Crypto Terms:
Letter M
What is Meme Economy?
Meaning:
Meme Economy -
is a type of satirical concept where internet memes are considered to be valuable assets.
Let's find out Meme Economy meaning, definition in crypto, what is Meme Economy, and all other detailed facts.
Meme Economy is a term used to describe a subculture on the internet where users look at memes as if they are assets by describing them through financial jargon.
This insider joke has prompted the creation of multiple projects based on an imaginary meme economy that hosts the meme market.
It first showed up on a subreddit at /r/memeEconomy in 2016.
What is /r/memeEconomy?
As mentioned above, /r/memeEconomy is a forum found on Reddit where users can discuss memes and economics at the same time.
This unique combination creates a space for users to “invest” in various memes. When making a decision, they mostly evaluate whether the meme has any chance of receiving the biggest amount of upvotes.
How does it work? Members scour the subreddit in order to find a new meme that doesn’t have many upvotes but has the potential to become the top meme sometime in the future. If the said meme is found, then the members can invest their memecoins in hopes of large gains.
Additionally, community members enjoy looking for new memes to become viral. The pleasure is short-lived however since they turn into dead memes after reaching peak popularity.
It’s important to keep in mind that this is fiction. Meme economy does not have a real market. The only cryptocurrency you can collect is memecoins which are essentially worthless.
This subreddit has received some backlash in regards to taking itself too seriously. However, the majority of its members highlight the fact that this is a satirical representation of real-world cryptocurrency markets and depicts certain characteristics of traders within them.
What is NASDANQ?
NASDANQ is one of the projects that emerged after the creation of the Meme Economy. It was introduced by one of the subreddit members Darkpitt in late 2016. The idea behind it is to create an actual meme exchange. There were a couple of other members from the subreddit such as AchillesDev and Icedog68 that volunteered to develop this marketplace.
NASDANQ had the basic functionalities of a trading platform such as buying and selling plus the option to set firms. Its users could exchange memes and meme accessories.
internet meme<\/a><\/strong>. It’s considered to be a more affordable <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin alternative that has a supply of quadrillion coins. Additionally, they’re mined faster and don’t have a limit like Bitcoin. Memecoin holders claim it offers huge profit.<\/p>\n<p><strong>Dogecoin<\/strong> is the first memecoin to come to the market in late 2013. Its origins are derived from the popular internet meme depicting a <strong>Shiba Inu<\/strong>.<\/p>\n<p>Other memecoins such as Shiba Inu, Samoyedcoin, Floki Inu, HogeFinance, and Dogelon Mars are among the most well-known memecoins on the current market.<\/p>\n<p>New investors can benefit from memecoins. However, their gains will not be substantial.<\/p>\n<h2>The Rise of the Memecoin<\/h2>\n<p>When the Dogecoin memecoin was first launched, it was taken as a joke by the entire crypto community. In spite of that, <strong>Elon Musk expressed his support for Dogecoin on Twitter<\/strong>. In turn, memecoins started gaining a lot of attention on Twitter, Reddit, and other social media platforms. Therefore, Dogecoin’s value grew exponentially in a short time period.<\/p>\n<p>Memecoin found itself in the wake of the GameStop frenzy where investors were looking for new opportunities and prospects. This was the time when discussions about the potential of memecoins really exploded on Reddit.<\/p>\n<p>As a result of Elon Musk’s public statement, Dogecoin reached the top 10 list by market cap just in a few months.<\/p>\n<p>When it comes to the current crypto market, <strong>Shiba Inu <\/strong>memecoin was one of the top cryptocurrencies by the end of 2021.<\/p>\n<p>It seems like Elon Musk is not the only one intrigued by memecoins. Mark Cuban, Snoop Dog, and other public figures have endorsed them.<\/p>\n<p><strong>The memecoin boom gave an opportunity for small investors and traders to get the most out of their investments.<\/strong><\/p>\n<p>These types of investors have difficult time trading when it comes to cryptocurrencies like Bitcoin or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum which are constantly growing in value. Unlike memecoins, these might not be the best option for small or novice investors.<\/p>\n<p>In 2021 alone, the first memecoin, Dogecoin, overthrew huge companies like eBay, Kraft Heinz, and others in market value. <\/p>\n<h2>Are Memecoins Worth It in the Long Run?<\/h2>\n<p>At the moment, memecoins are a way for investors to make some profit. Unfortunately, <strong>they don’t hold utility in the real world<\/strong> like the world’s first cryptocurrency Bitcoin, which is becoming more and more often accepted as a means of payment.<\/p>\n<p>All in all, new and small investors can still <strong>benefit from memecoins in the short term<\/strong>. Especially if they receive public endorsements and support from various celebrities and public figures such as Elon Musk.<\/p>","definition":"a cryptocurrency created in a humorous context, often relating to an internet meme.","status":"published","meta_title":"What is Memecoin? Definition & Meaning | Crypto Wiki","meta_description":"Memecoin meaning: Memecoin - is a cryptocurrency created in a humorous context, often relating to an internet meme.","meta_keywords":null}"
