TL;DR
Full Story
Meme coins – they’re all the rage this cycle.
But this time it’s a little different.
This time, instead of meme coin projects creating ‘unbelievably exciting’ roadmaps (that have no chance of ever being fulfilled), they seem to be more in the camp of ‘telling it how it is.’
(E.g. Dogwifhat explains that their coin is “Literally a dog wif a hat” — that’s it).
Many meme coins from last cycle, which touted a roadmap that they could never deliver, went to zero.
There’s one notable exception though: Shiba Inu.
SHIB may have started as a meme coin, but since then they’ve released BONE (a governance token), LEASH (a fixed-supply ‘loyalty program’ token), and just today it was announced that they had raised $12M with plans to launch TREAT (a new privacy-focused token).
Why does this all matter?
First off, Shiba Inu is the perfect example of how important a community is for any crypto project.
Without community support, the project never gets off the ground – with community support, the project flourishes into what it is today.
Second, there’s rumors that Shiba Inu’s $12M raise is actually part of a much larger raise which will be coming in at least three more tranches over the next few months/years. More money flowing into the space is always good news.
Finally, meme coins are cool and all, but is that really what 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.
Point is — all of this helps to create a new blueprint where memes act as an initial funding mechanism:
Capture value & attention as a meme coin → if successful in doing so, start building real products.
Pretty neat!
