In the grand scheme of humankind, cryptocurrencies are relatively new. The technology was first really put to the test and successfully trialed when Bitcoin launched. Bitcoin was one of the first currencies of its type to become so widespread.
Since then, we have seen a lot of different alternatives and forms of coins. There are coins called stablecoins that are tied to an asset or market, as well as coins that initially started as a bit of a comedy element but still have value. Dogecoin (sometimes just called Doge) and Shiba Inu are two of these examples that focus on…dogs!
The Age Of Options
As with a number of digital technologies, there is a huge level of choice for consumers, and people can choose which crypto and tokens they may wish to use – if any. When we see something become popular in the modern age, there are often lots of variations. We only have to look at slot games to see that a successful model can launch a lot of different designs and themes.
While cryptocurrencies and meme coins have themes and symbols related to them, slot games also have themes. We see a lot of games focusing on the fruit machine symbols to follow on from the success these games had, but sweets and other foods have also become a mainstay of the slot game themes in games, including Sweet Bonanza. The graphics and symbols become what the games are known for, and a similar thing could be said for the meme coins we’re now seeing.
Dogs are the main theme of some meme coins in the same way that fruits and other sweets and food symbols are the themes for slot games.
We’re all used to having more options than ever, and this doesn’t just refer to cryptocurrency. Everything from the music we listen to, to the clothes we wear, has really evolved in terms of how many different options there are on the market.
Meme Coins Explained
How does a meme become linked to a currency? Meme coins are a quirky and unusual corner of the cryptocurrency market. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, which aim to solve real-world problems or provide groundbreaking technologies, meme coins are often created as jokes or internet memes but still have the same tech.
The enthusiasm of their communities has led to a surprising amount of attention from investors and the public. These currencies are, actually, totally viable options.
Some of these coins have a lot of celebrity fans and spokespeople who can build hype, social media buzz, and the charisma of their creators or celebrity endorsements. Yet, despite their unusual origins, some meme coins have grown into significant market players with dedicated communities and massive market caps. Dogecoin and Shiba Inu are both examples of this and shouldn’t just be laughed off.
Dogecoin – The First Meme Coin
Dogecoin is seen as an elder statesman of the meme coin world.
This little character idea was created in 2013 by software engineers Billy Markus and Jackson Palmer, a few years after Bitcoin was first invented. Dogecoin started as a joke – the idea was to create a fun cryptocurrency that poked fun at the more serious nature of other digital currencies.
Markus and Palmer were inspired by the popular “Doge” meme, which featured a Shiba Inu dog with comic sans captions expressing inner thoughts in broken English. What began as a light-hearted take on cryptocurrency soon took on a life of its own.
Early on, the Dogecoin community was known for charitable acts, from funding water projects in Kenya to sponsoring a NASCAR driver. This generosity and a steady stream of internet memes helped Dogecoin develop a unique identity in the crypto space.
But what truly set Dogecoin apart was its unexpected rise in popularity, fueled in large part by celebrity endorsements and social media hype. Elon Musk, the outspoken CEO of Tesla and SpaceX – and one of the richest men alive – famously took a liking to Dogecoin, tweeting about it frequently. His tweets definitely introduced a lot of people to this currency.
Shiba Inu Enters The Market
Shiba Inu is the new kid on the cryptocurrency block. Launched in August 2020 by an anonymous developer known as “Ryoshi,” Shiba Inu was inspired by the same dog breed that gave Dogecoin its face – a Shiba Inu dog.
Shiba Inu’s creator or creators (nobody knows who they are) envisioned it as an experiment in decentralized community building (with the benefits DeFi can bring), and it was designed to be a direct competitor to Dogecoin, which is why it uses the same sort of character.
Shiba Inu’s strategy was different from Dogecoin’s, though. While Dogecoin relied on its simplicity and viral charm, Shiba Inu built its ecosystem around a more complex and ambitious plan. Shiba Inu’s creators released a decentralized exchange called ShibaSwap, which allows users to trade various cryptocurrencies and potentially even earn rewards.
In May 2021, Shiba Inu’s profile was raised dramatically when half of its total supply was sent to Ethereum co-founder Vitalik Buterin’s wallet. Buterin, in turn, decided to donate a significant portion of his holdings to various charities, which is one of the reasons for a big increase in value in 2021.
Conclusion – Which Wins The Day?
One positive of crypto is the fact that it really doesn’t need an overall “winner” of a battle between currencies. Many would say there is space for both in the market. Crypto coins have market caps that alter over time and change with the markets, and there is room for multiple options to exist.
Both of these coins have already made a lasting impact on the cryptocurrency world. They have challenged traditional notions of what a cryptocurrency can be, and have introduced millions, who might never have explored the space otherwise, to digital assets – plus, the world needs more Shiba Inus, right?
In the end, Dogecoin and Shiba Inu represent the unpredictable, often absurd, but always intriguing side of the crypto world. They’re not just coins; they’re communities, movements, and reflections of our digital age, where anything can happen, and sometimes, it does.
