Crypto Shuttle News

Tag: Meme

  • Is the Meme Coin Craze Over?

    Is the Meme Coin Craze Over?

    [ad_1]

    The frenzy around meme coins took over the crypto market in 2021. With a monumental rise of more than 10,000%, Dogecoin (DOGE) thrashed every opponent and entered the list of top 10 digital currencies. The story of Shiba Inu (SHIB) was no different. The biggest rival of Dogecoin performed better than its counterpart in 2021. In fact, for a brief period, the market cap of Shiba Inu jumped above the overall value of Dogecoin.

    Both meme coins witnessed strong growth among crypto communities during the last year. However, with a drop of over 60% from their all-time highs, several questions are rising around the future of Shiba Inu and Dogecoin. Even after the massive market correction, DOGE and SHIB have a market cap of $18 billion and $14 billion, respectively. Finance Magnates asked leading crypto voices to share their opinions regarding the future of meme coins.

    “Memecoins like Dogecoin and Shiba Inu may be performing woefully at the moment, but this by no means implies they are fizzling out their relevance. The broader market is underperforming at the moment and by virtue of the nature, meme coins are poised to print a far wider rate of decline based on their volatility,” Sven Wenzel, co-founder of Castello Coin, said.

    Market Conditions

    According to Wenzel, the current market conditions are tough but under the normal market situation, meme coins will skyrocket once again. “When normalcy seems to return to the market, we can expect Dogecoin and Shiba Inu to do what they know how to do best-that is, chart a massive upward growth. With the current market downturn, a number of investors have lost a lot of money, and the first instinct by many risk-takers will be to invest in tweet-sensitive coins that can help boost the prices of Dogecoin and Shiba Inu. Based on this, we are likely to see massive retail cash inflows into these top meme coins in a short while,” Wenzel added.

    Doge and SHIB

    Maria Stankevich, the Chief Business Development Officer at EXMO UK, believes that not all meme coins will disappear, some are here to stay.

    “It is difficult to argue with the statement that along with the formation of the market, we will inevitably observe its natural cleansing from empty projects. But we’re still in the nascent phase, where most players feel pretty free with little to no regulation. For example, we can take the current situation with Elon Musk and McDonald’s. After the publication of McDonald’s, the Grimacecoin token was created on the Binance Smart Chain network, the value of which at the moment increased by more than 200,000%, to $2. It isn’t easy to imagine such a situation in the traditional finance market, so most classic traders look at cryptocurrencies as a sandbox where children play,” she said.

    “However, there is a trend mainly related to the regulation and protection of clients from scams. I would not say that all meme-coins will disappear. Dogecoin is a specific marker of the era of creation and formation of cryptocurrencies. The creators had no plans to launch the coin into space, and I am sure that none of them expected Elon Musk to become their ambassador. I think that shortly the number of dummy projects will decrease. Still, until there is proper regulation, there will always be people who hope for a magical way to earn money without doing anything quickly,” Maria explained.

    Rising Demand

    Johnny McCamely, CEO of CryptoClear, said that the short-term spike in Shiba Inu and Dogecoin is due to a rise in demand from investors. “Recent rallies in coins such as DOGE and SHIB are driven by a surge in demand to get rich quick, bitcoin is back above $40,000 USD and traders and investors are switching back onto Crypto. Many are wanting to make a quick gain via the likes of DOGE and SHIB, many other “meme coins” as they are termed have popped up recently such as Marshall Rogan Inu (MRI). I believe this is a short-term spike due to the investor’s demand to get rich quick,” he said.

    The frenzy around meme coins took over the crypto market in 2021. With a monumental rise of more than 10,000%, Dogecoin (DOGE) thrashed every opponent and entered the list of top 10 digital currencies. The story of Shiba Inu (SHIB) was no different. The biggest rival of Dogecoin performed better than its counterpart in 2021. In fact, for a brief period, the market cap of Shiba Inu jumped above the overall value of Dogecoin.

    Both meme coins witnessed strong growth among crypto communities during the last year. However, with a drop of over 60% from their all-time highs, several questions are rising around the future of Shiba Inu and Dogecoin. Even after the massive market correction, DOGE and SHIB have a market cap of $18 billion and $14 billion, respectively. Finance Magnates asked leading crypto voices to share their opinions regarding the future of meme coins.

    “Memecoins like Dogecoin and Shiba Inu may be performing woefully at the moment, but this by no means implies they are fizzling out their relevance. The broader market is underperforming at the moment and by virtue of the nature, meme coins are poised to print a far wider rate of decline based on their volatility,” Sven Wenzel, co-founder of Castello Coin, said.

