Prominent cryptocurrency phenomenon and founder of Gokhshtein Media, David Gokhshtein, recently evaluated the investment potential of the two biggest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB).
In a recent tweet, Gokhshtein stated that 50% of crypto investors he knows are more invested in Dogecoin and Shiba Inu than Bitcoin (BTC).
Gokhshtein, “Half of the people I know earned more in DOGE and SHIB than BTC” said.
Gokhshtein’s Meme Coin Support
Gokhshtein has no problem buying Bitcoin and Ethereum, but the famous phenomenon is in favor of diversifying his portfolio into other cryptos as there is potential for more earnings. “I will continue to collect BTC and ETH – but I will also continue to diversify my investments,” he said. Gokhshtein also believes that diversifying his portfolio is the key to growing it in crypto.
All the cryptocurrencies Gokhshtein mentioned have seen tremendous growth from their all-time low. Bitcoin rose to an all-time high of $69,044. However, not many people had the chance to buy BTC at lower prices.
On the other hand, the same cannot be said for Dogecoin and Shiba Inu. Two meme coins have turned many average earners into millionaires overnight. Dogecoin was released in 2013 as a joke. However, what started as a joke caught the attention of Elon Musk, the richest person in the world, whose tweets pushed the token for $0.73 in May 2021.
DOGE was trading below $0.01 in January 2021. Moreover, during this period, mainstream crypto adoption had already begun. Many people took the opportunity to take an early position before the meme coin started its race towards $0.73.
Similarly, the Shiba Inu released in August 2020 was not worthwhile back then. On November 28, 2020, SHIB plunged to a low of $0.000000000056366 after the massive economic collapse caused by the coronavirus pandemic. The Shiba Inu became popular months after Ethereum co-founder Vitalik Buterin donated $1 billion worth of SHIB to a COVID-19 relief fund in India in May 2021. The move led to widespread adoption of the Shiba Inu and the meme coin rose to $0.000008616.
Although every meme coin has also dropped from their ATH, they are expected to surpass their previous highs in the next bull cycle. Dogecoin is a candidate to become Twitter’s favorite currency after Musk’s takeover of the social media platform. The cryptocurrency has been on the rise since last week. On the other hand, the Shiba Inu also has many projects that could lead to mainstream adoption in the coming months.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.