Coin Edition -
- Analyst David Gokhshtein says there may not be any more meme coin projects after DOGE, SHIB, and FLOKI.
- The G3Vrse founder asks if the crypto industry really needs any more of the meme coins.
- DOGE became the first meme coin when it was created as a “joke” payment system.
There may not be any more meme coin projects after Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI), according to David Gokhshtein, founder of G3Vrse. Gokhshtein based his opinion on questioning the necessity of such projects in the cryptocurrency ecosystem.
But yet — you have your notifications on and reply to my tweets.— David Gokhshtein (@davidgokhshtein) April 17, 2023
DOGE became the first meme coin when software engineers Billy Markus and Jackson Palmer decided to create a “joke” payment system. Reportedly, the engineers developed Dogecoin to make fun of wild speculation in cryptocurrencies. However, years later, it has grown in adoption and inspired the creation of Shiba Inu and Floki, two community-based meme coins.
Elon Musk’s proclaimed attraction to DOGE is a tailwind behind the coin’s growth. Hence, Musk’s latest plan to launch “Starship” as the most powerful rocket ever created appears to be impacting DOGE’s price. The meme coin has gained almost 5% in the last 24 hours, reflecting the coin’s attachment to mainstream development.
SHIB was created in 2020 by an anonymous developer to continue the series of dog meme cryptocurrencies. Many crypto users considered it a rival to DOGE, and the coin’s community has grown in a way that appears to justify the speculation. SHIB serves as a payment token for the Shiba Inu community and has developed in various forms since its creation. The anticipated launch of Shibarium, a layer 2 protocol for Shiba Inu, is expected to bolster SHIB’s value and development.
Floki started as a meme coin based on Elon Musk’s dog. However, it has developed into a fully-fledged Web3 project with DeFi, NFT, and Metaverse capabilities. It is the third among the three top-ranking meme coins, even with several other meme-themed crypto projects existing in the crypto industry.
With Gokhshtein’s question and similarities in the solutions provided by the existing meme coins, probing the necessity of new projects with such themes could be a valid argument among crypto users.
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