    Market Conditions

    According to Wenzel, the current market conditions are tough but under the normal market situation, meme coins will skyrocket once again. “When normalcy seems to return to the market, we can expect Dogecoin and Shiba Inu to do what they know how to do best-that is, chart a massive upward growth. With the current market downturn, a number of investors have lost a lot of money, and the first instinct by many risk-takers will be to invest in tweet-sensitive coins that can help boost the prices of Dogecoin and Shiba Inu. Based on this, we are likely to see massive retail cash inflows into these top meme coins in a short while,” Wenzel added.

    Doge and SHIB

    Maria Stankevich, the Chief Business Development Officer at EXMO UK, believes that not all meme coins will disappear, some are here to stay.

    “It is difficult to argue with the statement that along with the formation of the market, we will inevitably observe its natural cleansing from empty projects. But we’re still in the nascent phase, where most players feel pretty free with little to no regulation. For example, we can take the current situation with Elon Musk and McDonald’s. After the publication of McDonald’s, the Grimacecoin token was created on the Binance Smart Chain network, the value of which at the moment increased by more than 200,000%, to $2. It isn’t easy to imagine such a situation in the traditional finance market, so most classic traders look at cryptocurrencies as a sandbox where children play,” she said.

    “However, there is a trend mainly related to the regulation and protection of clients from scams. I would not say that all meme-coins will disappear. Dogecoin is a specific marker of the era of creation and formation of cryptocurrencies. The creators had no plans to launch the coin into space, and I am sure that none of them expected Elon Musk to become their ambassador. I think that shortly the number of dummy projects will decrease. Still, until there is proper regulation, there will always be people who hope for a magical way to earn money without doing anything quickly,” Maria explained.

    Rising Demand

    Johnny McCamely, CEO of CryptoClear, said that the short-term spike in Shiba Inu and Dogecoin is due to a rise in demand from investors. “Recent rallies in coins such as DOGE and SHIB are driven by a surge in demand to get rich quick, bitcoin is back above $40,000 USD and traders and investors are switching back onto Crypto. Many are wanting to make a quick gain via the likes of DOGE and SHIB, many other “meme coins” as they are termed have popped up recently such as Marshall Rogan Inu (MRI). I believe this is a short-term spike due to the investor’s demand to get rich quick,” he said.

    [ad_2]

    Source link

  • Meme Tokens: The Good, The Bad and The Ugly

    Meme Tokens: The Good, The Bad and The Ugly

    [ad_1]

    Some believe that 2021 will be the year of ‘dogs’ for cryptocurrency. Dogecoin (DOGE) and Shiba Inu (SHIB), the canine combo, lead the meme currency pack in terms of price and market value. DOGE has increased almost 8,000 percent since the beginning of the year and is ranked #9 by market value on CoinMarketCap as of November 2021. SHIB, its opponent, has pumped more than 60,000,000% since January.

    Things move quickly in the meme coin world, as they do in most internet jokes because nobody cares about anything they read on social media for more than a few minutes. This means that coins must be generated quickly in order to be classified as a meme currency rather than simply another random coin. In this article, we will discuss Meme tokens, their good side, bad side and their future.

    What Are Meme Coins?

    Meme coins are cryptocurrencies that have garnered a lot of attention in a short period of time, mainly due to influencers and retail investors pushing them online. People are doing a debate on several meme coins like Safemoon vs Shiba Inu or Shib vs Doge etc.

    Dogecoin is the first meme coin, having been developed in 2013 as a joke based on a meme. It gained popularity once Elon Musk began tweeting about it, and regular investors began purchasing it in droves.

    Developers have launched a spate of joke currencies after Dogecoin since anybody can build a new cryptocurrency. Many of these currencies are Dogecoin spinoffs, such as Shiba Inu, but there are dozens of additional meme coins to choose from.

    Dogecoin Overview

    Dogecoin is crypto similar to Bitcoin and Ethereum, but it’s not the same as either of these prominent coins. Dogecoin was named after a once-popular meme and was founded, at least in part, as a lighthearted joke for

    Meggie Nahatakyan
    Meggie Nahatakyan

    cryptocurrency aficionados. Despite its strange genesis story, Dogecoin has skyrocketed in popularity in 2021, becoming the sixth-largest cryptocurrency by market valuation as of writing.

