If you google "How to create your own meme coin?", you'll find at least 10 different articles with various instructions. It seems like the authors are competing to see who can create a meme currency the fastest – some claim it takes 5 minutes, others 1 minute, and some even say 30 seconds. Is it really that easy? And if it is, how soon will the creator start making a profit from his creation?

So, what's a meme coin anyway?

A meme coin is a cryptocurrency created based on a popular internet meme. It has the same functions as traditional crypto-assets, but with some peculiarities. Meme coins are even more unstable than world-famous Bitcoin (BTC) and Ethereum (ETH) because they depend mainly on public sentiment and the opinions of the crypto community. Meme coins are like the "fashion" of the crypto world – one day everyone is crazy about cute Shiba Inu faces – DOGE, SHIB – and the next day they could easily be forgotten, simply because people got tired of them.

Meme coins gained popularity during the COVID-19 pandemic, starting in 2020. It all began as a joke, but here we are in 2023, and people are still laughing. Meme tokens haven't devalued; in fact, they seem to have strengthened. Anyone can create new meme coins today. The question is, will they be relevant to the market in a month? Or a year?

Meme coin is a risky venture

Many crypto investors keep meme coins in their wallets as a means for additional diversification. In the event of a sharp decline in major assets, meme tokens can save an entrepreneur from bankruptcy. Moreover, with a new "wave of fashion" or someone's statement (like Elon Musk's jokes about DOGE), meme currency can suddenly skyrocket in value, enriching its holder.

Despite this, the percentage of investors and traders relying entirely on meme coins is not that high. Among their significant drawbacks are:

• Lack of a clear system foundation, relying on jokes.
• Dependence on public sentiments.
• Speculativeness.
• Instability.

The temptation to ignore all these drawbacks and invest in such crypto assets increases during periods when their value soars without much logic due to FOMO. Perhaps that's why meme crypto assets are still being released.

How to create your own meme coin?

The technical process of creating meme currency is indeed simple:

1. First, install the Metamask browser extension.
2. Find an Ethereum smart contract template online (or use some other network).
3. Edit the template by entering your data – coin name, description, and functionality parameters.
4. Send the smart contract to the main blockchain and pay the execution fee.

And that's it – your new token is already on the network, but the question of "who needs it here?" remains open.

How to promote your meme cryptocurrency?

Making the first profit from a new meme coin (unless it's endorsed by Elon Musk) might not happen right away. The key lies in effective promotion.

Since meme coins directly depend on public perception, it's better to take care of the future reputation of your token in advance. Meme coins, on their own, mean nothing and are worth nothing. To start earning with them, you need to create public resonance, generate interest. This can be done in several ways:

• Attract attention of an influencer or celebrity to the meme coin.

The creators of the currently popular SHIB meme coin sent half of their coins in the early stages to Ethereum co-founder Vitalik Buterin, attracting a massive crowd of crypto enthusiasts. Buterin himself was interested in the new coin and accepted the offer.

• Coin listing on small cryptocurrency exchanges.

On major crypto platforms, a new and unfamiliar coin can easily get lost. Therefore, it's recommended to start promoting meme coins on smaller platforms, preferably among crypto enthusiasts.

• Create a scandal around the meme coin.

"Black" PR is also PR. Since meme coins need attention, scandals can be created to generate noise. There's a chance that people will start talking about the new coin, and it doesn't matter if the discussions begin with not-so-friendly phrases. It's important to note that this approach doesn't promise long-term benefits, but it might yield short-term results. Who knows, maybe there are investors who love a bit of drama? The crucial thing is to ensure the new currency has all the proper documentation; otherwise, getting into legal trouble for fraud is a risk if the scandal goes in the wrong direction.

Conclusion 

In conclusion, meme coins are an extremely volatile digital currency. Anyone can create one, but promoting such a commodity is much more challenging. It's crucial for the developer to clearly define why they're introducing a new token to the saturated market and how it will stand out from thousands of others. Answers like "I want to make millions" unfortunately don't hold much weight.

The easiest way to buy, sell or exchange coins is to use SimpleSwap services. Try to swap meme coins right now!

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.