Aside from Facebook and Meta, Shiba and Co. offer a lot of material for discussion these days. What does the crypto space say about it? The opinion.
Memecoins are alongside these days Facebook and renaming it to Meta probably the number 1 topic of conversation in crypto space. Above all Shiba Inu, who gained 270.94 percent last month alone. In the community, this led to sharp discussions about which is the best meme currency, to bullish posts by Adam Aron and Elon Musk and the recognition that even if memecoins could do nothing else, they would at least have brought cryptocurrencies into the mainstream.
Just so that’s clear …
… Memecoins are cryptocurrencies that, as the name suggests, emerged as a kind of digital joke. In general, they have no practical use and are primarily used to target crypto space. At the same time, these coins are known for their particular volatility. While the prices of some of them are skyrocketing within a few hours, others are also falling in minutes. Depending on the time of investment, this brings many investors millions while other put their belongings at risk.
Nevertheless, some of the Memecoins have actually built real ecosystems. Shiba Inu, for example, has a working DEX / DeFi exchange, a planned DAO governance system, liquidity pools, rewards in various tokens, an NFT marketplace and a second-layer blockchain: Shibarium.
Other memecoins cannot (still) have any of the same. Still, the community doesn’t quite agree which dog coin they prefer. When a Twitter user polled what currency people would choose if they were only allowed to choose one, opinions differed widely. Some opinions seemed to be driven purely by conviction and fun, others can just afford to lose the money invested and still others actually believed in the ecosystems that were partially emerging.