TL; DR
Full story
Meme coins: They’re all wildly popular this cycle.
But this time it’s a little different.
This time, instead of meme coin projects creating “incredibly exciting” roadmaps (that have no chance of ever being fulfilled), they seem to be more in the camp of “telling it like it is.”
(For example, Dogwifhat explains that their coin is “Literally a dog in a hat” – that’s it).
Many meme coins from the previous cycle, which touted a roadmap they could never deliver, went to zero.
However, there is one notable exception: Shiba Inu.
SHIB may have started as a meme coin, but since then they’ve released BONE (a governance token), LEASH (a ‘loyalty program’ token) with a fixed supply, and today it was announced that they had raised $12 million with plans to launch TREAT (a new privacy-focused token).
Why does all this matter?
First off, Shiba Inu is the perfect example of how important a community is to any crypto project.
Without community support, the project never gets off the ground – of Thanks to the support of the community, the project has blossomed into what it is today.
Secondly, there are rumors that Shiba Inu’s $12 million increase is actually part of a much larger increase that will happen in at least three more tranches over the coming months/years. More money flowing into the space is always good news.
After all, meme coins are cool and all, but are they? Real what do we want the end product of web3 to be? Shiba Inu is paving the way for a different outcome for meme coins – one where they get to work on cool things… like privacy coins.
The point is: all of this helps create a new blueprint in which memes act as an initial funding mechanism:
Capture value and attention like a meme coin → if you succeed, start building real products.
Pretty neat!