A sense of humor in the world of cryptocurrencies
Elon Musk is delighted with Shiba inu
Dogecoin is still one of the leaders
Shiba Inu is another “thoroughbred” cryptocurrency
“Dog” cryptocurrencies carry a lot of risk with them
PR is a powerful tool. In the world of cryptocurrencies, where crowds of investors and traders are trying to find the next mega-successful token, a profitable strategy last year was to follow the most popular assets. And a skillful PR can make the cryptocurrency popular and move it from the middle echelon to the first.
Just imagine how much the popularity of cryptocurrency can increase, not to mention its price, when the richest person on the planet is engaged in its PR. Elon Musk is a really big supporter of the crypt. When asked what regulators should do with this asset class, he replied “leave them alone.”
At one time, he put in a good word for Dogecoin (DOGE), the first cryptocurrency with an animal symbol. Dogecoin was born for a joke. Her ascent to Olympus among cryptocurrencies turned out to be no joke at all, but this asset class has more than 15 thousand types of tokens.
Any asset is valued at a level at which sellers and buyers converge in the market, but the support of the richest person in the world works wonders.
A sense of humor in the world of cryptocurrencies
Mark Twain once called humor the “greatest blessing” of mankind. According to Mel Brooks, in humor a person finds salvation from the world around him. So, programmers Billy Marcus and Jackson Palmer created the Dogecoin payment system for a “joke” in 2013, ridiculing the insane speculation in the cryptocurrency market.
Marcus jokingly calls himself “Shibatoshi Nakamoto”, with a reference to the mysterious founder of bitcoin Satoshi Nakamoto.
Marcus and Palmer did not even suspect that the meme they used about the charming dog Shiba inu would turn their funny trick into one of the leading cryptocurrencies that has enjoyed great success over the past seven years.
The world, as Marcus and Palmer would think, has finally gone crazy, and Dogecoin has spawned numerous offspring from other cryptocurrencies based on the meme about shiba inu. The line between comedy and humor is very thin, and from genius to insanity is one step at all.
Elon Musk is delighted with Shiba inu
Elon Musk is a remarkable figure in many ways. He is a prominent character in the mainstream and social media. He founded the electric car manufacturing company Tesla (NASDAQ:TSLA), and for this reason many consider him a visionary. Musk supported the idea behind Dogecoin and promoted this cryptocurrency so that it jumped to levels that could not be reached only with the help of a very influential person.
Mask and siba-inuMask and siba-inu
Musk asked developers to work on updates, and miners to upgrade to the latest version of the software. He stated that Dogecoin “will easily surpass bitcoin” with lower fees and increased transaction processing speed.
Musk made an additional advertisement for “dog” cryptocurrencies in September 2021, when he got a Shiba Inu puppy named Floki.
According to CoinMarketCap, as of December 3, 2021, there were already more than a hundred different tokens associated with this dog breed in the crypto space, including Floki specifically. Although the shiba inu is a dog, it reproduces in the crypto space with rabbit speed, which Elon Musk helps it with.
Dogecoin is still one of the leaders
At the end of November, on Thanksgiving Day, more than 3,000 dogs competed for the title of “best dog show” at the US National Dog Show, which was held by the Philadelphia Kennel Club. The victory was won for the second year in a row by Claire, a representative of the Deerhound breed. Meanwhile, Dogecoin holds the title of “the best dog cryptocurrency” in the crypto space.
As of December 5, there were 15,189 types of cryptocurrencies in the world, and Dogecoin ranked eleventh among them in terms of market capitalization. The cost of one token of $0.1654 means a market capitalization of over $21.56 billion.
The graph above shows the growth of Dogecoin from $0.00020 in 2013 to a maximum of $0.6848, recorded on May 6, 2021. If you had invested a hundred dollars in Dogecoin in 2013, at the maximum they would have brought you more than $340 thousand.
Shiba Inu is another “thoroughbred” cryptocurrency
Billy Marcus’s joke turned into a great success, allowing him to earn good money. She also gave birth to a whole offspring of other “dog” cryptocurrencies, from which Shiba Inu (SHIB) got to the top.
One Shiba Inu token is now worth $0.000034, the market capitalization of the cryptocurrency exceeds $18.52 billion. According to this indicator, it occupies the 13th position, quite a bit behind Dogecoin.
The graph above reflects the ascent of Shiba Inu since it was established in August 2020.
“Dog” cryptocurrencies carry a lot of risk with them
Dogecoin and Shiba Inu are the only two “dog” cryptocurrencies in the first echelon of the crypt, but there are about a hundred other such currencies in the digital space. Dogecoin and Shiba Inu can no longer be called jokes, given that their combined market capitalization is approaching $ 40 billion.
Do not forget, however, that these “dog” tokens, like any other cryptocurrencies, carry great risks with them. It is necessary to understand that the investor risks losing every dollar invested in them. Risk is always associated with a potential reward. To receive from Dogecoin at a maximum of $ 300 thousand for one hundred invested dollars is an incredible income. The risk is commensurate with the amount of profit. Invest only as much capital as you are willing to lose.
Shiba inu is a wonderful dog, and a dog, as they say, is a person’s best friend. But a “crypto attack” can become your worst enemy if you throw all your dice (i.e. dollars) into one bowl.
Be careful: the hype around these cryptocurrencies goes beyond everything. It is extremely important to understand that the line between comedy and tragedy is as thin as between profit and serious losses.