Are cryptocurrencies like Dogecoin, Shiba Inu, and Floki just a trend?

Meme coins are gaining popularity in the crypto sector due to the rise of viral videos.

Even though cryptocurrency markets have recently been more volatile, bitcoin remains a favorite among investors. But, depending on whatever dog breed is in demand or which Elon Musk tweet is popular, there’s always something fresh among cryptocurrencies. Will DOGE, Shiba Inu, and other more established tokens remain only if internet memes exist, as the number of meme tokens continues to expand in the market?

Because many individuals made a fast profit with the flagship meme token, Dogecoin, this year, meme-based currency has surged in popularity (DOGE). Dogecoin has had a great year, with returns of 700 percent through October. Even when bitcoin’s price began to plummet in the first week of December, DOGE’s number of active addresses climbed by 0.053 percent, while Shiba Inu (SHIB) holders progressively increased by 0.053 percent. Clearly, the success of meme tokens isn’t just due to social media attention.

Project owners, on the other hand, have their own plans in place to keep their tokens alive. Another dog-meme currency, Floki Inu (FLOKI), is attempting to distinguish out by instilling in the market a significant sensation of FOMO (fear of missing out). Furthermore, among meme tokens, competition is severe, which may lead to their widespread use. Floki Inu’s recent ‘Missed Doge? Get Floki’ marketing push, dubbed “DOGE-killer,” saw the token’s price increase by 50% at the time.

Meme tokens may have begun with no specific goal in mind, but they have inadvertently started to support the cause of making cryptocurrencies more accessible and inclusive. One might argue that meme tokens aren’t just here to stay beyond the hype, but they’re also here to help drive crypto adoption.