Internet Humour and Dogecoin Stonks

• Influence of meme culture on cryptocurrency
• The curious case of Dogecoin and its escalation into becoming a recognizable Investment prospect

In the Era of Meme Culture, you should ‘Expect the Unexpected.’ Who would have thought a Meme comprised of the ‘Shiba Inu’ breed Dog could be the driving force behind one of the thriving cryptocurrencies? Probably None or just Elon Musk, but it is what it is.

Rise of Dogecoin

In 1976, the British Evolutionary Biologist Richard Dawkins introduced the term’ meme’. 37 Years later, Two software Engineers named ‘Billy Marcus’ and ‘Jackson Palmer’ created a Cryptocurrency named “Dogecoin” to mock the wild and woke Speculations in cryptocurrencies at the time. 

Billy and Richard were high on Satire, featuring a Dog as its logo. Only to realize later that this peculiar amalgamation of ‘creating a Meme’ and ‘Cryptocurrency’ can turn into a legitimate prospect for them. However, this turnaround may also be a clever anticipation, unlike regular sham speculations of stocks circling in the Market. 

Being labeled as a “fun and friendly Internet currency,” ‘Dogecoin’ grabbed a lot of attention because of its quirky and satirical nature, and within two weeks, it became the talk of the town. Tweets from SpaceX founder Elon Musk further stimulated its growth from time to time, and its market value reached 8 million US dollars. It became the seventh-largest electronic currency in the world in no time. According to reports, in 2021, its Market capitalization value was around 85 million US dollars.

Meme Culture and Cryptocurrency

If the fusion of Meme culture and Cryptocurrency was a Human, they must be a ‘Dog Person.’ More of the Cryptocurrencies having a Dog as their nemesis kept popping up, either influenced by Dogecoin or trying to be an Adversary of it. 

“Shiba Inu’- an arch-nemesis Cryptocurrency created in 2020, claimed to be a ‘Dogecoin Killer.’ The ‘Shiba Inu’ ecosystem comprises decentralized trade exchanges and Meme tokens. 

A new Crypto Coin on the Block in 2023- ‘Dogetti.’ While it shares some similarities with Dogecoin and Shiba Inu, it overtly preaches ethics and the value of Unity and togetherness. It labels its community “The Family,” like Vin Diesel from Fast & Furious. Dogetti works on the model of giving its shareholders rewards through a 2% reflection protocol.

Inescapable Impact of Meme Culture

Memes drive trends and make things more viral than word-of-mouth publicity could ever do. It was inevitable that Dogecoin would become one of the significant cryptocurrencies in the Market. Memes have humor engulfed in it, whether it is subliminally or overtly. But the fact of the matter is once it develops a certain relatability with the user, it can result in an investment with an emotional connection.

However, being a meme-inspired cryptocurrency does not guarantee success or fancy results, especially in the long term. Investors should have little skepticism before investing their hard-earned capital in a meme coin.

 While ‘Dogecoin’ has managed to be the pioneer in this landscape of the cryptocurrency market, the other two crypto coins, Shiba Inu and Dogetti, still face significant challenges in the market, making it difficult for them to acquire the position of a well-established brand and many others who started couldn’t stand the competition and got shelved after an overnight success.