- Crypto analysts have posed questions about why the majority of meme coins are dog-themed.
- Currently, the top meme coins by market capitalization are dog coins.
- Analysts have argued that dog coins are used for entertainment as well.
Analysts of digital currencies have begun to question why people in the cryptocurrency industry have come to the conclusion that dogs are the most suitable mascots for meme coins.
For instance, looking at the top eleven meme coins by market cap, they are all dog coins.
It’s not until position 12 that one gets to a non-dog coin which is Banano and not until position 13 that one gets to an animal other than a dog which is a frog/Pepe token.
In the realm of cryptocurrencies, dog meme coins such as Dogecoin, Shiba Inu, Floki Inu, and BONK are immensely popular, and each of these coins has devoted communities that help to increase the value of their favorite tokens. The communities believe that use cases and usefulness are at par with those of Bitcoin and Ethereum.
Other analysts argue that the concept of a “meme coin” refers to a cryptocurrency that is created as a joke or for novelty purposes and is often used for online entertainment.
The use of dogs as the subject of these coins is likely due to the popularity of internet memes featuring dogs, as well as the fact that the Shiba Inu (SHIB) token was the first widely-known meme coin and it has been very successful.
Other meme coins, such as Dogecoin (DOGE) also have a dog on their logo and it also has been allegedly successful. However, there are other meme coins with different animals as a subject.
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