Some claim that 2021 was the “dogs” year for cryptocurrency. Dogecoin (DOGE) and Shiba Inu (SHIB), two canine coins, took the lead among meme coins and saw their prices and market capitalisation soar.
On CoinMarketCap, DOGE is currently ranked #9 by market capitalisation after increasing by almost 8,000 per cent from the year’s start. Since January, SHIB, a rival, has increased by more than 60,000,000%.
What are meme coins?
Meme coins are digital currencies, also called “alt coins”, that get their inspiration from the Internet, social media jokes, and the best crypto memes. Dogecoin was the first meme currency produced (DOGE). A Japanese Shiba Inu dog meme known as Doge served as the basis for the 2013 parody DOGE. Meme currencies frequently exhibit considerable volatility.
However, A community primarily drives them and can become famous overnight due to FOMO and online community endorsements. However, when investors start looking at the next meme coin, their price may suddenly drop.
Why are meme coins so popular?
While it’s difficult to pinpoint particular causes, some claim that the COVID-19 pandemic saw a rise in the cryptocurrency market as retail investors sought to protect themselves against inflation. Meme tokens also boomed during the frenzy, increasing diversity and market capitalisation.
It all began after the GameStop (GME) and AMC Entertainment (AMC) “meme stock” incident in late 2020, in which the Reddit community drove up the prices of these shares by as much as 100 times in a short period. A Reddit user made light of the idea of inflating the price of DOGE to turn it into the cryptocurrency version of GME in January 2021.
Elon Musk, the CEO of Tesla, had a significant impact on the trend, which caused the DOGE price to increase. Over 2,000 per cent growth in just five days led to Dogecoin reaching a new record high of USD 0.73.
Risks associated with investing in memecoins
Meme coins may have grown exponentially in 2021, but trading and investing in them come with considerable financial risk, just as with all cryptocurrencies.
The tokenomics of meme currencies can be problematic to start with. Use Bitcoin as an illustration. It has a deflationary characteristic, a blockchain, a well-written whitepaper, and an established ecosystem. In recent years, institutional use of bitcoin has also increased. Most meme coins are inflationary with no maximum supply, unlike BTC.
The community’s collective humour frequently shapes its ecosystem, use cases, and basics. However, only a few meme coins got created on the technology of the most popular cryptocurrencies. For instance, SHIB was developed on the Ethereum blockchain, while DOGE’s technology works on Litecoin (LTC).
How To Get Meme Coins
Meme coins can be added to your portfolio using a cryptocurrency exchange, just like any other digital asset. Select a bitcoin exchange and create an account to get going. Verify sure the exchange of your choice offers the meme coin you wish to invest in.
You may easily search for the meme coin of your choosing and invest after selecting an exchange and signing up. Before making a purchase, you must fund your account. You might be able to purchase meme coins with money from your bank or savings account or even with other cryptocurrencies, depending on the exchange.
An overview of the popular meme coins
Dogecoin (DOGE) and Shiba Inu are the two meme coins with the most significant market capitalisation (SHIB). Numerous dog-themed meme coins joined the market and gained popularity in the second half of 2021 due to the popularity of DOGE and SHIB.
Dogecoin (DOGE)
Billy Markus and Jackson Palmer, two software engineers, developed Dogecoin (DOGE) in 2013. It was created as a parody of cryptocurrency to gain attention from the general public and was motivated by the Shiba Inu dog meme.
Shiba Inu (SHIB)
Shiba Inus (SHIB), a cryptocurrency competitor to DOGE, is frequently referred to as the “Dogecoin killer.” In addition, SHIB sometimes goes by the name “Japanese dog”. In August 2020, Ryoshi, an unnamed developer, produced it.
Dogelon Mars (ELON)
Regarding popularity, the canine duo is closely followed by Dogelon Mars (ELON). ELON is called after Tesla CEO Elon Musk and his enthusiasm for his firm SpaceX, as the name suggests.
