If you ever want to experience how a cult behaves when you ask a pure information-seeking question, ask any question in any memecoin community subreddit, Telegram, or any other social forum. A simple question like, “What is Shiba Inu’s value proposition?” will be met with responses typically reserved for someone who insulted someone else’s dead mother.
Unless your message contains ‘Memecoin X is going to the moooooooon!’, ‘FIRE FIRE FIRE MEMECOIN X IS FIRE BRA’, ‘HAT3RZ GONNA R3GR3T NOT BUYING AT -98% DOWN, TEH FUTUR3 IS HERE!!’, or ‘MEAMCOIN X LET’S GOOOOOOOOO!’ or any other derivative, you will get so much Internet hate bullets shot your direction you won’t even know what didn’t hit you.
Shiba Inu ($SHIB.X) outperformed Dogecoin ($DOGE.X) by a large margin in July. Shiba Inu ended July with a 13% gain and Dogecoin with a marginal 2% gain. A big contributor to Shiba’s outperformance is likely due to the nearly 5 billion SHIB burned in July.
A ‘burn’ in the cryptocurrency space is an elimination of the available supply – permanently.
Elon Musk’s Tweets have historically been big movers of Bitcoin ($BTC.X) and Dogecoin – but his impact and market participant response has waned. But that didn’t stop the memecoin Floki Inu ($FLOKI.X) pamping over 20% when Musk tweeted just three words:
Floki pic tomorrow
— Elon Musk (@elonmusk) August 1, 2022
Also – because this matters in the memecoin space – the Dogecoin creator Tweeted he’s not the biggest fan of Elon Musk. The change is odd because the creator of Dogecoin has historically supported SpaceX, Tesla, and Mr. Musk.
i used to like elon musk, but then the media started to say bad things, and it became popular to dislike him, so to keep my cred i have to dislike him too. i make all my purchasing decisions based on how much i care for the CEO of a company’s behavior according to the media.
— Shibetoshi Nakamoto (@BillyM2k) August 1, 2022
From a fundamental point of view, social media spats between memecoin communities have historically generated substantial volume spikes for those cryptocurrencies involved. We’ll keep an eye on these developments and update you as needed. 🤑