Can Memes Contribute to the Rise of Cryptocurrency? Examining Dogecoin & Beyond


Mar 11, 2023 12:22 IST

New Delhi [India], March 11 (ANI/ATK): Memes are seen as an important part of today’s youth culture. For example, when messages are sent or received with a meme, it is often done to start a conversation or to keep relationships going. They have even become a key part of some internet communities, such as Reddit and Instagram.
It is no surprise, then, that those interested in cryptocurrency may want to join in with the meme fun. The first example of this was Dogecoin, created in 2013 as a joke by Billy Markus and Jackson Palmer. This meme-based coin soon gained a community, and was even endorsed by people such as Elon Musk and Snoop Dogg. In January 2021, Dogecoin went up by 800%, and in May 2021 its market capitalization was $85 billion. This success has led to the emergence of many similar coins.
The Dogecoin Challenger
Shiba Inu, a Shiba meme coin, was created with the intention of being the ‘Dogecoin killer’. It also acquired its own fanbase, due to its cute and charming image, as well as endorsements from Elon Musk and Vitalik Buterin. Despite a consistent downward trend in February and March, the SHIBArmy still believe it will soon be on the rise. The developer Shytoshi Kusama recently announced the beta version of the Shiba Inu Layer 2 ecosystem, called Shibarium. In addition, there will be the WAGMI (We’re All Gonna Make It) Temple, which will be at the SXSW Festival and will be a hub for health and wellness within the SHIB metaverse. According to CoinMarketCap, Shiba Inu is currently ranked 14th, and has a market cap of over $6 million.

Introducing the Dogetti Family of Doggy Dons
Dogetti (DETI) is the latest meme coin to join the gang, and is quickly making waves. It has already sold almost $7 million worth of tokens, and has raised $468,439 in its presale so far. Dogetti encourages a close-knit ‘family’, with a mafia aesthetic, which is believed to help bring holders together and create a passionate community.

Through its DogettiDAO feature, DETI gives its members a voice in the project, allowing them to vote on the direction of the project. Its plans for NFTs, buy-back protocols, and charitable causes have attracted more investors to the dapper pooch. Dogetti has certainly made its mark on the crypto world.
Are Meme Coins the Future?
Many remain skeptical about the utility and value of meme coins, with CoinMarketCap listing around 300 cryptos in its meme coin section, many of which are not actively traded. However, the meme potential of these coins could be a great way to get young people interested in crypto and blockchain. It could also be a great way to make some money, when the values increase. In conclusion, it’s important to remember that crypto is risky and volatile, and it’s important to invest cautiously.

Check out Dogetti here:
This story has been provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)

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