Should we take meme tokens like SHIB and FLOKI seriously?

Shiba Inu SHIB in uptrend and price is rising. Crypto coin symbol and up arrow. Uniswap flies to the moon. Vector illustration.

Meme coins are appearing in the crypto community exponentially. Apart from Bitcoin, they are the ones we can read about most often in mainstream media. But are they necessary? Or maybe they only create negative PR?

The role of meme coins

Fundaments are the basis for the existence of the vast majority of crypto projects. However, there are some coins among them that, in fact, have no foundations. Looking today to the top ten cryptocurrencies with the highest capitalization, we see as many as two meme positions. This is the meme precursor in the form of Dogecoin (DOGE), and the coin called its killer – Shiba Inu (SHIB). That’s not all, however. Other tokens, often based on affection for a particular breed of dog, are throwing themselves into the chase. Some of the more popular ones, which may soon catch up with their rivals are e.g. Floki Inu (FLOKI), which is gaining importance, or Baby Doge Coin (BabyDoge).

These types of cryptocurrencies often have errors in their codes, which is a huge risk for their breeders. However, they are often completely ignored. They are often driven by well-known figures who willingly raise their price with small statements. One can even say that this is a kind of socialization of the said coins. For this reason, looking at the digital currency rankings today, we see that both Dogecoin and Shiba Inu have market capitalizations in excess of $30 billion.

This becomes less surprising when we learn of airlines or restaurants announcing that they accept payments in meme coins. So are they still memes? Or do they gain the aforementioned foundation?

Crowd magnet

A low price, a well-known figure mentioning the coin, and at the same time a dynamic price movement are elements that easily attract new investors to the crypto market. Many people declare that the first cryptocurrency they bought was one of the representatives of meme coins. The reason was simple – the opportunity to get rich instantly. More than once, this is exactly what they succeeded in doing. By force of law, it is difficult to pass by them indifferently. 

One cannot say that meme coins are serious projects, but their presence is definitely serious. The people who got into the cryptocurrency market through them often stay in it for a longer period of time, starting their education and conscious investing process about it. Still, the public has a right to be divided. After all, the PR created around meme coins not only attracts, but can also strongly discourage.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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