The success of Dogecoin is undeniable at this point, and there’s a good chance that many more meme-related cryptocurrencies are going to be created over the course of 2014. These kinds of coins bring a bit of fun and humor to the world of cryptocurrencies, and they are much more relevant and important than people may currently realize. While these coins may not turn into long term success stories, the reality is that people are using them as money over the Internet right now. Dogecoin was able to raise $30,000 for the Jamaican bobsled team in a single day, so you can’t say that this meme-based cryptocurrency has no value.
Advertisements for Cryptocurrency
For me, Dogecoin has been a wonderful advertisement for cryptocurrencies. Although the currency could fall in value as people become bored with the doge meme, the reality is that many new people now understand more about the cryptocurrency world because of the Dogecoin phenomenon. Many of the people who entered the Dogecoin community without ever owning any bitcoins soon realized that cryptocurrency was actually an amazing new experiment. When a meme becomes old and played-out, we could see many of those Dogecoin enthusiasts switchover to something with more longevity and practical use, such as Bitcoin.
Other Meme-Based Cryptocurrencies
Dogecoin is no longer the only currency backed by a meme. Fedoracoin was one of the first challengers to appear against Dogecoin, and Kittehcoin has also recently enjoyed a relatively successful launch. When you think about it, pictures of cats are one of the most valuable memes to ever takeover the Internet. As crazy as it sounds, this coin could actually have some longevity because pictures of cats have never seemed to get old on sites like Reddit and Facebook. You have to remember that these kinds of meme-backed cryptocurrencies are about having fun and cracking jokes more than anything else. Perhaps we could see an epic war breakout between the Dogecoin and Kittehcoin communities in the near future.