Meme Coins: The Fun Trend
Investing 101
Aug 24, 2023

Meme Coins: The Fun Trend

Meme coins, a distinctive subset of the cryptocurrency, have garnered significant attention due to their amusing and often comical associations with popular internet memes. Meme coins, like Dogecoin and Shiba Inu, are supported by enthusiastic online communities and traders. Their appeal lies in their playful nature and the potential for significant price fluctuations, which can translate into quick profits or losses. While they might seem like a fun way to engage with the crypto market, it's essential to consider the risks involved.

Like any other cryptocurrency, meme coins are built on well-known networks such as Ethereum, Solana, and Polygon. Some, like Dogecoin, even have their own unique networks. While many coins aim for practical use and utilisation in one form or another,  meme coins mainly capitalise on the viral and quick-spreading nature of memes without having any real utility. As such, they can be unpredictable and come with a fair bit of risk

Yet, despite the uncertainty, meme coins are transcending mere speculation, stepping into the realm of practicality. A remarkable shift is underway as renowned corporations like Tesla, AMC, GameStop, Newegg, and Twitch take the unconventional step of adopting meme coins, such as Dogecoin and Shiba Inu, as legitimate payment methods. This adoption marks a notable shift in perspective, signifying a growing acknowledgement of the value that these seemingly whimsical tokens hold.

Memecoins are also increasingly embracing utility-driven models. A striking example lies in the efforts of Shytoshi Kusama, the developer of Shiba Inu, who is constructing the Shibaverse—a Metaverse tailored for the Shiba community. 

Dogecoin (DOGE)

Perhaps the pioneer of meme coins, Dogecoin was created in 2013 as a parody of cryptocurrencies. It features the Shiba Inu dog from the popular "Doge" meme as its mascot. Over time, Dogecoin gained unexpected traction, supported by a vibrant online community. Despite its playful origins, Dogecoin has achieved a substantial market capitalisation, currently standing at around $8.84B. It's important to note that while Dogecoin's meme-driven appeal attracts attention, its value remains subject to market fluctuations and community sentiment.

Shiba Inu (SHIB)

Inspired by the success of Dogecoin, Shiba Inu is another meme coin that leverages the appeal of the Shiba Inu dog meme. Launched in 2020, SHIB gained attention for its decentralised ecosystem and passionate community. With a market capitalisation of approximately $4.643B, Shiba Inu has made its mark as a significant player in the meme coin community.

Both coins have seen a significant correction in the past few days, in line with the overall market, but the situation is already on the mend. As of this blog post, DOGE stands at $0.058579 with a +0.04% return in the last 24 hours, and SHIB at $0.000008 with a +0.10% return in the last 24 hours. 

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