Over the past year, with the rise in the price of bitcoin and digital currencies, new faces have entered the market, and the culture of this field has been somewhat influenced. The dramatic rise in the price of memes such as Shiba Inu in recent months has led some members of the digital currency community to invest in these tokens. But can the emergence of these tokens, which are largely unused, be beneficial to the growth of the digital currency ecosystem?
to the Report Coin Telegraph, 2021 has been the leap year for the digital currency market. The launch of the first Bitcoin exchange traded fund (ETF) in US history is a sign that digital currencies are becoming one of the mainstays of the economy and could increase the level of investor access to this asset class.
The entry of new members into the digital currency market during 2021 has had a profound impact on the overall culture of this ecosystem. During this time, ideals such as privacy and a reliable value-saving tool were marginalized as the Meem Quinns came to power. The use of popular memes to express emotions is now pervasive in the Twitter digital currency community; Where users say “good morning” to each other every day and call each other “sir” with special respect.
Now, however, memes such as the Dogecoin and Shiba Ino, known for their images of dogs and pets, have once again attracted the attention of investors in the digital currency market, much to the annoyance of Bitcoin extremists. Even the reference news media can no longer avoid talking about the growth of the Meem Quinn culture.
The entry of new members into the digital currency market is changing the landscape of this ecosystem, and in the continuation of this article, we intend to examine how the culture of the digital currency community changes and the influence of meme coins on this market.
Changing market behavior from Google
The power of memes and the change they have made in investors’ perceptions (whether in digital currencies or in non-cryptocurrencies) can be seen in the results of new research by Bacancy Technology. The results of this study show that among the major currencies in the market, Dodge Coin has the highest number of searches in the United States in 2021, and compared to Bitcoin, which is in the second place, it has been searched 2.3 million times more. .
Dogecoin Digital Currency Before entering the market in 2017, it entered the digital currency market as a joke with the image of a lovely dog.
Dogecoin had experienced very limited development and updates until recently, and there was no roadmap for the future of this digital currency. However, in 2021, the digital currency community revived the project, raising its price from below $ 0.01 to a high of $ 0.738, and the support of Elon Musk also consolidated the position of this honeymoon to some extent. The success of Dogecoin further led to the formation of teams with the aim of updating and adding new capabilities to the network of this digital currency.
Also read: What is Dogecoin? Everything you need to know about this funny digital currency
In the ranking of the top currencies in the market in terms of annual search volume in the United States, Shiba Inu is ranked fourth. Although the price and popularity of this meme coin did not increase significantly until April of this year, it was able to surpass many of the first tier protocols and decentralized finance (DeFi) projects and was lower than Bitcoin and Ethereum. Be in fourth place.
Dogs that are becoming more popular
Investors who have just entered the digital currency market, instead of looking for an efficient financial product and a tool for storing value, seem to be looking for high and sometimes unlimited aggregate tokens that introduce themselves as “people’s best friends” and to investors. They make a fortune overnight.
CoinMarketCap has now become so popular that the CoinMarketCap website has launched a special page to classify these tokens; A growing list that now contains the names of more than 180 tokens.
Some financial services companies, such as Robinhood Brokerage, have added Dodge Coins to their market, regardless of analysts and Bitcoin fans about the inefficiency of this emerging sector, and have already generated significant revenue from foreign exchange transactions. They had digital. This indicates that the Meem Quinnas have attracted the attention of other brokers; Companies whose income depends on transaction fees and with the arrival of new users can make more money.
Coin Base, the largest digital currency exchange in the United States, has added Dodge Coin and Shiba Ino to its list of currencies. The addition of Sheiba Ino to Coin Base was accompanied by an increase in the price of this Meem Coin on October 27 (November 26), and as a result, an unprecedented increase in demand from users caused the exchange system to become unavailable.
Younger investors may see bitcoin as an old currency that may rise in price in the future, but most believe that bitcoin will not make them rich at this point. On the other hand, the price of Shiba Ino has grown by 1,000 percent in less than 30 days, and its low price still seems attractive to some investors.
What will be the future of Meem Quinns?
As it turns out, meme coins have come to stay, and understanding what impact they have on the market and where they will go in the future can be a good idea for smarter investors.
Dogecoin and Shiba Inu each represent a larger current in which the Blockchain ecosystem is moving from evidence-based networks to stock-based networks. In this process, Dodge Coin represents currencies such as Bitcoin that use a proof-of-work mechanism, and Shiba Inu represents those tokens that are offered on the basis of stock-based networks, support smart contracts, and have features that are included in the version. There is a second Ethereum network.
Dogecoin is a token for the veterans of the digital currency market; Those who prefer to use a secure network that is reliable in storing and transmitting value. On the other hand, Shiba Ino is a new generation of Meem Coins that has entered the market of decentralized finance and proxy tokens (NFT) with the launch of Shiba Swap and Shiboshi Decentralized Exchange.
Also read: The future of bitcoin; 12 scenarios from replacement with gold to destruction
Behavioral evolution of the digital currency market
The idea of bitcoins and digital currencies stems from the thinking of financial independence activists, cyberpunks and freedom-loving people; Those who wanted to regain control of the financial system and get rid of the centralized global banking system.
As time went on and the digital currency ecosystem grew, many of these ideals shifted to concepts that appealed to a larger community of users.
Although older members of the digital currency community are reluctant to accept this, one way to gain more market share and increase the price of bitcoins and coin coins is to create new sub-segments such as meme coins; The part that depends on the public interest in things like superhero characters, sports teams, and ongoing jokes with Internet comics.
These are just the things that are being shared on social media every day, talked about at night, and most likely to have an impact on people’s cognition. Therefore, memes can have a positive effect on the widespread acceptance of digital currencies.