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Popular investment platform Robinhood, which also supports cryptocurrencies, including meme coins, has published a history of how various top meme coins emerged, making a particular emphasis on Shiba Inu and Dogecoin – the two largest meme cryptocurrencies in terms of market capitalization value.
"DOGE army sets the tone for future meme coins"
In its Dogecoin recap, Robinhood reminded the community that the original meme coin was created in 2013 as a parody of Bitcoin, inspired by the popular Doge meme (Kabosu Shiba Inu dog). DOGE began to exist via the Litecoin fork, the tweet stated, and it had a mission “to make cryptocurrency more approachable and fun.”
After that, despite the humorous idea on which it was based, Dogecoin gained traction and eventually became widely used for tipping and charitable donations. Robinhood reminded readers that it was even used for “funding the Jamaican bob-sled team for the 2014 winter Olympics.”
The tweet concluded that eventually the biggest achievement of Dogecoin was that it manages to “set the tone for future meme coins” over time.
Despite humorous origins, Dogecoin would gain traction, becoming popular for tipping and charitable donations, & even funding the Jamaican bobsled team for the 2014 winter olympics 🇯🇲$DOGE's community-driven approach would set the tone for future memecoins.
— Robinhood Crypto EU (@RobinhoodCrypto) October 31, 2024
Resurgence of meme coins meta thanks to SHIB
Another tweet in that thread was dedicated to the Shiba Inu meme-inspired coin, which was created in 2020. Robinhood’s post said that SHIB was designed to be “even more community-driven token” than DOGE and released “without any direct leadership.”
After the launch, within a few years, SHIB expanded onto platforms like ShibaSwap DEX and became listed on various cryptocurrency exchanges, including such monsters as Binance. The emergence of Shiba Inu caused “the resurgence of the memecoin meta,” Robinhood said.
Following its launch, $SHIB would expand into platforms like the ShibaSwap DEX and Shibarium blockchain ⛓️
— Robinhood Crypto EU (@RobinhoodCrypto) October 31, 2024
This would mark a new precedent for memecoins
Ultimately, SHIB marked “a new precedent for meme coins,” the post stated.
1.45 billion DOGE transferred to Robinhood
Popular blockchain sleuth Whale Alert has spotted several consecutive mammoth-sized transfers that moved almost $250 million worth of Dogecoin to Robinhood.
They were five transactions, each carrying 290,000,000 DOGE to the investment/trading platform. They were all sent within a single hour; however, due to the quickly changing exchange rate, the fiat equivalents slightly changed, but overall, each DOGE transfer moved slightly more than $49 million, making it $246.5 million in total and 1.45 billion Dogecoin in crypto.
All five transfers were made from the anonymous -1wwKF address that currently holds a total of 2,399,371,160 DOGE.