Can Dogecoin, Shiba Inu, Floki Inu really foster crypto adoption?

Lavina Daryanani
Source: Biographic

In this pretentious world, calling a spade a spade is not everyone’s cup of tea. However, people from the crypto space, unhesitatingly equate cryptos like Dogecoin, Shiba Inu, and Floki Inu to memes and take pride in their astronomical price pumps.

Who let the DOGE(s) out? Who, who, who, who who?

Just a few hours back, the market’s largest meme, Dogecoin, started pumping. All thanks to Elon Musk’s latest announcement of Tesla accepting the said coin for selected merch payments.

People from the community were quick to react to the same. Chief of the PAC Protocol, former U.S. politician and crypto proponent David Gokhshtein, for starters, tweeted,

“Just like $DOGE did, the $SHIB ‘s and the $FLOKI ‘s will keep bringing more people into this space — which is a GREAT thing for adoption.”

Well, there is no doubt at this stage about these coins dragging in more people into the space. The said category of coins has become quite popular amongst the masses and has started inclining the adoption rates parallelly.

Interestingly, at the time of publishing, it was noted that Dogecoin had made its re-entry into the top-5 list of the most used smart contracts in the 24-hour window, justifying the aforementioned stance.

Source: WhaleStats

Alongside, these memes have also aided in increasing adoption on the macro board too. In October last year, Gokhshtein tweeted something similar and highlighted that,

$DOGE has allowed a lot of people to get into #bitcoin. Data supports it — its free to look up.

More noise in the room: SHIB and FLOKI bark simultaneously

Leaving aside DOGE, other coins like FLOKI and SHIB are also doing quite well on their respective parts. The cumulative number of HODLers of these coins has consistently been on the rise, implying the surging interest of people from the space.

Both FLOKI and DOGE have started taking their development game too quite seriously. The former, for starters, has already started its transition into a DAO.

This means that the FLOKI ecosystem would end up becoming even more decentralized and secure going forward. This move, in all likelihood, is set to foster a much quicker growth and adoption of the project.

Shiba Inu’s ecosystem has been faring decently of late. For starters, the project’s native DEX ShibaSwap has risen to fame over the past few weeks. DEXes operate differently when compared to centralized platforms by permitting users to swap tokens without the need for an intermediary.

Launched in July last year, this exchange provides functions similar to that of other DEXes like Uniswap. SHIB, along with two ERC-20 tokens BONE and LEASH, fuel this platform.

The liquidity on ShibaSwap consistently revolved around the $300 million level in the latter half of December. Nevertheless, of late, the total value locked has slightly deviated from the said number.

However, as the state of the broader market gets better, swapping, staking and lending would rise and get back the TVL on track.

Source: DeFiLlama

Thus, with time, the meme-coin playing field is set to expand. And in effect, so would the broader crypto landscape.