Although initially made as a joke by Jackson Palmer, Dogecoin (DOGE) became an almost overnight success. By utilising the popular internet meme ‘doge’, the coin immediately attracted the interest of a passionate internet community. Could presale coin Parody Coin (PARO) look to achieve the same fast-paced success?
How did meme coin Dogecoin (DOGE) gain the trust of its users?
Just 72 hours after release, Dogecoin jumped 300%, proving the sudden online interest in the coin. By using the ‘doge’ image on its website and continuing to associate with its catalyst meme picture, the cryptocurrency has maintained its online support with passion and consistency. For example, three weeks into its release the coin started dropping, but the community stepped in and started trending the hashtag #SaveDogemas. Ever since, Reddit and Twitter have been used to tip the coin.
Due to its status as a decentralised coin, the online community behind Dogecoin (DOGE) can vote on its investments and charitable causes. In 2014 Dogecoin donated £30,000 to the Jamaican bobsled team, gaining huge popularity for the coin and shooting it up the cryptocurrency ranks. Therefore, by tapping into the comradery of an already established internet community, Dogecoin is now ranked as the 12th most valuable cryptocurrency.
This online support gained the attention of Elon Musk, who has now tweeted several times about his interest in the coin, even calling himself the Dogemaster. With someone as influential and celebrated as Elon Musk supporting the coin, many cryptocurrency investors won’t think twice about its legitimacy.
How do we know that Dogecoin (DOGE) spin-offs are legitimate?
Dogecoin (DOGE) has garnered a sleuth of spin-off meme coins such as Shiba Inu (SHIB) and Floki Inu (FLOKI). These coins attempt to tap into the same successful market of internet users that so passionately support Dogecoin – and it’s working.
Currently ranking 16th on Coinmarketcap.com Shiba Inu (SHIB) has asserted itself as a serious and profitable coin. As well as this, in March 2022 Shiba Inu took the #1 spot on the CertiK security leaderboard, a platform dedicated to analysing and reviewing blockchain protocols for weaknesses in its code that might be liable to scams. Far from being a joke, these results prove the legitimacy and strength of the coin.
What does this mean for the new, presale coin Parody (PARO)?
Named Parody Coin (PRO), this new meme coin is considered by some to be the next Dogecoin (DOGE) and Shiba Inu (SHIB). Hoping to swiftly climb up the ranks, Parody is relying on the popularity and unwavering success of previous meme coins to prove its legitimacy in the cryptocurrency marketplace. Despite names like Dogecoin and Parody Coin, these coins have just as much potential as established cryptocurrencies like Ethereum to reliably climb up the ranks and stay there. By building their own online communities, meme coins often become very supported and celebrated.
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