Cryptocurrencies have been existing for years, and are an exciting space to be in. State-of-the-art technology, scandals, innovations, and entertainment has made it the newest trend among investors. The recent developments of cryptocurrencies have led to the rise of memecoins in the market. While the trend started as a joke, it obtained unbelievable recognition and momentum. In 2013, the same was circulated as the first ever meme coin popularly known as ‘Dogecoin’.
In the dog-eat-dog world, where hunger has turned into a human catastrophe, and inflation is on the rise, cryptocurrencies are new financial products that have improved the stock market. No one knew about the existence of meme coins in comparison to the market whales, until one-morning Dogecoin exceeded per day transactions of Bitcoins. That’s when the crypto industry started considering memes could be an important asset.
While the world problems persist, Twitter CEO, Elon Musk created havoc online as usual, by replacing the original bird logo with a Doge meme. Although it was put back later, the Twitter team shared no official statement on whether it’s a permanent change or an April Fools Day prank. Such a move by Musk resulted in a surge in the value of Dogecoin. According to Bloomberg, there had been a 30% increase in Twitter’s adoption of the Doge meme logo.
While Dogecoins made headlines after being backed by Musk, XRP reached new heights by itself. Since the inception of SEC vs. XRP, the coin has made substantial strides across the industry. In a recent report prepared by CoinShares, the XRP investment products observed an $800,000 inflow that is first among cryptocurrencies(apart from Bitcoin). Moreover, XRP is at a market cap of $26 billion, creating a gap of $10 billion with Dogecoin.
On track to reach a $ 50 million presale target, Big Eyes Coin is steadfast in generating huge wealth and building opportunities for users with loot boxes ranging between $10 to $10,000. The presale however ends on 3rd June, which is compelling several investors to boost the digital wallet before the coin hits the market.
Memecoins are evolving, and do not seem to slow down anytime soon. Now that crypto winter is over, meme coins are an exciting asset class for investors. While Dogecoin is backed by Musk, it is highly unlikely to move away from spotlights. On the other hand, if the court favors XRP, it might be a turning point for the company and coin price. Memes are the new normal, and they might be a huge success. However, make sure that you only invest in the coin, if you are ready to take the loss.