Everything you wanted to know about Shiba Inu, Doge, and other Meme Coins

Although the vast majority of people are aware of Bitcoin, it is not the only cryptocurrency available. There are several meme-based currencies, such as Dogecoin and Shiba Inu, that have achieved widespread popularity in recent years, leading to the creation of several counterfeiters, such as Dogelon Mars, Samoyedcoin, Doge Dash, and others.

Even though they are often designed as jokes, such coins have the potential to become widespread. For example, Dogecoin (among the famous ones), had a significant rise in value in May 2021 before settling at its present level, according to CoinMarketCap. It is now ranked tenth in terms of market capitalization. Nonetheless, their worth is seldom very great. Dogecoin is now valued at around $0.15 per coin at the time of writing.

Let’s learn more about meme coins, both the ones that have risen to prominence and those that are still attempting to make their way into the spotlight.

What are meme coins?

The meme coin is just crypto that is inspired by a meme or was made as a joke in the same manner that a meme is. The word meme coin may also refer to the cryptocurrency unit.

Sometimes the phrase meme coin is used to refer to more prominent cryptocurrencies contemptuously, implying that the crypto will be shallow or that its value would likely decline following early activity.

Meme coins have a reputation for being very volatile. They are mostly driven by the community and may become famous suddenly as a result of an online group support and fear of missing out (FOMO). However, when traders shift their focus to the next meme currency, the price of these coins might plummet abruptly as a result. Another aspect of meme currencies is that they frequently have a large or endless supply, which makes them very valuable.

History of meme coins:

Meme coins were first introduced in 2013. Instances Dogecoin (DOGE), was the first-ever meme coin, which got its start as an online hit in the early 2010s thanks to an image of a reportedly happy Shiba Inu dog, which is a Japanese hunting breed bred in the country of Japan.

Notably, the popularity of dogecoin has spawned a slew of other dog-themed currencies, such as the identity doge killer (Shiba Inu coin ), which temporarily overtook the first in terms of market valuation early in 2021, but has since fallen short of the former. In contrast to other cryptocurrencies, meme coins are not typically evaluated based on the utility they bring to their holders. Therefore, more emphasis is put on the coin’s capacity to generate a large amount of community participation. The ability to spread memes is, in essence, the single most crucial aspect in determining the sustainability of meme currencies.

Why are these coins becoming famous?

Aside from the possible earnings, the meme currency fever is also fueled by the positive feelings expressed by their particular communities. Meme coins are based on famous Internet memes and are meant to be amusing. They are frequently referred to as “inside jokes” inside a group. The act of purchasing meme coins is a manner of expressing support for a specific community. The GME stock market drama sparked a “David versus. Goliath” conflict amongst meme coin traders who were motivated by the Reddit forum SatoshiStreetBets to wager against the mainstream cryptocurrency market. As a result, the cryptocurrency market of 2021 was saturated with meme currencies created by members of the community.

The popular meme coins:

• Dogecoin
• Shiba Inu
• Mona coin
• Dogelon Mars
• Safe moon

You can visit this site to see a list of all the meme coins in the market.

Some of the most famous meme coins are discussed in further detail below.

DogeCoin:

Dogecoin (DOGE) is just a cryptocurrency that was created as a derivative of the Litecoin software. As the name implies, it is mostly modeled on the Doge meme, which swept the Internet in 2013. The original graphic features a Shiba Inu dog, whose inner monologue is written in comic sans font.

But why is the Doge more authentic? Dogecoin isn’t a joke anymore. It was inspired by real-life events and backed by celebrities. Its popularity has skyrocketed this year, aided by the widespread acceptance of cryptocurrencies like bitcoin.

Elon Musk, though, is a significant contributor to its legitimacy. He is the most vocal and visible promoter of dogecoin. One of his strange tweets to about 50 million followers has the potential to send the cryptocurrency soaring. That’s what occurred in April, as Musk tweeted “Dog Barking at the Moon” and uploaded a picture of a painting named “Dog Barking at the Moon” by Spanish artisan Joan Miró.

Shiba Inu (SHIB):

Shiba Inu (SHIB) is a cryptocurrency that competes with DOGE and is sometimes referred to as the “Dogecoin killer.” SHIB is also titled after one Japanese dog breed, the Shiba Inu breed. It was made in August 2020 by an unknown developer who went by the moniker of Ryoshi. The SHIB ecosystem also contains a decentralized exchange, an NFT art accelerator, NFTs, as well as an NFT game, among other things.

