Technology

Why are crypto-memes like Dogecoin and Shiba inu becoming more and more popular?

Tor Constantino * shared his take on why investors are increasingly turning to cryptocurrency memes in his new post.

According to the author, despite the instability of meme tokens, their popularity never ceases to amaze. In recent months, cryptocurrencies such as dogecoin and shiba inu have strengthened their positions, ranking 10th and 12th respectively in the Coingecko cryptocurrency rankings. Meanwhile, this week, the number of investors with shiba inu exceeded one million for the first time.

According to Tor Constantino, one of the reasons for the popularity of meme cryptocurrencies is strong brand recognition, similar to that of large companies. “You automatically know what Nike, Budweiser, Mercedes, Victoria’s Secret are. Meme tokens convey similar attributes and a certain familiarity, so investors can feel comfortable with their decision without having to do due diligence, ”the expert writes.

The author also recalls that dogecoin and shiba inu are among the “strongest and most active communities of all cryptocurrencies.” However, he cautions that while these communities can provide a sense of security to newcomers, they can also become “echo chambers” for bad ideas.

Tor Constantino also notes that meme cryptocurrencies tend to have low entry points, as they typically cost less than a dollar. However, he points out that the low price does not mean that you will get rich by default. “Unfortunately, price is not synonymous with value for cryptocurrencies.”

On the other hand, remember a basic rule of economics: “the more is available, the less value it has”, referring to the fact that dogecoin and shiba inu are unlimited tokens.

“If meme assets can be an understandable ‘dog gate’ for new entrants, it is better to cross this entrance quickly so as not to get stuck there,” concludes Tor Constantino.

* Tor Constantino is director of corporate communications and commercial writer who collaborates in several portals specialized in digital currencies.

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