Dogecoin, Shiba Inu, and Meme Coin are aiming for mass adoption

2021 will be a breakthrough year for the crypto sector as the launch of a Bitcoin Exchange Traded Fund (ETF) is a sign that cryptocurrencies are growing in popularity and potentially leading to higher investor engagement.

The influx of new entrants in 2021 had a profound impact on the overall culture of the crypto ecosystem. The idea of ​​privacy and safe store has been overshadowed by meme culture as PePe’s and Wojacks have become the hallmarks of crypto-twitter, where liberals say “gm” to each other and respectfully “ser” every day. to name “.

And now, to the chagrin of purists, the skyrocketing value of canine memes like Dogecoin (DOGE) and Shiba Inu (SHIB) has once again caught the attention of the market. Even the mainstream news sites couldn’t help but discuss the issue of further promoting the burgeoning crypto-meme culture among the general public.

Here’s a look at how cryptoculture is changing as the interests of new entrants in the ecosystem change the landscape of the crypto sector.

What does a Google search show us?

The power of the meme and the transformation it has caused in the perception of investors both inside and outside the crypto space can be seen in the ways proposed by a. provided data can be seen research recently by Bacancy Technology, showed that Dogecoin will be the most searched cryptocurrency in the United States in 2021, with 2.3 million more searches compared to Bitcoin.

The ten most wanted cryptocurrencies in the US in 2021 | Source: Bacancy Technology

Dogecoin is a pre-2017 coin meme that was originally created as a joke and featured the cute and cuddly Shiba Inu dog as a symbol.

Until recently, there was very little development to the Dogecoin code and no roadmap to speak of, but a community-driven resurgence in 2021 has brought DOGE price below $ 0.01 to an all-time high (ATH) of $ 0.738 and Often mentioned by Elon Musk, cemented DOGE’s meme status. The new success of the project has triggered several development teams who want to upgrade the network and give it a use case.

The Shiba Inu ranks fourth among the most wanted cryptocurrencies in the US, although its popularity and price didn’t see any significant increase until April this year, as it did all other Layer-1 and DeFi. suggests financial protocols alongside Bitcoin and Ethereum.

Dog themed coin meme exploded

The majority of new crypto investors don’t seem to be looking for a financial product that will bring them additional returns or a token that is best established as a store of value, but rather a token friend “and a promise of overnight wealth.

The coin meme has become so popular that CoinMarketCap has dedicated its own page to the “Top Doggone Doggerel Token” ranking, which has now grown to a growing list of over 118 tokens.

Top 4 dog-themed tokens by market capitalization | Source: CoinMarketCap

Regardless of how some Bitcoin maximalists or fundamentalists think of this emerging sector and its lack of use cases, large financial services companies like Robinhood have listed DOGE and made significant income from trading which means the coin memes have caught the attention of other brokers, part of it wanted the income from collecting transaction fees and introducing new users.

Coinbase has listed DOGE and SHIB, with SHIB recently causing a system outage on the leading U.S. exchange due to excessive demand when prices spiked on October 27th.

It is possible that young investors considering Bitcoin as a legacy currency could appreciate, but at this point it will not make them rich. Meanwhile, SHIB is up 1,000% in less than a month, and its small stake still excites many retail investors.

The future of coin memes

In a sense, Dogecoin and Shiba Inu represent a larger macro-transition going from the original Proof-of-Work (PoW) consensus mechanism used by Bitcoin and Dogecoin to the Proof-of-Stake (PoS) consensus in the blockchain ecosystem , smart., takes place contract functions and the functions they open, as found on Ethereum 2.0 (Eth2) and used by SHIB.

Dogecoin is the meme coin for the old-fashioned crypto crowd who prefer a secure network that can reliably store and process values, while Shiba Inu is the next generation meme coin, the DeFi and NFT world through the introduction of the decentralized exchange includes ShibaSwap (DEX) and Shiboshi NFT line.

The properties of cryptocurrencies evolve over time

Bitcoin and the crypto market have risen against the will of fighters for financial freedom, cypherpunks and liberals who want to regain control of their financial sovereignty and get out of the system.

Over time and as the ecosystem has grown, much of this ethos has shifted to concepts that appeal to more people.

These early adopters don’t want to admit it, one of the ways to get more people into crypto, and so the price of BTC and altcoins is rising with the rise of subsectors like meme coins to serve the public’s interests, superhero fanatics, Sports teams and the endless laughter that internet meme culture offers.

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Mr. Teacher

According to Cointelegraph

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