Meme tokens are everywhere after the Shiba Inu (SHIB) rally. One expert says they are part of the evolution of finance and cannot be ignored. Meme coins like Shiba Inu and Dogecoin have gained massively over the past year. Detail cryptocoin.com‘in.
SHIB and others
“It is part of their own unique way of evolution of digital finance,” said Chris Kline of the Bitcoin IRA. It’s been an incredible week for the meme coin Shiba Inu, which rallied 150% and beat the previous cryptocurrency with a cute puppy mascot. But although both Shiba Inu and Dogecoin started out as a joke, they are currently among the top 10 digital assets by market valuation, according to CoinMarketCap. And this could be a sign of things to come as cryptocurrencies continue to grow.
Analyst Kline acknowledged that some cryptocurrencies may not stand the test of time, and he wonders how many meme coins the industry can sustain. But regardless of which ones survive, Kline is confident that meme tokens in general are here to stay. Analyst: “This is the big question for me, clearly they are part of the crypto revolution. They are here. They are part of that concept,” he said.
The Shiba Inu and Dogecoin examples show the key features of the meme coins. The Shiba Inu was founded in August 2020 with the goal of moving away from “solid social structures and traditional mindsets”. Dogecoin was founded in December 2013 with the hopes of becoming “a fun and friendly internet currency”. What these meme coins have in common, among other things, is the community behind them, Kline said. And many crypto investors can be divided into two categories.
Roles of meme coins
First, there are those who want to overthrow traditional financial institutions. The coronavirus pandemic has exacerbated the growing inequality between the country’s rich and poor. Ten years ago, the Occupy Wall Street movement emerged to protest economic inequality. Kline draws a transitional line between the two events. “Crypto actually originated around this very thing,” he said, referring to the creation of Bitcoin in October 2008. The second category of crypto investors is those who want to see money evolve. Kline said that these investors prefer the known 24/7 availability, speed, anonymous and cheap transactions of cryptos. He said he complained about the complex maze of instructions and restrictions the banks put in place.
No wonder the regulators and traditionalists resist. Every disruption was met with opposition, but at the end of the day, he added, “crypto consensus-driven.” But for now, Kline said investors should expect more volatility. “The market is still in a very speculative stage at this point. Adoption and benefit are critical.”
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