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What are the Meme Coins and How to Buy it?

Meme coins are the cryptocurrencies which is inspired by memes or jokes on the Internet. And the first meme coin was the Dogecoin (DOGE) which is inspired by Japanese Shiba Inu dog and it is launched in 2013. Meme coins are highly volatile and sometimes, their price goes down if traders turn their attention to the other meme coin. These coins have a huge or unlimited supply which shows their low prices and they also do not have a coin-burning mechanism. Retail investors find meme coins attractive because it cost a few cents. With just few dollars, traders can get millions of DOGE, SHIBA INU, and AKITA INU rather than holding a fractions of ETH and BTC. If you wanted to buy Memecoin, then you can purchase it with another cryptocurrency on decentralized exchanges. And to purchase, first you have to purchase the Ethereum (ETH) and then you should use ETH to buy Memecoin. For this, you should have a self-custody wallet like Coinbase wallet.

How you can Buy Memecoin on Coinbase?

  1. Download Coinbase Wallet: It is very necessary that you have a self-custody wallet like Coinbase Wallet to purchase Memecoin. It is available as a mobile app and browser extension and you can easily download it.
  2. Choose Wallet Username: To set up your Coinbase Wallet, you should choose a username. With the username, other Coinbase Wallet users can easily send you crypto. The user can keep their username private, but you should have one to access the account.
  3. Store your Recovery Phrase: If you have created a self-custody wallet, then you will get a recovery phrase of 12 random words. The recovery phrase is the key to your crypto, so you should not share your recovery phrase with anyone. It is advised you should write this key on paper and just store it securely. In case, you lose your recovery phrase, then Coinbase cannot help you for accessing your wallet.
  4. Ethereum Network Fees: Fees is according to the network is busy or not, complicated transaction and also how fast you want the transaction to be completed. You should plan to set some money for fees.
  5. Buy ETH to Coinbase Wallet: In case, the user does not have a Coinbase account, then they should create one to buy Ethereum (ETH). The transfer of ETH to your Coinbase Wallet is according to the mobile app or the Chrome extension.
  6. Use ETH to Purchase Memecoin in Trade Tab: In case, the user is using Coinbase Wallet in their mobile phone, then they can purchase Memecoin in the app. To purchase, first you have to tap on the Image of Coinbase Wallet App and then hit on “Trade” tab, then you should swap ETH for any token which runs on the Ethereum standard. Now, you should hit on “choose coin” and then choose Memecoin. After this, you have to enter the amount of ETH which you like to exchange for Memecoin. You should also keep the transaction fees. At last, you should confirm your purchase and just follow the instructions on the given screen.

How to Buy Memecoins on eToro?

  1. First, you should register with eToro.  You should start your account on eToro and enter your personal information and username.
  2. Secondly, before you start trading you should deposit money to your account by using your credit or debit card.
  3. Thirdly, you should search for the cryptocurrency which you wish to buy. You just have to enter the name of the crypto which you wish to buy and then tap on “Trade” option.
  4. At last, you should enter how much you want to spend and then finish the purchase.

The Best Memecoins of 2022:

  1. Dogecoin(DOGE)
  2. SHIBA INU
  3. DOGELON MARS
  4. DOGE DASH
  5. Loser Coin

Where You can Buy the Best Memecoins?

The best trading platform for Memecoins of 2022 are as follows:

  1. eToro – It is the best platform for crypto currency exchange for beginners and also for the experts.
  2. Coinbase –This platform is best for the beginners.
  3. Binance – This trading platform is best for the inexperienced traders.

If you want to learn more about Memecoins, then you should read our other articles.

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Cryptoowiki © 2022. All rights reserved.