Dogecoin being a type of meme coin has made a massive change in the crypto world. By investing in it, people have made a whole lot of money from it.
What is a meme coin?
Meme coins are Cryptocurrency that became popular in a short period of time. This popularity is as a result of investors and influencers promoting them in the digital space. Dogecoin is the original meme coin created in 2013 as a joke based on a meme back then. It became popular because Elon Musk began tweeting about the Cryptocurrency and retail investors are making judicious use of the opportunity to buy the coin.
Due to the fact that anyone can create a new Cryptocurrency, developers have released a lot more meme coins after Dogecoin. As of writing this, there are more than 5,000 meme coins in existence.
The major difference between Meme coins and other cryptocurrencies like Bitcoin and Ethereum is the utility. Meme coins serve no real-world purpose and it is created for investors to make fast money. Some of these meme coins gained popularity due to the fact that celebrities and retail investors promote them and this has resulted in its surging price over the months.
Investing in meme coins is quite unpredictable and as such it is similar to gambling than true investment. Making profits when you invest your money isn’t so certain because you could gain or lose in the process.
The First Meme Coin – Dogecoin
Due to the surge in the prices and popularity of cryptocurrency in 2013, investors and people took Cryptocurrency seriously. Bitcoin being the most popular cryptocurrency then surged from $1 to $1000. Triggered by the success of Bitcoin, so many cryptocurrencies were created. Palmer, being the creator of Doge meme, decided to create a cryptocurrency with the Doge meme as its logo.
Earlier this year, Dogecoin developed its dedicated community on Reddit and it also went viral on Twitter. Its wide popularity on Twitter was caused by tweets from Elon Musk that went viral. In some of the tweets, Elon Musk tagged himself as the father of Dogecoin. He further reiterated that people shouldn’t invest their life savings in this widely surging cryptocurrency. Dogecoin increased from a market valuation of $3 billion to $45 billion within weeks.
Over the last few days, the prices of Dogecoin have increased by more than 10% and the market capitalization of both Dogecoin and Shiba Inu has increased to over $40 billion. Many people in the Bitcoin and crypto community expected the prices of Dogecoin and Shiba Inu to give up their gains but influencers like Elon Musk could control the market with his tweets.
Elon Musk promised in the tweet that he’s going to upgrade Dogecoin to beat Bitcoin hands down. This year, Elon Musk has adopted Dogecoin as a pet project that can easily soar Bitcoin. Shib Inu on the other hand doesn’t have the might of Dogecoin and it is clearly known as the gamblers favorite. In actuality, the Shiba inu is more of gambling rather than being an investment or trading.
The Shiba Inu’s Case
The Shiba Inu blockchain was created by Ryoshi in August 2020. The name was inspired by the Shiba Inu dogs. The Shiba Inu is created and hosted on the Ethereum blockchain other than it’s blockchain and this makes it an Ethereum-based blockchain. Ryoshi decided to launch Shiba Inu on Ethereum since it’s established and secure.
However, experts examined that launching a product in an Ethereum blockchain will enable low budget cryptocurrency to be launched in the circulation. Shiba Inu has a total supply of 1 quadrillion. However, that was cut short recently to $500 trillion. The Shiba Inu reached an all-time high price of $0.00008845 on Thursday 28th October.
The Shiba Inu cryptocurrency has attracted a lot of attention since it now ranks No.10 among the top cryptocurrency by market value.
Shiba Inu is regarded as an altcoin because it belongs to the category of other Cryptocurrency aside Bitcoin. Although Shiba Inu is cheap and tempting to buy, experts say that investors should do their in-depth research before investing in it.
In the mist of all these, there has been speculation of a possible crash due to high circulation supply, however, we are yet to witness such. What begs the question “What is the future of Shiba Inu?
Let’s move forward to see the meme coins that are pulling weight in the crypto market presently.
Find out Top 10 Meme Coin
Dogecoin is an open-source digital currency. Dogecoin is very much different from Bitcoin in that it uses a Proof of work network. Dogecoin is used on Twitter and Reddit to read and share quality content. You can always buy and sell Dogecoin at any exchange that offers the digital currency.
The Shiba Inu currency was created in August 2020. Shiba Inu is an Ethereum-based crypto which is equivalent to Dogecoin scrypt-based mining technology. The Shiba Inu website invites dog-inspired artists from all over the world. This movement is aimed to foster the “artistic Shiba movement’ so as to bring the Shiba Inu community into the NFT market.
YOOSHI is a community-driven medium which brings both fun and profits. Yooshi is designed from a decentralized meme coin to Yooshi’s game metaverse. The coin currently has a market cap of $709 million, according to coingecko.
SamoyedCoin is a solana’s memecoin aiming to be community owned and fun. This digital coin is inspired by Dogecoin. The top exchanges for trading in SamoyedCoin are Bitrue, Radium and Orca. This coin has all the functions of Solana’s blockchain (high speed, low fees and high Scalability) but what makes it different from Solana is that it is a fun cryptocurrency to trade. There are over 2 billion SAMO coins in circulation and it is ranked #279 in coinmarketcap.
Baby Doge is a new Cryptocurrency developed by the lovers of Dogecoin. Baby doge has a more impressive function by showing its improved transaction speed and adorableness. The Baby Doge was created in June 2021. Baby doge was built using the Binance smart chain to create an ecosystem that is Ethereum-compatible. There are 420 quadrillion Baby Doge in circulation.
Dogelon Mars (ELON) is a fork of dogecoin. The top exchanges for trading Elon are OKEx, KuCoin, Gate.io, etc. The ELON coin has a market cap of over $830 million. The coin is currently ranked #139 in coinmarketcap with a total supply of one quadrillion.
HOGE was formerly known as Hoge-finance or Hoge coin and it is a community-driven DeFi. Hoge was launched on February 7, 2021. It has implemented a nonprofit initiative that includes the Twitter campaign known as #HogeSavesTheAnimals. The coin is currently trading with a market cap of $235 million. The coin is ranked #307 with a maximum circulating supply of 1 billion HOGE coins.
Cake Monster (MONSTA) is yet another meme coin known for its deflationary supply. Starting with an initial supply of 10 Billion tokens, the project aim to reduce the supply of tokens gradually all the way to 1 Million tokens only. This is done by burning 2.5% value with each transaction.
Besides offering a deflationary supply, the project boasts of MONSTA as a dividend yield token on BSC with cute memes, 3D/AR/P2E NFTs, delicious community rewards, and addicting gamification aspects.
Kleekai is a community-focused decentralized transaction network. KleeKai is fully decentralized and owned by its vibrant community. The coin has a maximum supply of 100 quadrillion. It is currently ranked #2973 in coinmarketcap.
CumRocket is a token with a legitimate use case and a public team that has been endorsed by different content creators. This coin is focused on the utility of NFT. This token provides an opportunity for creators to monetize their content through NFT. It has a market cap of $58 million and a maximum supply of 10 billion CUMMIES coins.
Written by: Narender Charan