Explain the popularity of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) 

 Explain the popularity of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) 

Explain the popularity of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB)

Beyond the top names such as Bitcoin and Ethereum, which are known as the “crown of cryptocurrency,” the cryptocurrency world has developed peculiar and enthused coins such as Dogecoin (DOGE) and Shiba Inu (SHIB). With DOGE and SHIB surging in recognition and breaking into the list of the top 10 cryptocurrencies by market cap, people around the globe were left wondering what each was about. Many tokens are called” meme coins, which are cryptocurrency tokens associated with an internet joke or comical theme. Dogecoin (DOGE), for example, was named after a Shiba Inu dog that became trendy on the Internet. Shiba Inu (SHIB), an altcoin for Dogecoin, is also named after the Japanese breed, without a doubt, though it doesn’t reference any fussy dog on the Internet. 

Meme crypto coins have been gaining fame in the crypto community recently. These coins, frequently called “meme coins,’ are generally created as a joke or parody of popular cryptocurrencies. Still, despite their humorous origins, meme coins have managed to gather a significant following and have gained mainstream recognition. Dogetti (DETI), Dogecoin (DOGE), and Shiba Inu (SHIB) are frequent examples of such meme coins. 

What’s Dogecoin? 

Billy Markus wants to make fun of Bitcoin and” mainstream” cryptocurrencies. Jackson Palmer stated that he was” flattered” by the coin’s fame but that the Dogecoin was a” joke” and should not be taken seriously. Erected off the Litecoin blockchain, DOGE has an evidence-of-work mechanism and an unlimited supply. Some features of Dogecoin include 

Fast transaction times- Low transaction fees unlimited supply and Decentralized 

Dogecoin took off when celebrities and Tesla billionaire Elon Musk backed it. Also, Musk appeared on Saturday Night Live, declaring himself the” Dogefather” and skyrocketing the DOGE’s value. 

 The Godfather of Meme Coins, Dogetti 

 In 2013, software engineers Billy Markus and Jackson Palmer decided to launch a payment system as a joke. They intended to make fun of crypto’s high volatility and wild enterprise. At the time, the’ doge’ meme was gaining popularity online, so Billy and Jackson adopted the meme as the face of their sarcastic payment system and launched Dogecoin in 2013. 

DOGE is an open-source cryptocurrency that relies on proof-of-work mining and is a fork of the Litecoin codebase. According to Billy, a further lighthearted crypto token might have a better chance to attract mainstream users to crypto than” serious” tokens like Bitcoin. Upon launch, various DOGE communities began springing up online, earning reputations for being content generators and making charitable contributions. Over time, the popularity of DOGE soared, with Elon Musk’s tweet that Dogecoin” might be” his favorite cryptocurrency transferring the commemorative’s request cap and value to new highs. Musk also proclaimed himself the’ Dogefather.’ In 2021, DOGE’s request cap reached well over $35 billion. Currently, druggies can acquire DOGE through various crypto exchanges or mine it themselves, and they can also select to transact with it wherever it’s legal and accepted. Druggies can also hold it long-term in their electronic or physical crypto wallets. The flow supply of DOGE is, at this time,, around 132 billion tokens. 

Elon Musk’s Favorite Crypto, DOGE 

Dogecoin (DOGE) is among the world’s most popular meme coins. Created by software engineers Billy Markus and Jackson Palmer in 2013, Dogecoin is based on the famous “Doge’ internet meme, which features a Shiba Inu, a dog breed from Japan. Created as a joke, Dogecoin has gained a cult following and has indeed been endorsed by notable celebrities like Elon Musk. 

What’s a Shiba Inu? 

 Shiba Inu (SHIB) is a meme coin billed as the” Dogecoin Killer.” Shiba Inu gets its name from the Japanese breed of dog, which was initially bred for hunting. However, Shiba Inu dogs are known for their good nature. They’re the same breed of dog that inspired the original Doge meme.

The Subtle Meme Coin, Shiba Inu 

 Another popular meme coin is Shiba Inu (SHIB), created in 2020. Similar to Dogecoin, Shiba Inu is the foundation of the Shiba Inu dog breed and has gained a significant following in the crypto community. The coin has been dubbed the’ Dogecoin Killer” by several enthusiasts and has indeed been listed on major cryptocurrency exchanges like Binance and Coinbase. 

Meme coins have recently appealed to numerous investors and gained mainstream recognition. However, this can be attributed incompletely to the power of social media and the Internet, which have allowed for the rapid spread of meme culture and the creation of new and innovative digital assets. One of the most modern examples is Elon Musk’s tweet, which skyrocketed the value of Floki and Dogecoin in a few hours. 

Shiba Inu (SHIB) In 2020, an anonymous individual or group named “Ryoshi’ created Shiba Inu on the Ethereum blockchain as an experiment in fully decentralized community building. Here, the native token SHIB is an incentive for using ShibaSwap, a decentralized exchange in the Shiba Inu ecosystem. According to the founder(s), Shiba Inu was developed to run a “trial in decentralized spontaneous community building” and that the power of collective decentralization could make a more robust product or community than any centralized entity or enterprise. 

Starting with a supply of one quadrillion tokens, SHIB is an Ethereum-based ERC-20 token without a blockchain. Ryoshi stated the SHIB ecosystem is built on Ethereum since it’s formerly secure and allows Shiba Inu to stay decentralized. Ryoshi also locked 50 percent of SHIB in the UniSwap ecosystem and transferred the rest to Ethereum cofounder Vitalik Buterin for keeping. Vitalik donated 50 trillion SHIB (then worth over $1 billion) to a COVID-19 relief fund in India before permanently removing 40 percent of SHIB’s total supply. 

Also read All you need to Know about Cryptocurrency

Megha Gadad


Professional content writer. Fired by my passion Started a career in 2020. Growing with blessings and all your support. Proud to say pen is my property sure I will feed you, your favorite ink... My pen is my patience till now in which I will discover second being inside me... Writer begins a book, But a reader finishes it...

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *