- The most famous example of memecoins is the popular cryptocurrency Dogecoin, inspired by Elon Musk ‘s favorite meme with a Shiba Inu dog and created as a parody of bitcoin.
- The crypto parody has taken off – and now there are many memecoins in the world, inspired by its success. Meme cryptocurrencies are considered a risky asset.
- Examples of use on “Secret” “AMC Entertainment, the largest cinema chain in the United States, has begun accepting Dogecoin for payment – you can buy gift cards with a meme cryptocurrency .”
The most famous example of memecoins is the popular cryptocurrency Dogecoin, inspired by Elon Musk ‘s favorite meme with a Shiba Inu dog and created as a parody of bitcoin . The crypto parody has taken off – and now there are many memecoins in the world, inspired by its success.
Meme cryptocurrencies are considered a risky asset. It is almost impossible to predict their rise or fall.
Experts also call meme cryptocurrencies a vivid example of a financial asset that acquires value only due to its value in the eyes of market participants – there are no fundamental factors behind them.
“AMC Entertainment, the largest cinema chain in the United States, has begun accepting Dogecoin for payment – you can buy gift cards with a meme cryptocurrency .”
“The price of the meme cryptocurrency Shiba Inu crashed after the tweet of the founder of Tesla and Space X Elon Musk, who said that he had never invested in cryptocurrency and only bought it out of curiosity.”
(From the material on the impact of social networks by Elon Musk on the cryptoeconomics.)
Memecoins are highly volatile and sometimes skyrocket in value. For example, in October 2021, the meme cryptocurrency (one of the Dogecoin clone tokens) Shiba Inu entered the top 20 largest in terms of capitalization.
According to experts, interest in memecoins soars during periods of stagnation and calm in the sector of serious cryptocurrencies such as bitcoin. Plus, inexperienced cryptocurrency investors are attracted to familiar images. They look for cheap tokens and often choose intuitively. A cool meme dog on cryptocurrency becomes a serious argument in favor of choosing this particular digital asset.
However, buying a meme cryptocurrency is a pretty dangerous idea. Not only are memecoins not reliable and only a few of them “shoot”, there is a risk of running into scammers on the wave of hype. As, for example, the crypt on the series “The Squid Game” turned out to be fraudulent , where more than $ 2 million were earned from customers. It is sad joke on the Web that investors in this cryptocurrency played squid themselves – and lost.
Memecoins and Elon Musk
The head of Tesla, Elon Musk, was repeatedly accused of the fact that his statements on Twitter affect the prices of cryptocurrencies. It got to the point that in the summer of 2021, hackers even declared war on Musk because of the businessman’s “public hysterics”.
It was Musk who “attached the tweet” to the popularity of Dogecoin, created back in late 2013. In December 2020, he wrote on his Twitter account the phrase “One word: Doge”, and this was enough for the meme digital currency began to rise in price.
In June 2020, Musk talked about plans to have a Shiba Inu dog. Immediately after that, Floki Inu and Shiba Flok tokens were created on the basis of the Dogecoin meme cryptocurrency . And in September, the Doge meme with the Shiba Inu dog was sold for $ 4 million as a non-fungible token.
About Shiba Inu
Shiba Inu token (ticker: SHIB) is a decentralized cryptocurrency created in August 2020 by an anonymous person or group known as “Ryoshi”. It is named after the Shiba Inu , a Japanese breed of dog originating in the Chūbu region, the same breed that is depicted in Dogecoin’s symbol, itself originally a satirical cryptocurrency based on the Doge meme. Shiba Inu has been characterized as a “meme coin” and a pump and dump scheme. There have also been concerns about the concentration of the coin with a single “whale” wallet controlling billions of dollars’ worth of the token, and frenzied buying by retail investors motivated by fear of missing out.