Around this time last year, there was a lot of interest in Meme coins. Useless coins like Dogecoin, Shiba Inu and other Doge spinoffs we're pumping for literally no reason.
It was a pretty weird time for me because, at the time, Hive was underperforming in the midst of all these pumps. I couldn't wrap my head around it.
Another reason why I was pissed was because I had the opportunity to buy Dogecoin many years before and I'd have been a millionaire by now. That would have undoubtedly solved all my financial problems right now.
Anyway, when all the memecoins we're pumping, I always advised people to be wary of the hype. In fact, when it comes to Memecoins, the hype is directly proportional to the trading position.
What I mean is that when the hype is at maximum, often times, it means you're somewhere around the top. So buying at that point means you're not going to make a lot of profit.
Somewhere around April of 2021,one Dogecoin was trading at around 74 cents. This was a value that was significantly higher than Hive at the time.
In fact, Dogecoin got so much hype that it broke into the top ten market cap in value. It was, as you can imagine, a very difficult time for me because I couldn't make any sense of the situation.
At the time, Elon Musk was aggressively shilling Dogecoin on Twitter, and this was the catalyst for the pump. However, it made no sense still because it doesn't matter how much Elon talks about Dogecoin, it will still be useless.
Forgotten memes
Fast forward to today and we're seeing Meme coins slowly returning to where they belong. Although, some, like Shiba Inu and Dogecoin still have potential to pump, the odds are not in their favour.
At the time of writing, Dogecoin trades at around 13 cents and this is freshly after a recent rally due to Elon's attempt to buy Twitter. Many traders expected the Shitcoin to become the main cryptocurrency on Twitter.
Assuming that were the case, that would, without a doubt, make Dogecoin a very sought after asset. In fact, even the ridiculous supply of roughly 140 Billion tokens would not have been sufficient for the Twitter crowd.
In reality though, the likelihood of Dogecoin getting listed is slim for many reasons. On top of the list is that it is a joke, the miners are rewarded randomly and it shouldn't even be taken serious, despite having an estimated market cap of $18 Billion.
This then brings me to Shiba Inu who trail just behind Dogecoin with a market cap of roughly $14 Billion. They're also another useless asset that somehow got into the top ten crypto ranking.
Unlike Dogecoin though, Shiba Inu look to be adding some utility to their asset. There's talk about a metaverse and potentially a game around the token.
I don't have details about when the metaverse project will be released but it should have a positive impact on the price of the token.
In any case, it is still fascinating that these two very useless assets have somehow, found a way to stay relevant. My best guess is that bots ate trading the assets, evident in the fact that Shiba has daily trading values upwards of $500 million.
Any Future?
The honest truth is that memecoins don't have a future in the crypto industry. They'll all be flash in the pan projects that will come into the scene, enrich some and wreck whoever doesn't dump early.
Memecoins serve no single purpose, and without utility, there's little chance that you'll be relevant in the future. However, I could be wrong.
The crypto industry and pop culture, as a whole, tends to offer huge rewards to dumb things, just for the hell of it. There's also the "it's so bad, it's good" factor that could play in the hands of memecoins.
It is very possible that these useless assets continue to stay relevant and hold their place in the top 20 of crypto market cap. For the crypto industry as a whole, it is an indictment to all the hard work that's put into relevant projects trying to offer real value to people.
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