October was a month that provided momentum for meme coins. There was a lot of interest, which was pushing the prices of the joke-based coins upwards. Shiba Inu and Dogecoin were the most talked about meme coins. Interestingly, as the name suggests, these are coins from funny internet posts. Dogecoin started as a crypto joke, but with the support of the most influential names like Elon Musk, it has caught the attention of the crypto community.
To put it bluntly, meme coins have had a pretty crazy year. After the excitement of October, things calmed down a bit in November. This view was also expressed in a report published by the Kraken exchange.
Losing Vitality vs Gaining Adoption
While interest in meme coins is declining, joke-based coins are still gaining ground in terms of adoption and general acceptance. Recently, Elon Musk’s company announced that it will accept Dogecoin payments for some of its products. The Shiba Inu is also accepted at various places including Newegg Commerce and AMC Entertainment. Dogecoin’s price gained more than 20% after Tesla’s announcement, which was a significant boost to DOGE’s adoption even though it subsequently wiped out its gains.
It’s worth noting that one of the reasons Elon Musk supports Dogecoin is its apparent minimal energy use. Proof-of-Work crypto networks like Bitcoin are consistently accused of energy-intensive use. For example, Elon Musk’s Tesla stopped accepting Bitcoin payments in May, citing environmental impact concerns due to BTC’s energy use.
They Will Remain In The Crypto Market Memecoins are not going to disappear anytime soon, especially due to the increasing adoption of popular assets like Tesla. With new developments, they may become more popular and we may see more meme coins released in the future. The fascination with these coins is partially supported by their market performance against other cryptos. DOGE and SHIB managed to rank among the top 20 cryptos on the charts. At the time of this writing, DOGE is ranked 12th on CoinMarketCap while SHIB is ranked 13th. DOGE has a market capitalization of $24 billion compared to SHIB’s market value of $18.5 billion.
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.