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All eyes have been on the Bitcoin ETFs and what it means for mainstream adoption, but in the shadows of large institutions stepping in, lies the true foundation of cryptocurrencies and one of the pillars of decentralization – communities.
A world far removed from what most white collar “crypto-connoisseurs” are accustomed to – but one that is set to dominate, and redefine the narrative for what we know about the evolution of finance and tech.
Crypto communities are groups of individuals passionate about various aspects of cryptocurrency, from NFTs, DeFi, to protocols. These communities play a crucial role in sharing knowledge, building awareness, and contributing to the technical aspects. Operating predominantly through online forums and social media, these communities are committed to spreading awareness and education on certain tokens. Surprisingly, one of the strongest communities emerge through memecoins.Unlike conventional digital currencies, which typically emphasise technological innovation or practical utility, memecoins are based on internet memes and online virality. They attract investors and derive their value from community sentiment and their entertaining nature.
Picture this: during every bull run, a notable “underdog” memecoin steals the spotlight, reaching a market cap worth billions of dollars, while injecting a bit of fun into the serious world of investing. It’s a reminder of the incredible influence a tight-knit community can have, showing that a collective sense of humour can resonate even with a typical investor.
Dogecoin and Shiba Inu
Dogecoin was introduced in December 2013, and quickly developed its own online community. It currently sits at a market capitalization of roughly US $12 billion. Shiba Inu, another memecoin, created in August 2020 by an anonymous person or group, sits at US $5.5 billion.
The reason for their success? Rock solid communities. In fact, the $DOGE community was so strong, particularly on X, that it attracted the attention of Elon Musk, further propelling the inflationary currency to the spotlight.
What started off as a deliberate regression from the scarcity model of Bitcoin, turned into an internet sensation (almost) overnight with over
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Author: Crypto Daily
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