Perhaps the biggest parody of the finance sector has been memecoins. Memecoins are cryptocurrencies that are related to memes in one way or another. Memes are a type of content that is humorous. They can be in the form of a video, image, or GIF. What sets a meme apart from a joke is the context behind it. Memes often draw meaning from other memes and the context behind them. The most popular memecoin is Dogecoin. It is based on the ‘Doge’ meme, which features a Shiba dog with a funny face. The coin came into the spotlight after Elon Musk began talking about it. Ever since then, memecoins have started to emerge in the crypto industry.
The Situation Now
Memecoins have collectively seen a rise of around 4.5 percent recently. Amidst this sudden increase in prices of memecoins, the value of Dogecoin has jumped 20℅ in its value. Moreover, around three more memecoins have seen significant increases in their prices. This increase in prices is most likely linked to the that Tesla will also be accepting payments in the form of Dogecoin from now on.
Last year, Tesla had raised concern over crypto mining and its effects on the environment. Crypto mining has also led to an electricity shortage in China. Then, Musk had distanced himself and his companies from crypto. However, he has come around since then. Now, Musk is supporting DeFi, Metaverse, NFTs, and crypto outright. The acceptance of Doge as payments is just an example of that.