Why are Memecoins so popular?
Memecoins are a unique existence in the cryptocurrency market. They are more like a cultural phenomenon that can quickly attract a lot of attention and funds.
The success of Memecoins is mainly due to the spread of social media and the support of the community, which allows them to gain huge market influence in a short period of time and bring a large number of new users to the crypto market.
For example, in early 2021, the price of Dogecoin rose from less than $0.01 to $0.68 in May, an increase of more than 6,800%.
The number of Dogecoin holding addresses increased from about 3 million to more than 4 million between April and May 2021. Musk mentioned Dogecoin many times on Twitter, causing its price to rise sharply.
For example, in April 2021, Musk posted a tweet about Dogecoin, causing its price to rise by more than 20% in 24 hours.
Moreover, Dogecoin has a very active community, and these community members are promoting and promoting it in various ways. For example, the dogecoin community on Reddit played a key role in the promotion of Dogecoin.
In addition to Dogecoin, Shiba Inu Coin also performed well. The price of Shiba Inu Coin rose from $0.0000006 to $0.0000388 in May 2021, an increase of more than 6,400%.
The number of Shiba Inu Coin holding addresses increased from about 500,000 to more than 1 million in May 2021. The success of Shiba Inu Coin is also inseparable from the promotion of social media.
For example, Ethereum founder Vitalik Buterin (donated 50 trillion Shiba Inu coins to India's COVID-19 relief fund in May 2021, which further promoted the price of Shiba Inu Coin.
