After the birth of Dogecoin in 2013 and the success of Shiba Inu in 2020, the cryptocurrency market saw an upspring of thousands of meme coins. From cats to dogs and birds, meme coins came in all shapes and sizes, luring investors into their bandwagon. It came with a promise of ‘get rich quick’ as traders hunted for the ‘next big thing.’

Sadly, apart from Dogecoin and Shiba Inu and the newer entrants like Pepe Coin and BONK, not many meme coins made the cut. The majority of the new cryptocurrencies were either rug-pulled or died a natural death, swallowing investors’ money along with them.

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97% of Meme Coins Have Died in the Cryptocurrency Market

A recent report from Binance shows that 97% of all meme coins no longer exist in the cryptocurrency market. The obscure tokens came with a risk, as the founders remained anonymous and provided little to no details about them. The white papers of these tokens were merely generated by AI or copied-pasted and reworded from other cryptocurrencies.

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While the white paper spoke highly about adaptation and being equipped with technologies, none of them worked in real life. The statements were just an eyewash with little to no meaning behind the terms. Of the thousands of meme coins launched in the cryptocurrency market, only 3% have survived to date.

The remaining 97% no longer exists, and investors’ money has gone down the drain. There have been many instances of developers rug-pulling their projects after receiving a substantial amount from investors. Their whereabouts remain unidentifiable and untraceable as they remain anonymous.

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While meme coins can generate millions, they can also make your investments turn to zero in a day. The risk is exceptionally high, and it is advised not to enter the cryptocurrency market while running behind profits blindly. Also, meme coins are dangerous, and it’s not worth gambling your hard-earned money to be swallowed by mysterious developers.