Meme coins like Shiba Inu and Dogecoin have become incredibly popular in recent years, leading to a significant shakeup in the world of cryptocurrencies. There are both positive and negative effects that these meme coins have had on the market.

For Better:

1. Increased Interest and Participation: The intrigue and excitement created by meme coins have drawn a lot of attention towards the crypto market. It encourages a new wave of investors who might not have been interested in traditional cryptocurrencies like Bitcoin and Ethereum.

2. Offers Low Entry Point: Meme coins usually begin their life cycle at an extremely low price, much lower than established cryptocurrencies. This lower entry point makes them accessible to the general public, which might not have the resources or risk appetite to buy into solidified cryptocurrencies.

3. Market Volatility: The extreme volatility of these coins provides opportunities for quick profit-making for agile traders.

For Worse:

1. Market Manipulation Concerns: Many observers are concerned that these coins are being manipulated by a handful of investors, shaping the market to their advantage. Pump and dump schemes have been suspected in some instances.

2. Risk of Loss: This concern is especially true for those who do not understand the extremely volatile nature of such coins and invest more than they can afford to lose.

3. Detracts From Genuine Blockchain Projects: The hype and media attention surrounding meme coins often overshadow established cryptocurrencies and genuine blockchain projects. It could potentially drain resources away from more deserving projects.

4. Visibility to Scams: There is also an increased risk of fraudulent projects trying to replicate the success of coins like Shiba Inu and Dogecoin. Uninformed investors may fall prey to these scams, which could result in significant financial losses.

In conclusion, while meme coins have certainly made the crypto market more exciting and dynamic, they’ve also introduced a series of risks. They’ve provided easy entry for new investors, but also muddled the waters with volatility and potential fraud schemes. Therefore, education and awareness are crucial for anyone looking to invest in these types of coins.