The mania didn’t stop with Dogecoin either. If you thought the idea of a meme coin was crazy, you’d go insane to learn that there’s a meme coin of a meme coin. Shibu Inu is such a coin. Immediately after the Dogecoin mania, the coin developed as a meme to Dogecoin shot up 15 times in a matter of one week. Talk about crypto-mania!
The hoopla’s died down a but since it was released. Many people made some money, but far more lost quite a bit. As with any asset bubble when emotions are high, those who bought in near the peak lost their shirts. Still, meme coins weren’t all that bad.
Dogecoin, for example, started out as a joke. But it’s done some good in the world too. Roughly one year after creation, Dogecoin owners organized a fundraising event on Reddit. They raised more than $50,000 to fund the Jamaican bobsled team to compete in the Sochi Winter Olympics. Two months later, they raised another $55,000 to sponsor NASCAR driver John Wise’s Talladega.
At the height of the Shiba Inu’s mania, the founder of Ethereum donated a gigantic portion of the coins he was gifted to the COVID-19 relief efforts in India. The donation was worth $1 billion dollars, at the time.
The headline amount seems much higher than the benefit really is, though. Due to how thinly traded these Shiba Inu coins are, it’s estimated that the $1 billion is really only worth a few million even at the height of the coin’s valuation. Unfortunately, the value of the coin’s already dropped by more than five times since then, diminishing the impact of the donation.