Meme coins refer to meme-based cryptocurrencies which have gained significant popularity in the short term. Meme coins are intended to be viral and spread like the memes they are derived from. Meme coins can be highly speculative but can also gain considerable value in a short span, as in the case of the first meme coin, Dogecoin. Typically, activity on social media drives their popularity and makes them appealing because of their potential gains.