As a seasoned analyst with over two decades of experience in the financial markets, I must say that the resurgence and evolution of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been quite intriguing to watch.
Robinhood, a well-known investment platform that deals with both traditional assets and cryptocurrencies like meme coins, has released a timeline detailing the origins of prominent meme coins, focusing notably on Shiba Inu and Dogecoin – the two most significant meme cryptocurrencies in terms of market capitalization.
“DOGE army sets the tone for future meme coins”
Robinhood’s summary on Dogecoin explained that this digital currency originated in 2013 as a playful imitation of Bitcoin, stemming from the widespread “Doge” meme featuring Kabosu Shiba Inu dog. The creation of DOGE took place through a split from Litecoin, and its purpose was to make cryptocurrency more accessible and enjoyable for everyone.
Subsequently, although its foundation was a light-hearted concept, Dogecoin managed to gain popularity and is now commonly utilized for tipping and charitable contributions. Notably, it was also employed in supporting the Jamaican bobsled team during their participation in the 2014 winter Olympics, as emphasized by Robinhood.
Over time, the final sentiment expressed in the tweet was that Dogecoin ultimately shaped the direction for future meme-based cryptocurrencies.
Regardless of its lighthearted beginnings, Dogecoin managed to garner attention and became widely used for tipping, charitable contributions, and even funded the Jamaican bobsled team during the 2014 Winter Olympics 🇯🫁. The community-oriented nature of $DOGE paved the way for other meme-based cryptocurrencies to follow suit.
— Robinhood Crypto EU (@RobinhoodCrypto) October 31, 2024
Resurgence of meme coins meta thanks to SHIB
A tweet within that discussion focused on the Shiba Inu meme-based cryptocurrency, established in 2020. Robinhood’s message indicated that SHIB aimed to be a more community-oriented token than DOGE, and it was distributed without any specific guidance or control.
As a proud crypto investor, witnessing the growth of SHIB has been nothing short of exhilarating. Within just a few years, SHIB made its mark on platforms like ShibaSwap DEX and was listed on heavyweights such as Binance. This expansion sparked what Robinhood referred to as “the resurgence of the memecoin meta.” It’s an exciting time to be part of this dynamic crypto community!
After its debut, $SHIB is set to broaden its horizons by integrating with platforms such as the ShibaSwap Decentralized Exchange (DEX) and the Shibarium blockchain 🔗
This move would signify a trailblazing step for memecoins.
— Robinhood Crypto EU (@RobinhoodCrypto) October 31, 2024
Ultimately, SHIB marked “a new precedent for meme coins,” the post stated.
1.45 billion DOGE transferred to Robinhood
Note: The term “blockchain sleuth” is used to describe someone who closely monitors and analyzes transactions on a blockchain network.
Five transactions, each worth approximately 290 million Dogecoins (DOGE), were transferred to the investment/trading platform. These transfers occurred within an hour’s timeframe. Given the rapidly fluctuating exchange rate, the equivalent value in fiat money varied slightly, but collectively, each DOGE transfer moved more than $49 million, amounting to approximately $246.5 million in total and around 1.45 billion Dogecoins in cryptocurrency.
All five transfers were made from the anonymous -1wwKF address that currently holds a total of 2,399,371,160 DOGE.
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2024-10-31 16:04