Meme coins like Dogecoin, Shibainu and Safe moon. Which token should you invest in?
The description of Meme Coin: What is its true value?
To know what a meme coin is, you must first understand what a meme is. A meme is “an interesting item, such as captioned photos and videos, or an item of a genre that is prevalent online, especially through social media”. Simply put, a meme is an online joke. Therefore, Meme Coins are digital cryptocurrencies based on certain online jokes.
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What are the most popular meme coins?
Just when the entire cryptocurrency seemed to be swallowed by the “big bear market”, the popular cryptocurrency Dogecoin unexpectedly rebounded and became the “savior” of the entire cryptocurrency market. Last week, Shiba Inu (SHIB) and Dogecoin (DOGE) closed with sharp gains as Bitcoin (BTC), Ether (ETH) and other major cryptocurrencies stabilized over the weekend.
Global financial markets did achieve an overall rebound, largely because the Federal Reserve did not raise interest rates as aggressively as some analysts had predicted. The U.S. Federal Reserve, which controls the U.S. dollar, the world’s reserve currency, said it would remain unconditionally committed to curbing inflation, but it expected the economy to pick up in the second half of 2022.
It was the well-known dog meme token that managed to propel the cryptocurrency’s sharp rally, surprising the market. SHIB rose more than 40% to hit $0.000011 on Sunday, June 26, surpassing last week’s low of $0.000008. DOGE prices were also up more than 30% by the end of the week: from $0.05 to $0.077. Earlier gains were offset by profit-taking at the open on Monday, June 27, with SHIB down 6% and DOGE down 7.4%. Nonetheless, both coins managed to outperform Bitcoin’s relatively weak 7-day gain (just over 2%). So, what is behind this round of rising dynamics?
1. Dogecoin
The most famous meme coin is Dogecoin (DOGE) , which was made popular by Elon Musk on Twitter. KISS frontman Gene Simmons and rapper Snoop Dogg helped popularize it, but Elon Musk got the most attention.
It was created by Jackson Palmer and Billy Marcus to “carry on the growth of altcoins by turning Doge internet memes into cryptocurrencies.” The funniest joke about meme coins is that not only are people making money with meme coins, they are helping people.
Dogecoin was presented as a coin that everyone was familiar with, and rumors circulated on the internet that it was helpful to people. There is a story that it was used to raise money to send the Jamaican bobsled team to the 2015 Winter Olympics in Sochi, Russia. After that, there was a “Doge4Water” campaign in Kenya to “help build wells”.
Currently, Doge is the 17th most held cryptocurrency on Coinbase and 6th in the market rankings on CoinMarketCap. Among all meme coins, Dogecoin is the dominant one. It has a 2.76% market share and has a market cap of over $44 billion.
2. Shibainu
The next highest performing meme coin is the SHIBA coin. It has a market share of 0.18% and a market cap of over $2 billion.
SHIB was launched on August 1, 2020, and was primarily a reaction to Dogecoin. On some websites, it is nicknamed “Dogecoin Killer”. Therefore, SHIB and DOGE appropriately share the same mascot as the Shibainu, a native Japanese breed. SHIB was created by a person named Ryoshi who goes by a pseudonym. Below is an article written by a person named Ryoshi:
“Hello, my name is Ryoshi. It doesn’t seem to matter who I am. You will soon find out why… When designing the SHIBA experiment, our goal is to provide an opportunity for fair distribution and ownership from day one. In other words, even if I founded SHIBA, I would not be able to own it.”
Moreover, Shibainu Coin is not just a token, it represents the entire ecosystem. Their website describes it as “an experiment in building a SHIB decentralized self-sufficient community”. To support that statement, we created a decentralized exchange called ShibaSawp. They have published “woofpater” which functions as a white paper outlining the purpose of their project.
3. Safe Moon
The third highest performing meme coin is SafeMoon. It is a DeFi token with a market share of 0.14 and 204th in the market ranking.
Safemoon was launched on March 8, 2021, and has a market cap of over 2 billion. John Carona is the CEO and, interestingly, also plans to develop a non-fungible token (NFT) exchange.
Conclusion
These are just a few of the interesting and popular meme coins. As the cryptocurrency industry continues to grow and develop, it is expected that more meme coins will become popular.
Both Shiba Inu and Dogecoin have experienced significant price increases in the past, but so far it has been mostly internet jokes and celebrity influence. The company behind the coin is also working to reinvent its image and present its use cases for cryptocurrencies and blockchain, continuing its initial hype.
Shiba Inu is attracting investment with its upcoming Shibarium protocol, a second-layer upgrade to its blockchain that will make transaction processing faster and cheaper. Shibarium will also support stablecoins (SHI), facilitate the creation of dApps (decentralized tokens) and NFTs (non-fungible tokens), and improve the existing system’s governance token (BONE). With tech giants such as Meta and Apple about to become major players in the future internet industry, metaverse games will be an important and optimistic development direction in the field of crypto-related technologies, and Shiba Inu is scaling up and positioning itself as an important player in the metaverse game system.
As for Dogecoin, the catalyst for its rise should have been a tweet of its support by billionaire Musk early last week. While the backing of such an influencer can certainly support Dogecoin in the short term, its future use remains unclear. Earlier, when Musk planned to acquire Twitter, he once proposed to use it as a verification tool, but since then his acquisition plan has been difficult and likely to fall through.
These developments aside, the recent rally in the dog meme token may just be speculators betting on the meme coin’s rise without much weight to back them up. But this can be seen as a good sign for the cryptocurrency market in general, and when investors are less risk-averse, the market as a whole rises.
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Comment by Hans
April 24, 2024
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