Meme coins, a term within the cryptocurrency realm in 2023, refer to popular digital currencies often humorously or creatively represented with memes. These currencies garner support from enthusiastic online traders and followers.
Dogecoin, the original meme coin, maintains a prominent position, backed by notable endorsements and a substantial market capitalization. Shiba Inu (SHIB) distinguishes itself by utilizing Ethereum’s infrastructure to cultivate a decentralized finance (DeFi) ecosystem. On the other hand, Pepe Coin (PEPE), a newcomer to the scene, is rapidly gaining popularity owing to its meme-inspired concept.
In comparison to Shiba Inu (SHIB) and Pepe Coin (PEPE), Dogecoin (DOGE) reigns supreme in the meme coin landscape and stands as the most favorable option currently available.
– Dogecoin, the original meme coin from 2013, leads in market cap and recognition.
– Shiba Inu, launched in 2020, builds on Ethereum’s DeFi ecosystem and offers an array of Web3 applications.
– Pepe Coin, the newest contender from 2023, also operates on Ethereum, leveraging the popular Pepe the Frog meme for attention.
While Dogecoin boasts celebrity endorsements like Elon Musk, Shiba Inu’s ecosystem includes DeFi tools like ShibSwap
Both Dogecoin and Shiba Inu dominate in popularity, but the meme coin landscape remains unpredictable.
What Are Meme Coins?
Meme coins represent a fascinating facet of the cryptocurrency landscape, embodying the fusion of viral internet memes and blockchain technology. These digital currencies, often born as lighthearted jokes without clear practical use, derive their value from the underlying blockchain technology and the whims of the market, propelled by the wildfire spread of social media trends. The inherent reliance on community enthusiasm rather than tangible utility renders meme coins exceptionally volatile in the dynamic realm of cryptocurrency.
Remarkably, certain meme coins have transcended their humorous origins to become colossal players in the crypto market. A prime example is Dogecoin (DOGE), arguably the most iconic among meme coins. As of mid-September 2023, Dogecoin boasts a staggering market capitalization of $8.6 billion, securing its position as the 8th largest cryptocurrency globally. This valuation surpasses that of native coins belonging to prominent blockchain projects like Solana, Tron, Polygon, Polkadot, Avalanche, Chainlink, or Stellar—platforms dedicated to innovation and addressing various challenges within the crypto space.
The genesis of the meme coin phenomenon can be traced back to the tail end of 2013 when two software engineers, with affiliations to IBM and Adobe, playfully parodied the concept of Bitcoin. Despite its initial conception as a jest, Dogecoin’s authentic blockchain technology enabled it to weather the storm of hype and solidify its standing in the crypto sphere. This unique convergence of internet humor and blockchain prowess exemplifies the unpredictable and often unconventional nature of meme coins in the ever-evolving landscape of digital currencies.
What is Shiba Inu?
Shiba Inu (SHIB) is a meme coin that was launched in 2020. Its main goal is to act as a DOGE alternative for the Ethereum (ETH) ecosystem. Therefore, SHIB operates as an ERC-20 token on Ethereum and doesn’t possess a native chain.
Leveraging Ethereum’s smart contract feature, SHIB has been developing an entire ecosystem of Web3 applications to contribute to the decentralized finance (DeFi) revolution.
This ecosystem includes a decentralized exchange (DEX) called ShibSwap and an artist incubator for non-fungible token (NFT) creators. SHIB holders can stake the coin on this native DEX and receive BONE tokens as rewards. BONE holders are allowed to participate in governance. Shiba Inu also has a layer 2 solution called Shibarium.
SHIB has a circulating supply of almost 590 trillion tokens. With a market capitalization of over $4.3 billion, SHIB is in the top 20 largest cryptocurrencies.
What is Doge coin?
Dogecoin (DOGE) is the original meme coin. Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer. The coin was inspired by the ‘Doge’ meme – a fun picture of a Shiba Inu dog.
While the coin and its underlying blockchain were meant to be a lighter and funnier version of the serious Bitcoin project, DOGE itself has exploded in popularity beyond any expectations.
The underlying technology of Dogecoin comes from earlier cryptocurrencies like Luckycoin and Litecoin, the latter being a fork of Bitcoin. Like Bitcoin, Dogecoin relies on a Proof of Work (PoW) algorithm, but DOGE is much easier to mine than BTC.
Unlike Bitcoin, Dogecoin operates without a deflationary model and possesses an unlimited supply, a choice designed to promote continuous circulation.
DOGE’s circulating supply is currently over 140 billion tokens and has a market cap of $8.6 billion.
DOGE has been consistently praised by Tesla and SpaceX CEO Elon Musk. Every time Musk tweets or says something about DOGE, its price goes wild. The world’s richest person believes that DOGE is better than Bitcoin due to its price accessibility and higher transaction volume capability.
Dogecoin has 3.8 million followers on Twitter, more than the Ethereum Foundation, Solana, or Cardano.
What is Pepe Coin?
Inspired by the Pepe the Frog meme, Pepe Coin (PEPE) is the latest meme coin. PEPE is an ERC-20 token on Ethereum.
Pepe was launched in 2023 and already has a market cap of $1 billion. The Pepe project aims to capitalize on meme coin giants like DOGE and SHIB, offering some features and incentives to attract users, such as a no-tax policy, a deflationary model, and rewards for long-term stakers. No one knows who created PEPE, but the token gained attention thanks to the popularity of the meme itself.
PEPE stunned markets in May of 2023 when its valuation soared to over $1.6 billion, largely propelled by its listing on leading crypto exchanges. While the token has since retraced, its current $277 million market cap remains notable, especially for a token that began as a joke.
Shiba Inu vs. Dogecoin vs. Pepe vs. Memecoin: What Is Best?
Here is a brief comparison of the three meme coins:
So which one is best? Given that meme coins have no real utility, you can choose any of these three to invest for fun. Maybe you like the Shina Inu meme or Pepe the Frog meme. It’s advised to limit exposure to meme coins because of their high volatility.
Since PEPE and MEME is a relatively new token, DOGE and SHIB remain the best meme coins on the market. DOGE is like the Bitcoin of meme coins, and it’s praised by Elon Musk himself, while SHIB has an entire DeFi ecosystem around it.
How can I buy meme coins?
Memes coins is currently available through FMCPAY, you can sign up to buy meme coins.
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