I'm a crypto expert - here is the coin I wouldn't go near and why it could be dangerous for YOU
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The world of cryptocurrency has long been a mystery to many people but now a new trend is taking over: memecoins. Memecoins are cryptocurrency named after supposedly humorous character, individuals, artwork or trends. Examples include Dogecoin (DOGE), which was set up as a satirical payment system to make fun of cryptocurrencies, and features a cartoon version of a cute Japanese Shiba dog called Kabosu that internet users found funny and cute.
![[Memecoins are cryptocurrency named after supposedly humorous character, individuals, artwork or trends, such as this Shiba dog that inspired the Doge meme]](https://i.dailymail.co.uk/1s/2024/12/15/11/93087357-14181119-Memecoins_are_cryptocurrency_named_after_supposedly_humorous_cha-a-34_1734261932883.jpg)
Others include memecoins based on cartoon frog Pepe (PEPE), Peanut the Squirrel (PNUT), an orphaned squirrel euthanized by New York officials and MOO DENG, which is based on a pygmy hippo from Thailand that went viral because of her cheeky energy. Yet while these are incredibly risky investments, their creators could make millions. The market cap for memecoins is in the billions. At the time of writing, DOGE's market cap alone is $61bn. PEPE's is $16.9bn. PNUT is $1.2bn.
![[Two-month-old baby hippo Moo Deng (pictured) has also inspired a memecoin]](https://i.dailymail.co.uk/1s/2024/12/15/11/93087651-14181119-Two_month_old_baby_hippo_Moo_Deng_pictured_has_also_inspired_a_m-a-38_1734261932892.jpg)
Their value and popularity has shot up since the election of Donald Trump - but now a leading cryptocurrency lawyer has warned against the dangers of buying into the peculiar trend. James Ramsden KC, a leading voice on crypto and digital asset litigation and a founding partner at law firm Astraea, called memecoins a 'dangerous illusion' and a 'complete con'.
![[James Ramsden KC (pictured), a leading voices on crypto and digital asset litigation and a founding partner at law firm Astraea, called memecoins a 'dangerous illusion' and a 'complete con']](https://i.dailymail.co.uk/1s/2024/12/15/11/93087905-14181119-James_Ramsden_KC_pictured_a_leading_voices_on_crypto_and_digital-a-35_1734261932883.jpg)
He told MailOnline: 'I wouldn't go anywhere near them. It's an illusion that's quite dangerous. Memecoins have seen a surge in popularity since Donald Trump won the US election. Memecoins are cryptocurrency named after supposedly humorous character, individuals, artwork or trends, such as this Shiba dog that inspired the Doge meme.
![[There was a surge in the number of people buying memecoins since the announcement of the creation of the Department of Governmental Efficiency (DOGE), headed by Elon Musk (pictured)]](https://i.dailymail.co.uk/1s/2024/12/15/11/93087527-14181119-There_was_a_surge_in_the_number_of_people_buying_memecoins_since-a-37_1734261932891.jpg)
