Apart from all the decentralized financial instruments, NFTs, and passive income generation protocols, one asset, in particular, has made an impressive splash on the crypto market that the impact is still being felt across many industries.
The ripples of the Meme Coin effect are bouncing off traditional industries as some assets of this newfangled class have demonstrated over 2,000,000% price increases in under a year, as demonstrated by the Shiba Inu (SHIB) coin. It becomes obvious that this asset class is worthy of attention when the likes of Elon Musk are rallying for it with booming tweets and calling on McDonald’s to start accepting them as a means of payment.
What is a Meme Coin?
Cryptocurrencies in themselves were developed as an alternative means of payment to circumvent the dominance of centralized financial institutions and government control. As the first of the breed, Bitcoin paved the way for the development of a wide variety of decentralized financial assets designed to facilitate both payments and cross-border transactions involving anything from exchange operations to transfers between friends.
The adoption of digital currencies as a means of payment cannot be ignored, considering that over 15,000 retail outlets around the world are accepting Bitcoin and other major coins like ETH as a means of legal payment. Companies like mobile carrier AT&T and manufacturing pioneers like Tesla are also accepting cryptocurrencies as payment for their products….
