a cryptocurrency token devoid of utility, which attracts investors using a unique/funny name, a low price point, and the promise of future appreciation.
It’s been nearly a year since the OG meme coin, Dogecoin ($DOGE),
began its historic rise from <$0.01 to $0.75….Shiba Inu ($SHIB)
proved that those results were replicable, surpassing DOGE and accruing a market cap of >$50B
Since then, 1000’s of imitators have flooded decentralized exchanges, with hopes of becoming the next meme to hit it big — The names have become increasingly bizarre and self-referential: Dogey-Inu ($DINU)
being a prime example. Furthermore, the number of tokens issued, sometimes quintillions
, makes price calculations difficult due to the sheer number of zeros to the right of the decimal.