Meme Coins Dominance on the Rise in Crypto Space

• Their potential use cases acted as game-changer.
• Dogecoin and Shiba Inu are two popular instances of this.

In a world where meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and Floki (FLOKI) have survived and thrived, they have become the “talk of the town” in Twitter Space through their unexpected success and the future of these tokens.

Their potential use cases acted as a game-changer and turned some meme coins from internet jokes into legitimate businesses with real-world use cases as they evolved beyond their meme origins to develop utility. 

Meme coins are a subset of cryptocurrencies that take their inspiration from memes or share some other funny quality with viral internet memes. Dogecoin and Shiba Inu are two popular instances of this.

Moreover, Meme coins are notorious for their extreme swings in price due to their plentiful availability and cultural relevance. There are hundreds of different meme currencies, with Dogecoin and Shiba Inu being the most popular.

Verifying that liquidity pools are linked to burn addresses, validating that third-party audits have been performed on the project, and ensuring that no one entity holds more than 5% of the entire supply are all essential steps in getting a comprehensive picture of a meme currency.

Rise in Adoption Globally

The introduction of utility meme currencies is shifting the perception that meme coins have no practical use or advantages. Some meme currencies have practical applications or are integrated into larger DeFi (decentralized financial infrastructure) ecosystems. ShibaSwap is a decentralized exchange (DEX), and its governance token is Bone ShibaSwap (BONE).

Meme coins have just recently been popular, but their popularity has skyrocketed. In early 2021, they entered the popular consciousness when celebrities like Elon Musk, Mark Cuban, and Snoop Dogg endorsed Dogecoin, driving its price up by more than 800% in only 24 hours.

Dogecoin’s value has spiked on many occasions since then every time Elon Musk tweeted about it. There are now hundreds of different meme coins available, many of which are based on the popular doge meme.

The acceptance of meme currencies by some large corporations has been widely publicized. It comes as no surprise that the Tesla shop now accepts Dogecoin, given Elon Musk’s penchant for parody currency. Merchants across the globe accept these meme coins and their adoption is on the rise rapidly.