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Meme coins work like regular tokens that are built on top of layer-one blockchains, with small exceptions. The wide majority of them are built on Ethereum using the ERC-20 smart contract standard. The most obvious exception is Dogecoin. It has its native blockchain that, in some ways, mimics that of Bitcoin. It’s based on a proof-of-work consensus algorithm, but it has an unlimited inflationary supply, unlike Bitcoin’s capped supply. Other meme coins, such as Shiba Inu (SHIB), are creating their own ecosystems and building side projects to provide additional value and engage their users. In general, though, meme coins rely mostly on the power of the meme they are based on to build a strong community that’s passionate about it and to capture investment interest.