A Closer Look at 10 Alternative Meme Coins To Dogecoin
The market valuation of the well-known meme token has decreased by more than $9 billion since 2022. However, it recovered due to recent macroeconomic issues affecting international markets.
However, investors can look at some of the most well-known meme coins that may one day compete with Doge, for example. The sections that follow discuss the most affordable meme coins available right now.
Battle Infinity (IBAT)
Battle Infinity, one of the top meme coins for 2022, is a revolutionary new decentralised gaming platform that intends to transform the gaming industry by fusing web3 protocols with blockchain technology. Battle Infinity enables users and creators to engage in the Battle Arena, a play-to-earn (P2E) metaverse economy.
IBAT tokens went on sale for a 90-day presale on July 11th for $0.0015 per token. With BNB coins, investors can buy presale tokens. The BNB/USD exchange rate IBAT uses is $250 for every BNB.
Lucky Block (LBLOCK)
Lucky Block, a platform for NFT competitions, is housed on the Binance Smart Chain (BSC). Users can participate in various competitions, but each requires an NFT. Lucky Block wants to decentralise its platform and increase token holder transparency by integrating the competition process on the blockchain.
A lucky Block utility token, LBLOCK, is at the heart of this ecosystem. Users have the opportunity to win designer vehicles, timepieces, and PS5 consoles. Every Friday, Lucky Block conducts its main draw and NFT draw. Users might earn up to $50,000.
ApeCoin (APE)
The Bored Ape Yacht Club’s (BAYC) official NFT collection token is the ape coin. However, Yuga Labs, the parent firm of the NFT collection, did not generate this token. So instead, an ERC-20 token called Ape Coin came into existence with governance and utility in mind.
Users of The Ape Coin’s ecosystem can participate in the management of its DAO (decentralised autonomous organisation), which gives users access to features like games, products, and services.
The creators initially gave out more than 10,000 tokens to current BAYC NFT holders to promote the coin.
To represent its brand, XBO, an upcoming crypto exchange, is looking for an ambassador. You can submit the entries for the Bored Ape audition if your Bored Ape NFT collection is feeling a little bored and you’re wondering why the cryptocurrency market and the metaverse have been a little too calm lately.
Your Bored Ape NFTs have the opportunity to win $100,000, thanks to XBO. The Bored Ape that best embodies XBO’s brand will be chosen! So, hurry and submit your entries here.
Floki Inu (FLOKI)
A dog-themed meme coin, Floki Inu, refers to itself as “a movement” rather than a meme coin. It is a cryptocurrency created by community members and supporters of Shiba Inu (SHIB). The coin honours the Shiba Inu, owned by Elon Musk.
The neighbourhood refers to itself as the “Floki Vikings” in honour of Musk’s dog, Floki, which was given a Viking name. Floki Inu has consistently ranked in the top 10 on LunarCrush’s leaderboards for social interaction, and it promises to take its community initiatives seriously.
GamingDoge (GAMINGDOGE)
One of the meme coins that strives to be more than just meme money is GamingDoge, which gets its inspiration from the popularity of DOGE. DOGE aficionados and gamers come together thanks to the coin.
As a one-stop shop for gamers, the coin’s creators hope to create an ecosystem consisting of an exchange, a marketplace, and NFT games, eventually expanding to become the biggest community in the cryptocurrency world. It is the ideal friend and simply seeks to uplift the gaming community and Doge community.
Kishu Inu (KISHU)
A dog-based meme cryptocurrency called Kishu Inu has chosen the ‘Kishu’ dog breed as its logo. KISHU’s developers openly admit that Dogecoin (DOGE), introduced in 2013 and has since been successful and well-liked globally, served as their inspiration.
Kishu Inu’s goal is to elevate meme coins to a new level. However, the team wants to make the project more than just a joke or meme. Most importantly, they want to give the KISHU token the characteristics of natural, enduring money.
