Renowned crypto analyst David Gokhshtein has expressed doubt about the need for new meme coin projects following the success of Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI). Gokhshtein argues that the cryptocurrency ecosystem may not require any more meme coins, given the similarities in the solutions provided by existing ones.
Dogecoin, the first meme coin, was created as a joke payment system by software engineers Billy Markus and Jackson Palmer. They aimed to poke fun at the wild speculation in cryptocurrencies. However, DOGE has since grown in adoption and inspired the creation of other community-based meme coins like Shiba Inu and Floki.
One of the factors behind DOGE’s growth is Elon Musk’s attraction to the coin. Musk’s recent announcement of plans to launch “Starship,” the most powerful rocket ever created, has had a positive impact on DOGE’s price. The meme coin has gained almost 5% in the last 24 hours, reflecting its attachment to mainstream development.
Shiba Inu, created in 2020 by an anonymous developer, is considered a rival to DOGE by many crypto users. 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 upcoming launch of Shibarium, a layer 2 protocol for Shiba Inu, is expected to boost SHIB’s value and development.
Floki started as a meme coin based on Elon Musk’s dog. However, it has since evolved into a fully-fledged Web3 project with DeFi, NFT, and Metaverse capabilities. Despite several other meme-themed crypto projects existing in the crypto industry, Floki ranks third among the top meme coins.
Given the similarities in the solutions provided by existing meme coins, Gokhshtein’s questioning of the need for new projects with similar themes could be a valid argument among crypto users. It remains to be seen whether new meme coins will emerge and gain the same level of adoption as DOGE, SHIB, and Floki.
In conclusion, the rise of meme coins cannot be ignored as they have gained significant adoption in the cryptocurrency ecosystem. However, the need for new meme coin projects remains questionable, given the similarities in solutions provided by existing meme coins. The crypto industry will have to wait and see whether new meme coins will emerge and gain the same level of adoption as DOGE, SHIB, and Floki.