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HuaweiAre cryptos like Dogecoin, Shiba Inu, and Floki currencies all hype?
Due to the popularity of internet memes in the crypto space, the hype around meme tokens continues to grow.
Even as crypto markets took a volatile turn recently, bitcoin still remains an investor favorite. But among altcoins, there’s always something new depending on which breed of dog is in demand or which Elon Musk tweet is trending. As the number of meme tokens continue to grow in the market, will the likes of DOGE, Shiba Inu, and other more established tokens exist only as long as internet memes are around?
Meme-based currency has actually grown in popularity because many people this year made a quick buck with the flagship meme token, Dogecoin (DOGE). In fact, Dogecoin has had a phenomenal run this year with 700% returns until October. Interestingly, even as bitcoin’s price started to fall in the first week of December, DOGE has had a surge in the number of active addresses, while Shiba Inu (SHIB) holders gradually increased by 0.053% at the time. Clearly, social attention alone isn’t the only driving factor for the popularity of meme tokens.
On the other hand, project owners have their own strategies to sustain their tokens. Another dog-meme currency, Floki Inu (FLOKI) for example, is doing their best to stand out by creating a strong sense of FOMO (fear of missing out) in the market. Moreover, competition is fierce among meme tokens itself which may contribute to their prevalence. “DOGE-killer,” Floki Inu’s recent ‘Missed Doge? Get Floki’ marketing campaign saw the token’s price hike by 50% at the time.
Meanwhile, institutional backing is also taking these tokens “to the moon.” Major publicly traded companies like AMC Entertainment, Bots have shown their willingness to accept SHIB as a form of payment. This followed suit after several crypto exchanges listed meme tokens. This includes the region’s largest crypto asset exchange, BitOasis that recently launched Dogecoin and several other new assets that are available in AED/SAR trading pairs.
Meme tokens may have started with no particular purpose, but they have indirectly begun to champion the cause of making cryptocurrencies easy to use and more inclusive. One can argue that not only are meme tokens here to stay beyond the hype, but they’re here for a bigger cause of driving mass adoption for crypto.