Dogecoin, Shiba Inu, and Memes are pulling the pack of dogs towards mass adoption

The year 2021 marked a turning point for the cryptocurrency sector as the approval of the first Bitcoin (BTC) Exchange Traded Fund (ETF) is a sign that cryptocurrencies are becoming commonplace and have the potential to increase investor exposure to BTC.

The influx of new market entrants during the year has a profound impact on the general culture of the crypto ecosystem. Notions of privacy and safe store of value have been overshadowed by meme culture as PePe’s and Wojacks have become endemic to the crypto Twitter community, where eaters say “gm” and are respectfully called “ser” every day.

And now the rising price of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) They have once again caught the attention of the market, much to the chagrin of the Bitcoin maximalists. Even the major news sources cannot avoid discussing the subject, further promote the growing culture of cryptocurrency memes among the public.

Dogecoin, Shiba Inu, and Memes are pulling the pack of dogs towards mass adoption
Dogecoin, Shiba Inu, and Memes are pulling the pack of dogs towards mass adoption

Here’s a look at how cryptoculture is changing as the interests of newcomers to the ecosystem are changing the bigger picture of the cryptocurrency sector.

Google searches say it all

The power of the meme, and the transformation it has brought about in the perceptions of crypto investors and non-crypto investors alike, is evident in data from a recent study by Bacancy Technology that found that Dogecoin is by far the most cryptocurrency in wanted in the US in 2021 with 2.3 million searches more than second place is Bitcoin.

The 10 most wanted cryptocurrencies in the US in 2021. Source: Bacancy Technology

Dogecoin is a pre-2017 token meme that was originally created as a joke and features a cute and lovable Shiba Inu dog as a token character.

Until recently, the code for Dogecoin was barely developed and there was no roadmap, but the revival of the community-driven project in 2021 saw the price of DOGE jump from less than $ 0.01 to a high. and the frequent mention of Elon Musk Have consolidated the token’s meme status. The project’s recent success has sparked several development teams looking for ways to improve the network and provide it with a use case.

Shiba Inu was ranked fourth among the most sought-after cryptocurrencies in the United States. Although its popularity and price only saw a significant increase in April of this year as it was surpassed all other major decentralized financial and layered protocols (DeFi) as well as Bitcoin and Ethereum.

The popularity of dog-themed coins is skyrocketing

The masses of new crypto investors don’t seem to be looking for a financial product that offers them an additional return or the more established token as a store of value, see belowino is a high-offering token tied to a “human best friend” and wealth promised overnight.

Meme tokens have become so popular that CoinMarketCap has dedicated a separate page to ranking the “Top Doggone Doggerel Tokens”. which has meanwhile developed into a growing list of over 118 tokens.

The four top dog-themed tokens by market capitalization. Source: Â CoinMarketCap

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Regardless of what some of the Bitcoin maximalists or fundamental analysts think of this emerging sector and its lack of use case, large financial services companies like Robinhood have DOGE listed and have made significant income from their trading too. That means meme tokens have caught the attention of other brokers who want some of the revenue from collecting trading fees and onboarding new users.

Coinbase has listed DOGE and SHIB, the latter recently causing a system outage at America’s leading cryptocurrency exchange due to excessive user demand. as the price of tokens rose on October 27th.

Younger investors may see Bitcoin as a legacy currency that can go up in price, but for now it won’t make them rich. In the meantime, SHIB grew 1,000% in less than a month and its small stake continued to delight many private investors.

The future of meme coins

If meme coins are going to stay, it may be a good idea for the savvy crypto investor to understand how they can affect the market and what could become of it in the future.

In a way, Dogecoin and Shiba Inu represent an ongoing macro transition in the blockchain ecosystem from the original proof-of-work (PoW) consensus mechanism used by Bitcoin and Dogecoin to a proof-of-stake (PoS) consensus. the capabilities of smart contracts and the possibilities they open up, as found in Ethereum 2.0 (Eth2) and used by SHIB.

Dogecoin is the meme currency for the old school cryptocurrency crowd who prefer a secure network that can reliably store and process values. while Shiba Inu is the new generation meme currency that the worlds of DeFi and NFT by launching its ShibaSwap decentralized exchange and the NFT Shiboshi line.

The ethics of cryptocurrencies evolve over time

Bitcoin and the cryptocurrency market arose out of the will of financial freedom fighters, cypherpunks and libertarian-minded people who wanted to regain control of their financial sovereignty and escape the global central banking system.

With time and the growth of the ecosystem much of this ethics has shifted to concepts that appeal to a wider population.

As much as these first-time adopters may not want to admit, One of the ways to get more people into cryptocurrencies and thereby drive up the price of BTC and altcoins is through the rise of subsectors like meme coins, who take advantage of the interests of the general public who like Superheroes, sports teams, and the endless laughter that internet meme culture offers.

Things that are often shared on social media or discussed over an evening with friends are most likely to affect people’s perception. and memes can help drive cryptocurrencies towards mass adoption.

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The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade carries a risk, you should do your own research when making a decision.

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