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Doge, Shiba and Floki: are Memecoins top or flop?

3 min read


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.

Musks Dogecoin University

With Elon Musk, it is relatively clear which dog meme currency the multi-billionaire believes in. After he last announced that he would only hold Dogecoin and none of the other cryptocurrencies besides BTC and ETH, he sent some of them on a rapid decline. Most recently, he also considered opening a new university in Texas; on October 31, he added that tuition fees would be paid in Dogecoin and dog owners would receive discounts. What kind of dog – whether coin or animal – he did not explain further.

007 against SHIB?

Adam Aron, CEO of AMC Theaters, a global cinema operator, brings another use case from the dog memecoins into play. He asked his community whether the company should accept Shiba Inu in addition to BTC, ETH, Litecoin and Dogecoin in the future. The result was probably clear:

If Memecoins can’t do anything, at least they can

So while some people clap their hands over their heads and do not understand why the dog memecoins are being adapted by so many, we have to admit that they have further increased the discussion and attention to crypto currencies. Whether this leads to a desirable output, however, can be discussed.

The Twitter user @ElonTrades is sure that Memecoins, together with NFTs, will bring many new users to the crypto space.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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