Memecoins are one kind of crypto asset. Bitcoin and Ethereum have their own networks and purposes; most memecoins ride on someone else's chain.
How to check it yourself
- Look up which chain the token lives on. If it runs on another network, it is a token, not its own chain.
- Read the project's own description: does it describe a network, a product, or a community and a theme?
- On an explorer, see whether the asset is a whole network or a single contract address.
Sources
- investing.comhttps://www.investing.com/academy/crypto/what-are-meme-coins
- schwabassetmanagement.comhttps://www.schwabassetmanagement.com/story/what-are-meme-coins-uses-and-risks-to-know
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Join the TelegramEducation only. Nothing here is financial, investment, legal or tax advice, and nothing here is a prediction or a promise about price. Memecoins are extremely high risk and you can lose everything you put in. FOMOEgg is a community-run memecoin and is not affiliated with Robinhood, PONS or fomo.