Gamerse (LFG)
No matter which game takes the top spot, Gamerse, the LFG (“Looking for groups”) platform for the whole NFT gaming business, will be available to players of all colours.
Gamerse, a social platform that brings gamers together in a single, enjoyable community, is continuously updated to reflect the most popular and recent trends. The first-ever NFT Gaming Social Ecosystem is being developed by Gamerse and will let players discover well-liked NFT games that have been compiled and assembled in a single social marketplace.
MonaCoin (MONA)
MonaCoin is a peer-to-peer (p2p) payment network and open-source, decentralised cryptocurrency. MonaCoin, introduced in January 2014 and does not use a pre-mine procedure, is based on a hard fork of Litecoin and is developed using the Lyra2RE (v2) algorithm. As a result, the payment network for MonaCoin is decentralised.
Like most decentralised projects, all users, rather than just one, own it. The peer-to-peer technology that underpins MONA also makes the platform autonomous and self-governing. The system’s users receive new coins collectively as payment for their mining efforts.
Shiba Inu (SHIB)
Following Dogecoin’s success, several meme tokens entered the market and may one day overtake the cryptocurrency. Shiba Inu, an ERC-20 token with a fixed supply of one quadrillion tokens, was one of the least expensive meme coins that offered users a high return on investment (ROI).
Users who bought Shiba Inu at launch in 2020 have received a return on investment of 703,228 per cent.
The inventor of the token gave Ethereum creator Vitalik Buterin 50% of all tokens, which contributed to the token’s popularity after Buterin donated most of his token holdings to numerous international charities in 2021, the token, however, experienced instability.
Throughout 2021, Shiba Inu and Dogecoin were rivals, with Shiba Inu surpassing Doge in October 2021 to rank as the ninth-largest cryptocurrency by market valuation. Shiba Inu ranks as the sixteenth-largest cryptocurrency with a market cap of more than $6 billion.
Decentraland (MANA)
Decentraland, a platform built on the Ethereum network, enables users to construct and create virtual land plots on the ecosystem as NFTs using the MANA coin.
A 3-D virtual world called Decentraland leverages blockchain technology to give users the option to earn in-game prizes through various Web 3 protocols. Decentraland, a platform built on the Ethereum network, enables users to construct and create virtual land plots on the ecosystem as NFTs using the MANA coin.
MANA is an ERC-20 token that has a utility in purchasing and exchanging NFTs in the Decentraland metaverse. Additionally, users can use MANA tokens to purchase wearables and accessories and invest in real estate within the network. MANA has given users an ROI of more than 3,000 per cent since 2017. Decentraland will cost $0.9 per token, with a market cap of $1.6 billion.
FAQs
What is a meme coin?
Meme coins are virtual currencies that get design cues from the funniest social media and Internet memes.
What is Dogecoin (DOGE)?
In 2013, two software programmers named Billy Markus and Jackson Palmer created Dogecoin (DOGE). It got inspiration from the Shiba Inu dog meme and was made as a spoof of cryptocurrencies to attract attention from the general population.
What Is an Altcoin?
All cryptocurrencies besides Bitcoin are referred to collectively as altcoins (BTC). However, because the majority of cryptocurrencies are forked from one of Bitcoin or Ethereum (ETH), some individuals do not distinguish between altcoins and all other cryptocurrencies.
What Is Shiba Inu (SHIB)?
An alternative to Dogecoin, Shiba Inu, is an Ethereum-based altcoin with the Shiba Inu hunting dog as its mascot.
Conclusion
It is crucial to DYOR before investing in any meme coins since new meme coins are taking over the market, and traders are looking to duplicate the profits made by DOGE and SHIB.
Please remember that compared to other digital currencies, meme coins are more volatile. Therefore, cryptocurrency trading and investment carry a high level of risk. Meme coins are heavily influenced by the community and may crash anytime. Therefore, you should never invest money you cannot afford to lose.