    Billy Marcus and Jackson Palmer, two software programmers, invented Dogecoin in late 2013. Palmer created the cryptocurrency’s logo by mistyping the term “doge” to represent a Shiba Inu dog, a popular joke at the time.

    Shiba Inu Overview

    Shiba Inu is an Ethereum-based altcoin (an alternative cryptocurrency to Bitcoin) using the Shiba Inu, a Japanese breed of hunting dog, as its symbol. Shiba Inu is widely regarded as a viable alternative to Dogecoin; in fact, Shiba Inu supporters refer to it as “the Dogecoin killer.”

    Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies connected with a theme, in the instance of Shiba Inu and Dogecoin, the Shiba Inu dog, but they’re more often made as a prank or inside joke than as a legitimate digital product. While Dogecoin was established in December 2013, Ryoshi, an unidentified individual or group, invented Shiba Inu in August 2020.

    Cryptocurrency vs Meme Coins

    Meme coins are a sort of cryptocurrency, however, there is one significant distinction between cryptocurrencies and meme coins, and that difference is mostly the aim.

    Bitcoin and Ethereum, two major cryptocurrencies, were created to answer real-world issues. The ultimate objective is for it to be widely accepted by merchants, resulting in the creation of a new kind of decentralized currency that will revolutionize a range of sectors.

    Meme coins, on the other hand, currently serve no real-world use, and the majority of them were established for profit. Many investors sell quickly once their prices rise in order to earn a rapid profit. Because meme coins now have no practical utility.

    Meme Coins Good Sides

    When Dogecoin originally appeared in 2013, it was thought to be a prank. No one imagined this coin could be anything other than a meme, even in their wildest imaginations. Doge is now worth $100,000 if you purchased it for $1,000 last year. Consider those who bought Dogecoin in 2013 because they thought it was a joke (or simply for fun).

    Suggested articles

    How Blockchain is Helping Half A Billion Africans Solve the Identity ProblemGo to article >>

    If you put more than $1,000 into it, you’ll get a better return. Doge has proven to be one of the most profitable cryptocurrencies in history, and it is still bringing money to individuals. This is not a coincidence. Nowadays, investors are pouring money into Meme currencies, with Shiba Inu being the most recent example, reaching an all-time high in November 2021.

    Meme Coins Bad Ugly Sides

    Meme coins may have experienced exponential growth in 2021, but trading and investing in meme coins, like other cryptocurrencies, entails significant financial risk.

    Meme coin tokenomics might be worrisome. Bitcoin has a deflationary tendency, a blockchain, a well-written whitepaper, and an established ecosystem. In comparison to Bitcoin, most meme currencies are inflationary and have no limit on supply. The community’s collective humour frequently determines its ecology, use cases, and basics. Only a handful of meme coins have been created using major cryptocurrency technologies. DOGE, for example, got its technology from Litecoin (LTC), whereas SHIB was constructed on the Ethereum network.

    As the meme coin market grows, you should be cautious that certain projects may try to take advantage of the enthusiasm to defraud traders. For example, in only one week, Squid Game (SQUID), a meme currency based on the famous Netflix program of the same name, increased by almost 86,000%. The development team, on the other hand, immediately rug-pulled, causing the price to collapse by 99%. Worse, holders have been barred from selling their SQUID tokens.

    Meme Coin Future

    It might be difficult to predict if a meme coin will be bullish or bearish. Meme currencies often lack a market value and a high circulating quantity, making them very inexpensive and easy to get. Because meme currencies are frequently inexpensive and easy to obtain, there are several other aspects to consider while predicting the future of any meme currency.

    The growing popularity of meme tokens and dogecoins is being fueled in part by social media. Elon Musk is one of the market factors that has frequently been indirectly impacting the price fluctuations of DOGE and Floki Inu (FLOKI) via erratic Twitter updates.

    Such an attitude might be immensely destructive to cryptocurrencies in the long term. This might reverse the industry’s overall trajectory toward pushing the financial world towards an even more gloomy future.

    Nonetheless, new meme tokens and dog coins join the market on a daily basis, and regular investors tend to purchase them with the aim of replicating the profits made by DODGE and SHIB in the past. In fact, the excitement around dogecoins has developed to the point that it is apparently driving demand for genuine dogs.

    Are They Worth the Investment?

    Even the most experienced investors face ups and downs while investing in meme coins. However, by finding out and implementing the proper knowledge, one may limit the dangers while maximizing profits. There are thousands of meme currencies to choose from, and the vast majority of them are frauds. As a result, in order to compete in this market, you must be at your best.

