Who doesn’t love a good meme
This year(2021) has been a breakout year for the cryptocurrency sector, as the passage of the first Bitcoin (BTC) exchange-traded fund (ETF) is a sign that crypto is becoming more mainstream and has the potential to lead to an increase in investors’ exposure to BTC. And, now, the surging price of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have once again captured the attention of the market, much to the chagrin of the Bitcoin maximalists. Even mainstream news sources can’t help but discuss the topic which further promotes the growing crypto meme culture to the wider public
The power of the meme and the transformation it has caused in the perception of crypto and non-crypto investors can be seen in data provided by a recent study by Bacancy Technology, which found that Dogecoin has, by far, been the most searched for cryptocurrency in the United States in 2021.
Shiba Inu came in fourth place of the most searched cryptos in the United States
The masses of newly arrived crypto investors appear to not be looking for a financial product that offers them an extra yield or the most established token to act as a store of value, but rather a high-supply token that is associated with a “humans best friend” and a promise of overnight riches
Coinbase has listed DOGE and SHIB, the latter of which recently sparked a system outage on the top U.S. crypto exchange due to excessive user demand, as the tokens price was running up on Oct. 27
It’s possible that younger investors view Bitcoin as a legacy coin that may go up in price, but at this point, won’t make them rich. Meanwhile, SHIB saw a 1,000% increase in less than a month and its small unit value still excited many retail investors
:In conclusion, we can say
Dogecoin is the meme coin for the old-school crypto crowd who prefer a secure network that can reliably store and transact value, while Shiba Inu is the next generation meme coin that has incorporated the worlds of DeFi and NFTs through the launch of its ShibaSwap decentralized exchange and Shiboshi NFT line
