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Bitcoin is the most successful crypto. The leading crypto has been what the other currencies hope to become. It, however, seems like it is headed for a decline. Privacy is one of the reasons for the success of Bitcoin. Most users like it when their details are not in the public domain. Privacy ensures the security of the dealers. It also helps in negotiations. However, it has changed with the Bitcoin era becoming more mainstream.
To begin with, everything starting from investors to the model of investment is different for memecoins and major cryptocurrencies. Yes, while people see bitcoin and Ethereum as investment sources, DOGE and SHIB are worshipped on the other hand. Memecoins have an honest set of followers who are willing to do anything to keep up their race. For example, the GameStop movement in 2020 and Robinhood petition in 2021 are proof of that. Therefore, memecoins have all the power it needs to overtake mainstream cryptos.
Memecoins are digital tokens inspired by popular social media jokes, sarcasm, puns, and memes. According to Coinmarketcap, there are over 130 memecoins in circulation today. Unlike major cryptocurrencies that are created with a purpose, memecoins don't have a goal and specific reason. While mainstream digital tokens are born to enhance blockchain technology, promote decentralization, and shield transactions from manipulation, memecoins like dogecoin and Shiba Inu just exist to entertain investors. Comparatively, memecoins are way too volatile than the actual cryptocurrencies as they lead to sudden growth and fall in a short period of time. Since mainstream virtual tokens have had the upper hand for a long time, we failed to notice the growth of memecoins on the sideline. In 2022, the joke-theme cryptocurrencies have performed far beyond anybody's anticipation and are on the brink of outperforming major cryptocurrencies.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
