This year saw a surge in the popularity of meme coins, particularly dog-themed ones.
What are Meme Coins?
Cryptocurrency inspired by memes is known as meme coins. These coins have had a much different impact in comparison to coins like Bitcoin (BTC) and Ether (ETH). The biggest difference is that meme coins are heavily influenced by the community. Also, social networks and internet communities usually have the greatest impact on their value.
Although there is a great deal of excitement, there is also a lot of anxiety about the financial risk associated with establishing new meme coins. The fact that some investors made money using meme coins cannot be denied, but many others lost money as a result of market volatility.
Another great characteristic of meme coins is that they often have a large or infinite supply. There is a total supply of one quadrillion Shiba Inu tokens (SHIB), but Dogecoin (DOGE) appears to have no maximum supply and currently has over 100 billion tokens in existence. Low prices are due to the fact that meme tokens do not even have a coin-burning process. For as little as one dollar, you can buy millions of NFT meme coins.
Take a look at the most popular meme coins:
Shiba Inu (SHIBA) and Dogecoin (DOGE) are the most popular meme currencies in the market right now according to sites like Coin Marketcap.
Since the success of DOGE and SHIB, a slew of new dog-themed meme coins have emerged, including Cybershinu ($CYSHI).
Dogecoin (DOGE):
The currency Dogecoin (DOGE) takes its name from the popular online meme “doge” and is characterized by a Shiba Inu as its logo. Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia developed the open-source cryptocurrency from Litecoin in December 2013. Dogecoin’s creators hoped that by basing it on a dog meme, it would appeal to a broader demographic than Bitcoin’s core customer base. It has been stated numerous times by the CEO of Tesla, Elon Musk, that Dogecoin is the cryptocurrency of his choice.
Dogecoin was marketed as a “fun” alternative to Bitcoin by using a Shibu Inu (Japanese dog) as its symbol. Presented in a laid-back manner, Dogecoin a perfect fit for the emerging crypto community. One argument in favor of this version of Bitcoin was the use of scrypt technology and an infinite supply. There are 132.67 billion SHIBs in circulation at any given time.
Shiba Inu (SHIBA):
Shiba Inu (SHIB), often coined the “Dogecoin killer,” is DOGE’s primary competitor. Inspired by a Japanese dog breed, SHIB created. The project developed in August of 2020 by a person only known as Ryoshi, who worked on it alone. Unlike DOGE, SHIB has a finite supply of 1 quadrillion tokens, of which 50% burned and given to charity. SHIB’s ecosystem includes a decentralized exchange, an NFT art incubator, NFTs, and an NFT game.
“Spontaneous community formation” was the goal of SHIB’s “Shiba Inu Ecosystem,” which consists of the ShibSwap exchange and a decentralized SHIB Army made up of developers, currency holders, and enthusiasts. SHIB is the second most popular meme coin after Dogecoin, according to Coin MarketCap, with a circulating supply of 549,063.28 billion.
Cybershinu ($CYSHI):
Cybershinu is another meme coin in emergence. While making a positive impact on people’s lives, Cybershinu aims to promote the dog meme coin industry and empower the community while making an impact. Everyone can participate and profit at a fair pre-sale launch price without fear of whales dumping. The presale is happening between February 21st and March 7th.
Token ownership is a one-to-one partnership between members and Cybershinu. There is no tax on the tokens that a member owns. This fee ranges from 5 percent to 15 percent for many other meme coins, making Cybershinu a leading competitor.
What’s the big deal about meme coins?
It is difficult to pinpoint the exact causes, but there speculation that the crypto market grew during the COVID-19 pandemic as regular investors sought to protect themselves from inflation. A surge in popularity and diversity in meme coins can attributed to the media attention they received.
The low price points of meme coins make them a good investment for everyday people. People’s emotions within their own communities are also a driving force behind the meme coin phenomenon. Because they based on well-known Internet memes, meme coins meant to be amusing. Buying meme coins can seen as a way to show solidarity with the meme communities.