
- Dexscreener is also good for learning which new coins may be available and for analysis.
- Bullx: Another one for the fans of tools tracking launches of meme coins.
