A digital currency designed to work through a computer network that is not reliant on any central authority.
Due to the nature of their value being based heavily on a speculation, cryptocurrencies have very unstable exchange rates. This speculative nature and regulatory oversight has resulted in them being tied with many get-rich-quick schemes, money laundering, and scams.
"Memecoins", a category of cryptocurrencies that are predominately based on internet memes and jokes, tend to be some of the most volatile and prone to scams out of cryptocurrencies.