Fox Business features the most popular cryptocurrencies of 2021 and meme-tokens have entered the league standing shoulder-to-shoulder with the biggies. While Bitcoin, Ethereum and Ripple take centerstage, Dogecoin, Shiba Inu and SafeMoon have made it to the list.
As per Fox Business, Bitcoin is the most popular cryptocurrency in 2021 and Dogecoin comes second. While Ethereum is at the third spot, SafeMoon, Shiba Inu and Ripple come at fourth, fifth and sixth position respectively. Finance and investing firm Stockwits provided Fox Business with the list. Stockwits received $30 million in funding to boost its crypto coverage.
“Dogecoin and Shiba Inu are a perfect example of investing as entertainment. People buy Doge and SHIB as they like the narrative and find it very entertaining. The prices are very low and a bunch of people who are new to investing like to buy things that resonate with them. The story of a cute little dog on the internet is exciting,” said CoinShares chief strategy officer Meltem Demirors to Fox Business.
When asked if investing in meme-tokens is a good choice for the long term investment, Demirors had a fascinating answer. “Now whether or not that’s a great long term investment is to be determined. But I think this is no different from what we’ve seen in traditional markets,” she said during the Claman Countdown segment.
Meme-tokens hit the spotlight after Elon Musk invested in Dogecoin and repeatedly gave interviews and tweeted about it. After Musk’s involvement in Doge, 78 million new and first-time investors entered the crypto market majority of them being millennials. The new investors poured their money mostly on meme-tokens such as Dogecoin, Shiba Inu and SafeMoon.
Millennials Find Dogecoin, Shiba Inu and SafeMoon Lucrative
Meme-tokens are affordable and is seen as a low-hanging fruit that can deliver the desired results in the coming years. Millennials feel they’ve missed out on the bus on Bitcoin and Ethereum and the price isn’t affordable to the average Joe. Therefore, meme-tokens enjoyed the rot and basked in the limelight in 2021.
Millennials are also ditching the traditional stock market as they believe it only favours the rich. They feel only the crypto market can satisfy their financial aspirations and are giving their best shot in it. However, will meme-tokens really quench their financial thirst, only time will tell.
At the time of publishing, Dogecoin was trading at $0.17 and is down -2-92% in the days trade. Shiba Inu is trading at $0.00003585 and is down -2.87% while SafeMoon is trading at $0.001528 and is down -2.22% in the days trade.