After leading the market surge this past weekend, memecoins Dogecoin (DOGE) and Shiba Inu token (SHIB) have proven they have actual staying power, asking the industry to ask:
“Are they too big to be a joke?” Memecoins surged more than 20% during the early-week rise. That’s, while SHIB climbed up to 30%, but it has subsequently fallen along with DOGE.
DOGE’s Twitter account has surpassed 3 million followers, re-entering the cryptocurrency top 10. That’s, while SHIB is the most widely held ERC-20 token among the top 1,000 Ethereum wallets.
Because memecoins have a fractional value, they allow investors to dabble in high-reward assets, resulting in an ever-increasing number of new tokens attempting to replicate DOGE and SHIB’s popularity. However, with this larger number comes a diluted chance of each breaking out.
DOGE and SHIB’s popularity has been based on a strong sense of community and a belief that the coins have real-world applications, despite industry experts claiming that this is nothing more than good branding.
Because memecoins have a fractional value, they allow investors to dabble in high-reward assets. Thereby, resulting in an ever-increasing number of new tokens attempting to replicate DOGE and SHIB’s popularity. However, with this larger number comes a diluted chance of each breaking out.
DOGE and SHIB’s popularity has been based on a strong sense of community. Then, and a belief that the coins have real-world applications. That’s, despite industry experts claiming that this is nothing more than good branding.
DOGE, which was named after a popular meme at the time, began as a joke in 2013. Then, and gave birth to the idea of a memecoin in the aftermath of the GameStop debacle.
Elon Musk, a proponent of DOGE and the CEO of Tesla, recently announced that the company would begin accepting the currency for items. DOGE has yet to achieve widespread commercial adoption, as Bitcoin has.
In the dynamic cycle of memecoin price changes, SHIB has previously flipped DOGE in a weeklong tear when it hit its all-time high in November. That’s, before quickly plunging down below DOGE. Jackson believes the pair, which are currently ranked 12th and 14th on CoinMarketCap. Of course, will flip again as more new investors enter the market.
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