Meme tokens are front and centre after the siba inu coin toss

It's been an incredible week for the siba-inu, a meme coin that has amassed 150% and overtaken dogecoin, another earlier cryptocurrency with a cute puppy mascot.

But while both coins started out as jokes, they are now among the top 10 digital assets by market valuation, according to CoinMarketCap . And that could be a sign of things to come as cryptocurrencies continue to grow.

"They are part of the evolution of digital finance in their own way," Chris Cline, co-founder of Bitcoin IRA, told Insider.
He acknowledged that some coins may not stand the test of time, and wondered how many memes the industry could endure.

But regardless of which ones survive, Kline is confident that meme tokens as a whole will be here to stay for a long time.
"What's important to me is that they are obviously part of the cryptorevolution. They are here. They are part of the concept," he said.

The examples of siba inu and dogecoin illustrate the key features of meme coins.

Shiba Inu was founded in August 2020 to move away from "rigid social structures and traditional thinking". Dogecoin was founded in December 2013 with the hope of becoming a "fun and friendly internet currency".

According to Klein, these meme coins have in common, among other things, the community behind them. And many cryptoinvestors can be divided into two categories.

First, there are those who want to disrupt traditional financial institutions. The coronavirus pandemic has exacerbated the growing inequality between the rich and poor in the country. A decade earlier, the Occupy Wall Street movement arose to protest against economic inequality.

Kline draws a line between the two events. "Cryptocurrency actually got it right," he said, referring to the creation of bitcoin in October 2008.

The second category of crypto investors are those who want to see money evolve. According to Klein, these investors lament the confusing maze of instructions and restrictions that banks impose on them, as opposed to the fast, anonymous and cheap transactions available 24/7 that cryptocurrencies are known for.

He is not surprised by the resistance from regulators and traditionalists. Every breach has been met with opposition, but in the end, "cryptocurrency is governed by consensus," he added. At this point, however, Kline said investors should expect more volatility.

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At the moment, the market is still in a very speculative stage,' he told Insider. "It all comes down to adoption and utility."