At the beginning of the digital age, it can be established that the world revolved around the virtual economy, that is, money management is established through cryptocurrencies or cryptoactives, this has allowed millions of people to carry out transactions in a faster and more efficient way without the intervention of banking entities. It all begins with Bitcoin’s release (BTC). Over time, it has been the main currency there in the entire market. After these events, countless cryptocurrencies emerged. Very few have achieved success, such as the cases of Ethereum, Litecoin, and DashCoin. At the same time, a new topic arises by the community and developers, which they called «Meme Coin.» These are cryptocurrencies (and memes) that more than having a high economic value, their volatility depends on the fame they have on social networks.
They are based on the same blockchains and are usually associated with recognized exchanges sites such as coinGecko and CoinMarketCap.
Cryptocurrencies and Memes: A Small Examples List
- Shiba Inu
- Dogelon Mars
- Shiba Predator.
In this approach, Shiba Inu will be discussed. It is a cryptocurrency that gained a lot of popularity in the ETH network, creating a great controversy between the holders of the DogeCoin currency and the Shiba Inu Holders. This process took cryptocurrency to another level, generating billions of dollars in market capitalization. The great advantage that it has over the other memeCoins is the fact that 50% of its tokens are distributed to the community and «Moderator.»
Additionally, the owner and creator of Shiba kept 0% of the tokens at his disposal. This creates security and confidence to its holders and buyers. On its first day of launch, there was a 600% rebound. She had the ability to make people generate large amounts of income; they trusted her and decided to invest thousands of dollars. Both investment and confidence generated millions in a matter of weeks. Due to these achievements’ difficulty, the ETH’s co-founder made a massive donation to an Indian foundation against the pandemic that was affecting certain regions at that precise moment.
What Is That Image?
Analyzing this cryptocurrency’s context, it follows that it is a very old Japanese dog breed which is also known as «Akita,» from which it arises due to a photo that went viral on the internet and social networks of a dog. of this same race in the form of a meme. It is believed that a good product is sold more for a good image, therefore, who would not buy a coin with a Shiba Inu on the cover? Yes, even I would! And what more motivation or source of impulse than Elon Musk (Billionaire) himself has generated a great impact through social networks such as Twitter.
How Did It Grow Overnight?
As you may be thinking, how is it possible that a meme coin is capable of raising its market capitalization so much? Like a company, business or product, when you want to market, advertising and sponsorship are carried out by highly recognized people worldwide. Here a comment was witnessed on one of the most demanded social networks in the world such as Twitter, from nothing more and nothing less than the billionaire, owner of SpaceX and Tesla Motors Elon Musk. That said «My Shiba Inu will be called Floki.»
This Tweet Was Enough For The Entire Shiba Inu Community
Investors, developers, holders, to generate large purchases of this coin, increasing their capital in an exorbitant way, exceeding projection levels of DogeCoin. The enormous power that a person can have in a single comment can be defined in the same way, and the crowd or mass that can be mobilized.
As an extra, it can be mentioned that compared to his rival Doge, Shiba proposed and implemented the use of smart contracts, which at that time was a huge boom, through these contracts they allowed users who participated in them to obtain shiba Inu through a purchase, highlighting that it is more considered a Token than an asset, because it does not have its own blockChain but depends directly on the ETH network.
Before continuing, it is important to define some important terms to continue this deep topic. such as cryptocurrencies.
- Holder: A person is classified as a holder, the one in which he owns or is the owner of some cryptoactive, he can store them over time
- Cryptocurrency: They are digital currencies made through chains of blocks, to generate transactions more fast, efficient and decentralized
- Exchange: It is usually used to refer to the virtual site, where different operations can be carried out, such as are deposit, withdraw, and exchange cryptocurrencies.
After the historical price increase that Bitcoin had, other cryptocurrencies such as ETH and Shiba were affected by this, making the altCoin DogeCoin rise its popularity again. In the same way, Elon Musk made another tweet doing reference to his liking for Doge. That caused a highly negative impact as it increased the general panic in this cryptoasset community. All this conflict positioned this currency from position 7 of the «Cryptocurrencies with the largest market capitalization in the world» to position number 15, dropping more than 20% of its capitalization in 7 days.
Cryptocurrencies and Memes: Marketing Innovation
One of the unique characteristics that Shiba Inu offers to all its followers, holders and users in general is the incorporation of artistic contests. Said contest are for the development of memes, logos, and covers of this cryptocurrency, giving prominence to its public. Additionally, this also promotes the creation of NFTs (Non-Fungible Tokens) in order to have new economic elements to the sale, and just like the whole market establishes: «the more exclusive, rare, and less quantity, the more it is worth.»
Where Can You Buy Shiba Inu?
To obtain Shiba Inu, you must take into account that it is not freely accessible to everyone, nor to all countries. For this, it is recommendable for a VPN to be implemented in order to have a safe access to any places and transactions. In addition to this, these may be the best options to buy Shiba:
- Among others