Test Your Knowledge
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1. What is a key characteristic of meme coins?
A) They have a fixed supply, similar to Bitcoin.
B) They are primarily driven by online communities and social media trends.
C) They are backed by real-world assets, such as stocks or bonds.
D) They are widely accepted as a form of payment in everyday transactions.
2. What was the primary reason for the surge in meme coin popularity during the COVID-19 pandemic?
A) Increased institutional investment in meme coins
B) Retail investors sought to hedge against inflation
C) Meme coins were backed by government regulations
D) A decrease in cryptocurrency market prices
3. What is one of the major risks associated with investing in meme coins?
A) Their value is always stable and predictable.
B) They often have a strong and reliable use case.
C) They are highly volatile and susceptible to scams.
D) They are regulated and compliant with financial laws.