    The reality is that diamonds may be found amid stones; you simply have to know where to look and how to look. These particular meme coins have the potential to create 1000 for early investors.

    Before investing in any meme currency, spend some time researching the token’s community to learn about the creators’ priorities. Do they have a long-term plan for community building and long-term growth? Are they more interested in raising the price and pressuring consumers to buy? The former is a positive thing, whilst the latter is a warning sign. Additionally, it would be helpful if you could find out whether the initiative has a whitepaper outlining its true goal and objective.

    Final Thoughts

    With new meme currencies hitting the market every day and traders seeking to emulate DOGE and SHIB’s earnings, it is crucial to DYOR before investing in any meme currency. Remember that meme coins are quite volatile compared to other digital currencies. Trading or investing in cryptocurrency is fraught with danger. Meme coins are heavily community-driven and may fall abruptly, so never invest money you can’t afford to lose.

     

    Meggie Nahatakyan, Crypto Analyst at the Top Coins.



    [ad_2]

    Source link

  • A Brief History Of Crypto’s Greatest Meme

    A Brief History Of Crypto’s Greatest Meme

    [ad_1]

    Dogecoin: one of crypto’s most hyped coins. It seems as if it is always in the mouths and minds of young investors. Moreover, more notable investors have praised the coin both for its comedic origins and as a viable “medium of exchange.”

    But what exactly is this comical fad? Additionally, what does it have to do with a Shiba Inu? Why is it that both Mark Cuban and Elon Musk are promoting this coin despite the fact that it literally started as a joke? The answers may surprise you.

    The Origins Of Dogecoin

    If you have heard the rumors, it is true: Dogecoin, quite literally, is a joke coin. Billy Marcus, a co-creator of Dogecoin, initially minted the coin in 2013. Bragging to CNBC, he says the coin was created in, “about two hours.”

    The original Doge meme in its glory | Source: Wikipedia

    Originally made as a parody of Bitcoin, and based off of the popular “doge meme,” Dogecoin spread like wildfire in the world of crypto. From Investopedia, “Jackson Palmer, a product manager at the Sydney, Australia office of Adobe Inc., created Dogecoin in 2013 as a way to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptic-analytic” observer of the emerging technology, and his initial tweets about his new cryptocurrency venture were done tongue-in-cheek.”

    Related Reading | Latest News On Dogecoin, Trends And Analysis

    Later on, Marcus reached out to Palmer to create a new cryptocurrency. When Marcus’ desire to create a crypto and Palmer’s scrutiny towards crypto met, Dogecoin was born.

    From Investopedia, “Markus based Dogecoin’s code on Luckycoin, which is itself derived from Litecoin, and initially used a randomized reward for block mining, although that was changed to a static reward in March 2014. Dogecoin uses Litecoin’s scrypt technology and is a proof-of-work coin.”

    Who Is Behind The Hype?

    As you have probably heard by now, Elon Musk, now crowned “Daddy Doge” by many crypto enthusiasts, has been a huge supporter of the coin. In an SNL skit called “Weekend Update,” Musk is seen participating in a comical bit featuring the coin. As the skit ends, Musk is seen yelling, “To the Moon!’ The studio audience is heard cheering following Musk’s remark. As a result, Dogecoin saw a spike in their prices shortly after Musk’s appearance on SNL.

    Related Reading | Every Doge Has Its Day: Dogecoin Founder Buys Back Into DOGE

    Mark Cuban, a multi billionaire investor, is also a huge supporter of the coin. As of recently, Cuban pitched in on his thoughts for Dogecoin, “It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.” Despite this remark, Cuban has faced scrutiny over the fact that he owns less than $500 in the coin.

    What Is Next?

    Just recently, notable figures have joined the Dogecoin Foundation. Vitalik Buterin, Ethereum’s founder, has just joined the team. Additionally, Jared Birchall, head of Musk’s family office, has joined the team as well.

    Will this joke coin reemerge to comical heights? Recent drop amist crypto gains suggests otherwise | Source: DOGEUSD on TradingView.com

    Despite a recent drop in prices, the team remains optimistic. According to Yahoo, “Now, the group is looking for three years’ worth of funding to hire a staff and work on Dogecoin full-time.” As always, the future is uncertain, but recent changes to the group can most definitely be viewed as a positive for Dogecoin investors.

    Featured image from iStockPhoto, Charts from TradingView.com

    [ad_2]

    Source link