Dogs of Shiba Inu. Getty Images
Meme coins such as shiba Inu and dogecoin saw huge gains in the last year.
Chris Kline, of Bitcoin IRA, said that they share a lot in common.
He said, "They are part of the evolution digital finance in their unique way."
Subscribe to our daily newsletter 10 Things Before The Opening Bell.
It's been a great week for shiba Inu, the meme currency that rallied 150% over another cryptocurrency with a cute dog mascot.
CoinMarketCap reports that shiba-inu and dogecoin were originally jokes. However, they now rank among the top 10 most valuable digital assets by market value. This may be an indication of what's ahead as cryptocurrencies grow.
Insider was told by Chris Kline, cofounder of Bitcoin IRA that "they're part the evolution of digital financial finance in their own unique manner."
He admitted that some coins might not stand the test of time, and he wonders how many meme coin the industry can support.
Kline is certain meme tokens will survive regardless of their specific survival.
"That's my biggest thing is that they clearly are part of crypto revolution. They are here. He said that they are a part of the concept.
Examples of dogecoin and shiba Inu are two examples of key characteristics of meme coins.
Shiba inu was established in August 2020 to move away from "rigid social systems and traditional mindsets". Dogecoin was created in December 2013 with the goal of being the "fun, friendly internet currency".
Kline stated that the commonality of these meme coins, in addition to other things, is their community. There are two types of crypto investors.
First, there is the group of people who want to downsize traditional financial institutions. The widening gap between the rich and the poor was exacerbated by the coronavirus pandemic. Ten years earlier, Occupy Wall Street was formed to protest economic inequality.
Kline draws a line connecting the two events. He said that bitcoin was created in October 2008, and that "Crypto actually came about being right around this."
The second category of crypto-investors is those who wish to see money grow. Kline stated that these investors are unhappy with the complex instructions and restrictions they have to follow. Cryptos offer fast, anonymous and cheap transactions 24/7.
He doesn't find it surprising that traditionalists and regulators are resisting him. He said that every disruption has met with resistance, but that crypto is consensus-driven at the end.
Kline stated that investors should expect greater volatility for the moment.
Insider was told by he that the market is still at a very speculative stage. "It will come down to utility and adoption."
