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Robinhood’s recent post traces the ascent of major meme coins, casting a spotlight on Shiba Inu’s unprecedented community-driven growth. Highlighting SHIB’s impact on meme coin culture, the platform’s update underscores SHIB’s legacy alongside Dogecoin in the evolving crypto scene.
Shiba Inu and Dogecoin: Robinhood’s Meme Coin Spotlight
The two biggest meme cryptocurrencies by market cap, Shiba Inu and Dogecoin, were highlighted in a history of how several top meme coins came to be released by the popular financial site Robinhood, which also supports cryptocurrencies, including meme coins.
In its overview of Dogecoin, Robinhood brought attention to the fact that the initial meme coin, Dogecoin, was founded in 2013 as a spoof on Bitcoin, drawing inspiration from the widely-used Doge meme, which features a cartoonish Shiba Inu dog. DOGE was created through the Litecoin fork, according to the tweet, and its goal was "to make cryptocurrency more approachable and fun."
Dogecoin gained popularity after that and is commonly used for tipping and charitable donations, despite its comical idea. Readers were even reminded by Robinhood that it was utilized for "funding the Jamaican bob-sled team for the 2014 winter Olympics."
Dogecoin’s Lasting Legacy: A Blueprint for Meme Coins
The tweet came to the conclusion that Dogecoin's greatest accomplishment was its ability to "set the tone for future meme coins" in the long run.
The 2020 coin that was made based on the Shiba Inu meme was the subject of another tweet in that conversation. Robinhood stated in their post that SHIB was created "without any direct leadership" and issued with the intention of being a "even more community-driven token" than DOGE.
Shiba Inu’s Community-Driven Launch: Redefining Meme Coins
A number of cryptocurrency exchanges, including crypto behemoth Binance, listed SHIB shortly after its introduction, and the platform quickly extended to other platforms like ShibaSwap DEX, U.Today shares. Robinhood stated that "the resurgence of the memecoin meta" was driven by the rise of Shiba Inu.
"A new precedent for meme coins" was the final verdict reached by SHIB, according to the post.
Massive Dogecoin Transfers to Robinhood Signal Market Movements
According to the well-known blockchain detective Whale Alert, about $250 million worth of Dogecoin was transferred to Robinhood in a series of massive trades.
There were a total of five transactions that brought 290,000,000 DOGE to the marketplace for investment and trade.
All of them were transmitted within an hour. The fiat equivalents fluctuated slightly due to the rapidly shifting exchange rate, but overall, each DOGE transfer moved little more than $49 million, for a total of $246.5 million and 1.45 billion Dogecoin in crypto.
The Scale of Dogecoin Transfers: A Major Market Shift
The anonymous account -1wwKF, which presently has 2,399,371,160 DOGE, was used to make all five transfers.
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