October 1, 2022

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THE “MEME COINS” ENTER THE CRYPTOCURRENCY MARKET WITH FORCE: WHAT ARE THEY?

  • Dogecoin is a cryptocurrency that has a meme as a logo and has made history
  • Elon Musk has publicly endorsed Dogecoin, calling it “the people’s cryptocurrency”
  • Shiba, Coshi or Dogelon imitator meme coins gain strength in the market

What are the chances that you will invent a new meme coin, put a funny meme that you have seen on the Internet as a logo and the currency ends up trading at a higher value than Banco de Santander? Well, not many, but the world of cryptocurrencies never stops surprising us. Therein lies its magic, and also it is a very high financial risk.

The story began in 2013 when Billy Markus created Dogecoin, a cryptocurrency that took as its name and logo the famous Shiba Inu dog meme that looks at the camera with a surprised expression. This American programmer and his colleague, the Australian Jackson Palmer, created the currency as a joke, to answer the cryptocurrency fever that was emerging at that time. It is true that it was a joke, but the value of the coin multiplied by 300 just 15 days after launching it.

Still, just two years later, Markus sold all of his currency assets, netting him about $10,000 and buying a Honda Civic. A good amount for a coin that was created as an internet joke, but certainly a pittance compared to what he could have earned today if he had hung on for a few more years. Dogecoin is trading higher than Honda itself today.

Dogecoin, ‘the people’s cryptocurrency

Dogecoin has a quote, today, of 0.52 dollars and it does not stop growing. The fall of bitcoin after Elon Musk’s announcement to stop working with it due to the contamination of its mining and transaction process has made this cryptocurrency, which was already popular in recent months, continue to explode.

And it is that his popularity skyrocketed, especially a few weeks ago, when Elon Musk himself praised the coin on his Twitter account. “It’s the people’s cryptocurrency,” Musk assured on his social network. And it is true that it is an affordable cryptocurrency for everyone. Its 0.52 dollars per coin is far from the 50,000 dollars around Bitcoin or the 3,900 of Ethereum.

Its popularity and value have skyrocketed and some smart people have managed to make money from this explosion. This is the case of Glauber Contessoto, a 33-year-old American who is just a couple of months has gone from having hardly any income to being a millionaire, thanks to a risky and successful investment in Dogecoin. On February 5, he decided to buy about 5 million dogecoins, which then cost about 4 cents. For this, he invested all his savings, including some shares he owned and for which he added a small bank loan. Just 60 days later, in April, his dogecoin portfolio was worth $1.8 million.  

Dogecoin is a currency that has great charisma and popularity and, although its value has grown by 7,800% since it was created, its price suffers great ups and downs and investing in it carries great risk.

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Memecoins: coins with ‘dogs’

And, of course, when a thing works, imitators spring up everywhere. Dogecoins have already had at least four competitors that use their name and logo as a claim. All with the famous Doge dog meme. This is the case of Shiba, who takes her name from the same breed of dog and introduces herself as the “Dogecoin Killer”. Shiba is based on Ethereum and, just as Dogecoin has its millionaire defender in Elon Musk, this cryptocurrency has Chinese investor Charles Xue Biqun as one of its great supporters.

In addition to this, others have emerged such as Coshi Inu (COSHI), Akita Inu (AKITA) or Dogelon Mars (ELON), all with references to the dog meme and the last one with a name that implores the favours of Elon Musk himself. All have had a certain impact in their beginnings, but they entail great risks.

But these new ‘meme coins‘ are increasing in popularity and, perhaps, it is time to take a risk with them. its current values allow it. This is how they are today: Shiba ($0.00002069) , Choshi ($0.000000062) , Akita ($0.000012) , and Dogelon ($0.0000007532) . Do you dare to buy a few million of these cryptocurrencies?

 

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