:prev-section="{"id":485,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Hash_function","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2024-01-09T13:31:29.000000Z","slug":"what-are-megahashes-per-second","title":"What are Megahashes Per Second?","section":"M","keyword":"Megahashes Per Second","content":"<p><strong>Megahashes per second (MH\/s)<\/strong> is a unit of measurement equal to one million hashes per second.<\/p>\n<p>A <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hash/">hash is a mathematical application used to convert data into alphanumerics of a fixed, predetermined length. Hashes are used to <strong>increase the speed of data storage and retrieval<\/strong> as they are shorter and easier to find than complete computations.<\/p>\n<p>The calculation of hashes is used in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining/">cryptocurrency mining<\/strong><\/a>. The mining process requires powerful computers and specialized software that can create <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block/">data blocks<\/strong><\/a>. Crypto miners must solve <strong>complicated mathematical problems<\/strong> which often require an algorithm to crack.<\/p>\n<p>The calculations are measured at the performance speed of the mining computer, using the hash units of measurement such as MH\/s. Cryptocurrency mining requires a lot of speed to solve the hashes, and mining devices can make thousands or, in some cases, even millions of guesses per second. The goal is to <strong>create a new block by solving its calculation<\/strong>.<\/p>\n<p>With time, the difficulty rates of mineable cryptocurrencies like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a> tend to rise to the point where attempting to solo mine one block <strong>on a single<\/strong> <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-central-processing-unit-cpu/">CPU at the speed of 50 hashes per second can require nearly a million years. Therefore, CPU is not the recommended method of mining.<\/p>\n<p><strong>Mining-specific equipment<\/strong> with upgraded and more powerful hardware, such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-asic/">ASIC miners<\/strong><\/a>, is being developed to increase the speed of the mining process and the earnings of the miners themselves. However, the increasing difficulty and power requirements mean that the <strong>energy consumption also goes up<\/strong>.<\/p>\n<p>Different cryptocurrencies require different hash rates and power requirements for the mining equipment. The hash rate affects the work of crypto miners directly as the difficulty level determines how likely they are to mine a new block. The <strong>higher the hash rate<\/strong>, the higher the odds of adding a new block to the chain.<\/p>\n<p>The size measurements of hashes are the same as those used for other computational storage units, such as Kilo, <strong>Mega<\/strong>, Giga, or Tera. A hash rate of 100 hashes per second shows that the mining device is able to make 100 guesses per second as it tries to solve the computation of the block.<\/p>\n<p><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum (ETH)<\/strong><\/strong><\/a> mining machines, which are primarily <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-graphical-processing-unit-gpu/">GPU-based, run their computations in the megahash range. For an Ethereum mining device, 50 megahashes per second is an <strong>optimal mining time with a good GPU<\/strong>. If an Ethereum mining setup contains seven GPUs running at roughly the same speed, the miner may be able to earn over 10 ETH yearly.<\/p>","definition":"a unit of measurement; one million hashes per second.","status":"published","meta_title":"What are Megahashes Per Second? Definition & Meaning | Crypto Wiki","meta_description":"Megahashes Per Second meaning: Megahashes Per Second - a unit of measurement; one million hashes per second.","meta_keywords":null}"
:model="{"id":878,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Internet_meme","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2024-01-09T04:50:25.000000Z","slug":"what-is-meme-economy","title":"What is Meme Economy?","section":"M","keyword":"Meme Economy","content":"<p><strong>Meme Economy<\/strong> is a term used to describe <strong>a subculture on the internet where users look at <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-internet-memes/">memes as if they are assets by describing them through financial jargon<\/strong>.<\/p>\n<p>This insider joke has prompted the creation of multiple projects based on an imaginary meme economy that hosts the meme market.<\/p>\n<p>It first showed up on a subreddit at \/r\/memeEconomy in 2016.<\/p>\n<p><strong>What is \/r\/memeEconomy?<\/strong><\/p>\n<p>As mentioned above, \/r\/memeEconomy is a forum found on Reddit where users can discuss memes and economics at the same time. <\/p>\n<p>This unique combination creates a space for users to “invest” in various memes. When making a decision, they mostly evaluate whether the meme has any chance of receiving the biggest amount of upvotes. <\/p>\n<p><strong>How does it work?<\/strong> Members scour the subreddit in order to find a new meme that doesn’t have many upvotes but has the potential to become the top meme sometime in the future. If the said meme is found, then the members can invest their memecoins in hopes of large gains. <\/p>\n<p>Additionally, community members enjoy looking for new memes to become viral. The pleasure is short-lived however since they turn into dead memes after reaching peak popularity. <\/p>\n<p>It’s important to keep in mind that this is fiction. Meme economy does not have a real market. The only cryptocurrency you can collect is <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-memecoin/">memecoins which are essentially worthless. <\/p>\n<p>This subreddit has received some backlash in regards to taking itself too seriously. However, the majority of its members highlight the fact that this is a satirical representation of real-world cryptocurrency markets and depicts certain characteristics of traders within them. <\/p>\n<p><strong>What is NASDANQ?<\/strong><\/p>\n<p>NASDANQ is one of the projects that emerged after the creation of the Meme Economy. It was introduced by one of the subreddit members Darkpitt in late 2016. The idea behind it is to create an actual meme exchange. There were a couple of other members from the subreddit such as AchillesDev and Icedog68 that volunteered to develop this marketplace. <\/p>\n<p>NASDANQ had the basic functionalities of a trading platform such as buying and selling plus the option to set firms. Its users could exchange memes and meme accessories.<\/p>","definition":"is a type of satirical concept where internet memes are considered to be valuable assets.","status":"published","meta_title":"What is Meme Economy? Definition & Meaning | Crypto Wiki","meta_description":"Meme Economy meaning: Meme Economy - is a type of satirical concept where internet memes are considered to be valuable assets.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade 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current-chapter="M"
current-section="what-is-meme-economy">
