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Dogecoin, Shiba Inu and memes drag the pack of dogs towards mass adoption

The year 2021 has been a watershed year for the cryptocurrency industry, as the approval of the first Bitcoin (BTC) exchange-traded fund (ETF) is a sign that cryptocurrencies are becoming mainstream and has the potential of causing increased investor exposure to BTC.

The influx of new market participants throughout the year has had a profound impact on the general culture of the crypto ecosystem. Ideas of privacy and a secure store of value have been overshadowed by meme culture, as PePe’s and Wojacks have become endemic in the crypto Twitter community, where frens call themselves “gm.” every day and are respectfully called “ser”.

And, now, the rising price of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have once again captured the market’s attention, much to the chagrin of the Bitcoin maximalists. Even the major news sources can’t help but discuss the subject, further promoting the growing culture of cryptocurrency memes to the general public.

Here’s a look at how crypto culture is changing as the interests of newcomers to the ecosystem are transforming the bigger picture of the cryptocurrency sector.

Google searches say it all

The power of the meme and the transformation it has caused in the perception of crypto investors and non-crypto investors can be seen in the data provided by a recent study by Bacancy Technology, which has discovered that Dogecoin has been, by far, the most sought after cryptocurrency in United States in 2021 with 2.3 million more searches than the second place that is Bitcoin.

The 10 most wanted cryptocurrencies in the United States in 2021. Source: Bacancy Technology

Dogecoin is a pre-2017 token meme that was originally created as a joke and features a cute and lovable Shiba Inu dog as its token sign.

Until recently, the Dogecoin code had barely been developed and no roadmap existed, but the rebirth of the community-driven project in 2021 saw the price of DOGE go from less than $ 0.01 to an all-time high of $ 0.738, and the frequent mentions of Elon musk have consolidated the token’s meme status. The new success of the project launched several teams of developers who are exploring ways to improve the network and give it a use case.

Shiba Inu was in the fourth place of the most wanted cryptocurrencies in the United States, Although its popularity and price did not begin to see a significant increase until April of this year, since it surpassed all other major decentralized finance and layer protocols (DeFi) in addition to Bitcoin and Ethereum.

The popularity of dog-themed coins is skyrocketing

The masses of newcomer crypto investors seem not to be looking for a financial product that offers them an extra return or the more established token to act as a store of value, sino a high-bid token that is associated with a “humans best friend” and an overnight promise of wealth.

Meme tokens have become so popular that CoinMarketCap has dedicated a separate page to rank the “Top Doggone Doggerel Tokens”, which has now evolved into a growing list of over 118 tokens.

The top four dog-themed tokens by market capitalization. Source: CoinMarketCap

Regardless of what some of the Bitcoin maximalists or fundamental analysts think about this emerging sector and its lack of use case, major financial services companies like Robinhood have listed DOGE and have also seen significant income from their trading, which means that meme tokens have caught the attention of other brokers who want a portion of the revenue that comes from capturing trading fees and onboarding new users.

Coinbase has listed DOGE and SHIB, the latter recently causing a system outage at America’s leading crypto exchange due to excessive user demand, as the price of tokens was going up on October 27.

Younger investors may see Bitcoin as a legacy currency that can go up in price, but right now it won’t make them rich. In the meantime, SHIB saw a 1,000% rise in less than a month and its small unit value continued to excite many retail investors.

The future of meme coins

If meme coins are here to stay, then it might be a good idea for the savvy cryptocurrency investor to understand how they can affect the market and what may come of them in the future.

In a way, Dogecoin and Shiba Inu represent an ongoing macro transition in the blockchain ecosystem from the original proof-of-work (PoW) consensus mechanism that is used by Bitcoin and Dogecoin to a proof-of-stake (PoS) consensus, the capabilities of smart contracts and the possibilities they open up as found in Ethereum 2.0 (Eth2) and used by SHIB.

Dogecoin is the meme currency for the old-school cryptocurrency crowd that prefers a secure network that can reliably store and transact value, while Shiba Inu is the new generation meme currency that has incorporated the worlds of DeFi and NFT through the launch of its ShibaSwap decentralized exchange and the NFT Shiboshi line.

Cryptocurrency Ethics Evolve Over Time

Bitcoin and the cryptocurrency market grew out of the will of financial freedom fighters, cypherpunks, and libertarian-minded people who wanted to regain control of their financial sovereignty and escape from the global central banking system.

With the passage of time and the growth of the ecosystem, much of that ethic has shifted toward concepts that appeal to a larger population.

As much as these original adopters may not want to admit it, One of the ways to get more people to get involved in cryptocurrencies and therefore drive up the price of BTC and altcoins is through the rise of subsectors such as meme coins, that take advantage of the interests of the general public who like superheroes, sports teams, and the endless laughs that internet meme culture provides.

Things that are widely shared on social media or discussed on a night out with friends are the ones most likely to influence people’s perceptions, and memes can help drive cryptocurrencies towards mass adoption.

Do you want more information about trading and investing in the cryptocurrency markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you should do your own research when making a decision.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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