The crypto world is buzzing with a lot of projects with many different aims and flavors. But notorious amongst these projects are the ones that do not have an iota of serious minded business backing them. Yes. The memecoins, cryptocurrencies based on jokes, memes and levity. Never before in human history would jokes and satire come to have so much value. Creators of the various memecoins base them off of internet jokes or even other coins based on jokes. Wild it is truly. But for things that begin as a play on public market perception, things can get serious very quickly.
The most popular memecoin would be Dogecoin. Launched in 2013 to make fun of wild speculation and volatility in the crypto space, Dogecoin has grown beyond those humble roots, having a market capitalization of $34 billion currently standing amongst the top ten crypto market capitalizations in the world. Apparently, even if the reasons for its creation lay in getting a laugh or two, the community has turned that on its head and essentially have redefined its purpose. Doge is considered by many to be a viable investing option, not minding its volatility and has become a trendsetter in the memecoin subset of altcoins.
Doge began a trend and following its success, driven in no small part by Tesla CEO, Elon Musk, other memecoins have risen as well. The Shiba Inu token (SHIB) is one of the more prominent examples and one which seems to have taken some inspiration from Dogecoin. For one, this token, created by an anonymous person known as Ryoshi, brands itself as the ‘Dogecoin killer’ and with the look of its market cap of around $30 billion, it does look like it could indeed surpass Doge. However, it would be unwise to make such a prediction with a strong degree of certainty as market volatility can still keep that goal at arm’s length.
Many others have risen as well, coming to associate themselves in some way with Doge and the animal that symbolizes the crypto currency, the Japanese hunting dog breed, the Shiba Inu. Obviously, this is the name used by SHIB. Others associate themselves with the man largely behind the growth of the memecoin space, Elon Musk. Floki Inu is one such token that’s named after the billionaire’s own pet Shiba Inu named Floki. Husky Coin is another dogecoin inspired project that calls itself the “little brother of Dogecoin.”
Of course, not all memecoins are based on Doge, or the Shiba Inu and certainly not all take inspiration from Elon Musk. But for commodities built off of jokes, they’ve come to possess serious pulling power in the crypto space. It’s one of the things that can only happen in private sector driven finance probably, as it would be funny (not in the laughing sense) to see a government develop a fiat currency based on a joke. Of course, governments can and do run economic and financial systems that seem derision worthy such as Zimbabwe’s infamous $100 trillion dollar note.