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.

Robinhood recently highlighted the rise of major meme coins, focusing on Shiba Inu's remarkable community-driven growth.

Highlighting SHIB's impact on meme coin culture, the platform's update underscored SHIB's legacy alongside Dogecoin in the evolving crypto scene.

Shiba Inu, Dogecoin in Robinhood’s Meme Coin History

The two biggest meme cryptocurrencies by market capitalization, Shiba Inu and Dogecoin, were featured in a history of how several top meme coins came to be released by popular financial site Robinhood, which also supports cryptocurrencies, including meme coins.

In its overview of Dogecoin, Robinhood drew 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 concluded that Dogecoin's greatest achievement in the long run was its ability to "set the tone for future meme coins."

Another tweet in the thread discussed the 2020 coin, which was created based on the Shiba Inu meme. According to Robinhood's post, SHIB was created "without any direct leadership" and launched with the intention of being a "even more community-driven token" than DOGE.

Shiba Inu’s Community-Driven Launch: Redefining Meme Coins

Several cryptocurrency exchanges listed SHIB soon after its launch, including crypto giant Binance, and the platform quickly expanded to other platforms like ShibaSwap DEX, U.Today reports. According to Robinhood, the rise of Shiba Inu "spearheaded the resurgence of the memecoin meta."

The post concluded that SHIB "set a new precedent for meme coins."

Massive Dogecoin Transfers to Robinhood Signal Market Moves

Whale Alert, a well-known blockchain detective, has reported that roughly $250 million in Dogecoin was transferred to Robinhood in a series of massive trades, according to multiple sources.

The marketplace for investment and trade received 290,000,000 DOGE in total across five transactions.

Each of them were transmitted within an hour. The fiat equivalents varied slightly due to the rapidly changing 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 currently holds 2,399,371,160 DOGE, was used to make all five transfers.

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