The cryptocurrency sector has had a great year in 2021. The passing of the first Bitcoin (BTC), exchange-traded fund, (ETF) was a sign that crypto has become more mainstream. This could lead to increased investor exposure to BTC.
The overall culture of crypto has been profoundly affected by the influx of new participants to the market over the past year. The culture of memes such as Wojacks and PePe’s has made privacy and secure storage of value seem trivial. Crypto Twitter is a place where people say “gm” every day to one another and call each other “ser”.
The market is now captivated by the rising price of meme coins featuring dogs like Shiba Inu and Dogecoin (DOGE), much to the dismay of Bitcoin maximalists. The topic is so popular that even mainstream media outlets can’t resist discussing it, which promotes crypto meme culture to a wider audience.
This is a look at the changing culture of crypto as newcomers to it are transforming the sector’s overall landscape.
Google searches tell it all
Bacancy Technology recently conducted a study to determine the power and transformation of memes in crypto and non-crypto investors’ perceptions. It found that Dogecoin was the most searched cryptocurrency in the United States in 2021, with 2.3 million more searches, than Bitcoin.
The top ten most-searched cryptocurrencies in the U.S. for 2021. Source: Bacancy Technology
Dogecoin, a pre-2017 meme token, features a cute Shiba Inu dog sign as its token sign.
There had been very little activity on the Dogecoin Code and no roadmap. But the revival of the project in 2021 by the community sent DOGE from below $0.01 to $0.738, and Elon Musk frequent mentions have made the token a meme. Many developers have been inspired by the newfound success of this project and are now exploring how to improve the network and give it a purpose.
The fourth most searched cryptos in America was Shiba Inu. This despite the fact its popularity and price not seeing any significant rise until April this year. It beat all other layer-one and Decentralized Finance (DeFi) protocols, including Ethereum and Bitcoin.
Dog-themed meme coin popularity explodes
New crypto investors are not looking for the best financial product or token that will store value. They want a token that has a high supply and is associated with “humans best friend” and promises of instant riches.
CoinMarketCap created a separate page for ranking the “Top Doggone Doggerel Tokens” and it has grown to include more than 118 tokens.
The top four tokens with a dog theme by market capitalization. Source: CoinMarketCap
No matter what Bitcoin experts or fundamental analysts think about the emerging sector, major financial service companies such as Robinhood have listed DOGE. They have also seen substantial revenue from trading. This means that meme tokens have attracted the attention of other brokerage firms that want to capture trading fees and onboard new users.
Coinbase listed DOGE (and SHIB) on its exchange. The latter was recently affected by excessive user demand as the tokens prices were rising on Oct. 27.
Younger investors may view Bitcoin as a legacy currency that will rise in price but not make them rich. SHIB experienced a 1,000% rise in just one month, and its small unit price still excites many retail investors.
The future of meme currencies
Meme coins may be here to stay. It might be a smart idea for savvy crypto investors to learn how they can impact the market and what could come from them in future.
Dogecoin, Shiba Inu, and Bitcoin represent a larger macro transformation in the blockchain ecosystem. From the original proof of work (PoW), consensus mechanism used by Bitcoin, Dogecoin, to a proof–of-stake consensus mechanism, smart contracts capabilities, and the possibilities they open up, as found on Ethereum 2.0 (Eth2), utilized by SHIB.
Dogecoin is the crypto-meme coin for the old-school crowd. Shiba Inu, the next generation meme currency, has combined the worlds DeFi and NFTs with the launch of ShibaSwap’s decentralized exchange and Shiboshi NFT lines.
Related: Memecoin Mania triggers triple-digit gains using Binance Smart Chain-based altcoins
Over time, the ethos of cryptocurrency changes
Bitcoin and the cryptocurrency markets were born out of the will and determination of financial freedom fighters, cryptopunks, and libertarian-minded people who wanted to regain control over their finances and escape the global central bank system.
As the ecosystem grew over time, much of this ethos evolved to appeal to a larger population.
Although the original adopters may not want to admit it but one way to increase cryptocurrency adoption and drive up the prices of altcoins and BTC is to create sub-sectors such as meme coins. These sub-sectors tap into the interest of the general public, who enjoy superheroes and sports teams, and the endless laughter provided by meme culture.
The things that people share on social media and discuss on a night out are the most likely to have an impact on peoples’ perceptions. Memes can help bring cryptocurrencies closer towards mass adoption.
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I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.