In the cryptocurrency world, meme coins are only going to continue to expand and evolve.

This is a result of a number of things, but community support is more important than practical utility for them to succeed. Elon Musk, for example, has tweeted about dogs and cryptocurrencies and was a promoter of Dogecoin, a cryptocurrency with a dog theme.

The aim of the SHIB currency and its history.

A token with the animal’s name was produced in 2020 by an unidentified individual or organization going by the moniker Ryoshi to carry on the tradition of canine-themed cryptocurrencies. It officially become Dogecoin’s adversary in 2021 after seeing significant value growth, overtaking Floki Inu, Akita Inu, and Dogelon Mars.

From the time the cryptocurrency was founded in August 2020 to the end of October 2021, it rose by an astounding 150 million percent, from a low of $0.000000000056 to an all-time high of $0.00008616.

Meme coins are renowned for being pushed more by the support of their community than anything else. Their development and pricing are mostly driven by this principle. Members of the community feel that this is what true decentralization should be and what would help cryptocurrencies flourish, despite the fact that many do not see the benefit in such a goal.

The fundamental idea is that the fate of the coin is not under the power of a single entity. Instead, a supportive community drives it to success, which many see as an empowering idea.

The initiative is described as an experiment in decentralized spontaneous community creation to restore authority to the common person on the official Shiba token website. It is reminiscent of the surge in popularity of meme stocks at the start of 2021, when GME (GameStop Corp.) Showed the world the value of decentralization.

The idea is related. However, it became apparent in 2017 that “swapping” tokens, as opposed to exchanging them, was necessary. Additionally, a trader would normally utilize Bitcoin (BTC) or Ether (ETH) to purchase or sell alternative currencies on a conventional exchange. With “atomic swaps,” there would be no need for a middleman to instantly exchange digital assets between several blockchains.
Wrapped tokens have now supplanted atomic swaps, from which DeFi derives. DeFi systems like Uniswap, SushiSwap, and now ShibaSwap enable traders to swap tokens without order books, custodians, or any other sort of intermediate points of failure, in contrast to centralized exchanges like Binance and Coinbase.