The price of Shiba Inu, also known as SHIB, increased by nearly 20% over the weekend after the developers proclaimed a coin burn and attempted to create meme magic, which resulted in a complete success. Where a coin owner could submit several assets to a wallet that no one else can access, according to a report by FXEmpire. Using this strategy, you can efficiently destroy coins and limit the supply of a crypto, and you can use it to manage inflation and increase investor excitement.

Since then, the creators have created two more currencies, dubbed LEASH and BONE, as well as an exchange where individuals can trade them, creating an “ecology” of methods for traders to wager their money by trading meme coins with one another.

Let’s look at a brief comparison of two well-known meme coins:

In terms of fundamental differences, the biggest distinction between DOGE & SHIB is that SHIB has a limited quantity of 1 quadrillion tokens, of which 50% were burnt and donated to charity. DOGE has a finite supply of 1 quadrillion tokens, half of which were destroyed and the other half given to charitable organizations. Dogecoin & Shiba Inu are both considered to be extremely speculative investments. Both currencies have market capitalizations that are much more than $1 billion.

Returning to the other meme coins, here’s what you should know about them:

Dogelon Mars (ELON):

In terms of popularity, Dogelon Mars (ELON) is just behind the doggy pair. ELON was named after Elon Musk, the CEO of Tesla, and his enthusiasm for his firm SpaceX. A fork of Dogecoin, Elon has a total quantity of 557 trillion coins in circulation and Since its inception in April 2021, the value of ELON has increased by more than 3,780 percent.

As with the developer of the Shiba Inu cryptocurrency, Dogelon Mars dedicated half of the coin’s supply, which equates to 500 trillion coins, onto Vitalik Buterin, a founder of the Ethereum cryptocurrency platform. However, the transaction costs on Ethereum are indeed a serious barrier to this, since investors will be required to spend many dollars to transmit tokens across the network.

Because Dogelon Mars does not provide any specific trading benefits or products, it is less than a decent investment compared to other established cryptocurrencies, such as Bitcoin and Ethereum. Furthermore, the Dogelon is a high-risk investment because the currency’s value has changed significantly over the previous three months. If Buterin sells the tokens that were given to him, the price of Dogelon may fall, resulting in a loss for investors.

SafeMoon:

SafeMoon is just another newbie to the meme coin arena that took advantage of the rise. On the Binance Smart Chain, it is a BEP-20 token that was first issued in March 2021. Those who sell the token will be penalized with a 10 percent exit fee, of which half will be divided up to existing SAFEMOON holders and the other half will be burned. It drew the attention of ordinary investors when it had a surge in April.

However, SafeMoon’s ongoing slide contrasts sharply with the overall market. The highest reduction was about 1.6 percent. As users gain passive dividends merely by owning the token, without any need to actively invest holdings in the network. The levies a 10% charge on all transfers and afterward distribution of that revenue among the token holders as reflections is steadily increasing users’ holdings, though the fee on selling and using tokens, as well as physically coin burning or withdrawing tokens from circulation, these features have generated worries that the whole system is a Ponzi scheme.

The technology behind many meme coins is also different from the technology that underpins established cryptocurrencies like Bitcoin, and they lack a developed ecosystem to support them. Because of their current relevance, the majority of them seem to be also essentially worthless outside of the bitcoin realm. Dogecoin is one of the most well-known meme coins on the market today. It is also one of the most valuable.

Pros of meme coins:

Potential of profit: Memecoins are very volatile, thus there is room for profit. Memecoins distinguish themselves in an already volatile sector via the sheer strength of hype.

Charitable efforts: The majority of meme coins have the trait of being wholesome, and they have often rallied against the innate greed that exists in the cryptocurrency ecosystem.

Welcoming atmosphere: The meme coin ecosystem provides a pleasant environment for everyone to participate in and enjoy. Being a token holder provides users access to an elite club, and there is a strong feeling of belonging among the community members.

Cons of meme coins:

Scams: There seem to be cons not just in the sense of opposing perspectives, but also in the sense of blatant scams, which are common in the meme coin community.

Centralization: A large number of these coins are highly centralized, with a small number of persons holding the vast majority of the available stock. This was notably evident when Vitalik Buterin was unaware that he had been given 50% of the whole stock of SHIB without his knowledge or agreement.

Potential Risks: Potential advantages are accompanied by equal but opposite potential drawbacks. The larger they are, the more difficult it is for them to fall.

Conclusion:

Given the increase in new meme currencies into the market daily, as well as the desire of traders to replicate the gains made by DOGE & SHIB, it is critical to have information before investing in any meme coins. It’s important to remember that meme coins are quite volatile when compared to other virtual currencies. Trading and investing in cryptocurrencies entails a significant amount of risk. Meme coins are heavily influenced by the community and may have a sudden drop, so use caution while investing.