Memecoins

Meme coins like Shiba Inu, Dogecoin “cornerstone” of cryptoeconomics

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7 months ago

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Meme coins entered the cryptocurrency market as a joke. However, these assets changed the narrative by showcasing their abilities. Some have even managed to change the fortunes of many individuals. Despite Dogecoin [DOGE] being the OG meme cryptocurrency, Shiba Inu [SHIB] has grown in popularity and is a favorite among investors. These assets also have immense volatility that instills a level of fear. Meanwhile, Mike Novogratz, founder and CEO of Galaxy Digital, has a different approach to meme coins.

Novogratz seemed to be leaning towards meme coins as he highlighted their importance. This further reflects the changing market sentiment towards these assets. He also shed light on how many people are making money with meme coins. The Galaxy Digital CEO later revealed that his son-in-law was one of them. He added,

“Yeah, my son-in-law is a big meme investor, I didn’t think there was such a thing until I met that guy, and he keeps making money, never sells, loves Doge, loves Dogwifhat. “

Dogecoin currently has a market capitalization of $20 billion. Shiba Inu is close behind with $12.77 billion. Novogratz, however, cited Solana’s dogwifhat [WIF] growth and suggested that the meme coin market is close to $60 billion. Factors like these make meme coins the “cornerstone of the crypto economy.”

Read also: Shiba Inu: how much profit can you get by buying Dip?

Which country is embracing meme coins?

According to a report by CoinGecko, the United States was leading the meme coin craze in 2023. The study finds that the nation accounts for 23.6% of the interest in these assets. Shiba Inu has emerged as one of the most popular memes in the United States in 2023. The asset generated 60.7% interest in the country.

Source

The humor quotient that these assets bring is definitely a game-changer as it attracts Millennials and Generation Z. These two groups also make up a huge chunk of the cryptocurrency market.

Read also: Shiba Inu: Top Analysts Report Last Buy Call Before SHIB Soars 501%



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