In its most recent newsletter, Coinbase put out a warning about the new meme coin craze that seems to be taking hold of the crypto market right now. Demand for meme coins, says Coinbase, is now at "a fever pitch not seen since the height of the bull market in 2021." And that is leading to a number of market distortions, including higher transaction fees and network congestion.

You can blame the spectacular success of a frog-themed meme coin called Pepe for that. Pepe is up more than 3,000% in just the past 30 days and now has a market cap of $708 million. Until a recent pullback in price, it appeared to be on a trajectory to bypass the two most popular meme coins -- Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) -- as the new "must-own" meme coin of 2023.

Before rushing out to get involved in the meme coin craze, here are two key questions to keep in mind.

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Source Fool.com