The Big Basket
Categories: Crypto News
The crypto universe is classified into 26 categories such as store-of-value tokens such as Bitcoin, Litecoin and the likes, yield-farming tokens such as Aave, decentralised finance and non-fungible tokens.There are some cryptocurrencies, such as Siacoin, created to finance special projects aimed at solving real-world problems such as Cloud storage.But what Indians now seem to love is meme coins, which can be inspired by anything, from original to whacky. Dogecoin, the first meme coin inspired by a popular meme based on the Japanese Shiba Inu dog, began trading in 2020.“Most meme coins have no use case and, at best, investors can restrict its exposure to 1-5% of the overall crypto portfolio.recently with a meme coin Squid, whose price surged from $0.01235 to $2860 before falling to zero as crypto owners vanished with over $3 million of retail investors’ money. Though Tesla CEO Elon Musk has been the biggest influencer of Dogecoin, stating that it can be potentially promising, its volatility has been unnerving. Sogani believes that’s where crypto regulations will come in handy as it will force Indian exchanges to be more cognisant of the risks from such currencies. “Right now exchanges have no legal obligation,” says Sogani. However, for informed and bespoke investors, players such as Crebaco offer services where currencies are rated similar to credit ratings.