Memecoins and how these joke cryptocurrencies have turned out to be very serious (Clear the X # 140)

Many people takes memecoins very seriously, something ironic if we consider that all of them were born with the intention of being basically a parody of cryptocurrencies.

Dogecoin champions this peculiar revolution with the support of an unleashed Elon Musk, but alongside her have recently appeared others like Shibacoin that are growing at amazing rates. Volatility is the norm, and even bitcoin looks like a “stable” cryptocurrency next to it.

To talk about all this we have in today’s episode of Clear the X with Enrique Perez (@lyzanor), editor in Engadget, and with a server, Javier Pastor (@javipas), also editor in this house. The production is as always in charge of Santi Araújo (@santiaraujo).

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What started as a joke …

In December 2013 two programmers rolled the blanket over their heads and they launched Dogecoin, a cryptocurrency that was a parody of “serious” cryptocurrencies like bitcoin.

The latter wanted to revolutionize the financial world, but in Dogecoin there was no practical philosophy, and it was more of an experiment with much irony than anything else.

Memecoins are a pure reflection of cryptocurrencies: Dogecoin does not rise and falls by itself, Shiba and Coshi go mad

In recent times the experiment has become a social phenomenon. This has been helped by personalities like Elon Musk, who has long used his influence on Twitter to talk about bitcoin and Dogecoin. That has caused huge increases in the value of these cryptocurrencies, but it does not stop there.

In fact in recent weeks other memecoins have appeared like Shiba, a cryptocurrency that is a new recurring parody and that has managed to grow 60,000% since its inception. “Volatility is a drug,” some experts say, and certainly those growths have made even bitcoin seem like a “boring” currency.

This whole phenomenon contrasts with that idea that these memecoins they are in a sense “the people’s cryptocurrency”, because users see it as their own and can influence its value. Impossible to know where all this will go, but of course more and more people are falling into this new gold rush.

From Xataka once again we insist: these assets are very dangerous as an investment, and although its growths are amazing, so are its falls. Be very careful if someone is going to put money in this segment: it is recommended that they are always small amounts and that the user is willing to lose.

Every week a new chapter

And remember: every Thursday you have a new chapter of our podcast Despeja la X, in which we thoroughly analyze the great technological topic of each week.

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