Meme coins in 2023 is a cryptocurrency term for popular currencies, sometimes depicted with comical or animated memes, that are supported by enthusiastic online traders and followers.
Dogecoin is the original meme coin and holds a dominant position bolstered by high-profile endorsements and a large market cap. Shiba Inu (SHIB) stands out by leveraging Ethereum’s infrastructure to foster a DeFi ecosystem. Pepe Coin (PEPE), the newcomer, is quickly gaining traction due to its meme inspiration
When compared to Shiba Inu (SHIB) and Pepe Coin (PEPE), Dogecoin (DOGE) dominates the meme coin space and remains the best option so far.
– 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 are cryptocurrencies based on viral memes, often starting as jokes without specific utility. Their value is driven by blockchain tech and demand, with popularity surging from social media buzz. Relying on community support over utility makes meme coins especially volatile in the crypto world.
Some meme coins have become multibillion-dollar markets. For example, Dogecoin (DOGE) – the most popular of them all – is the 8th largest cryptocurrency, having a market cap of $8.6 billion as of mid-September 2023. To put it into perspective, it’s a bigger market cap than the native coins of Solana, Tron, Polygon, Polkadot, Avalanche, Chainlink, or Stellar, all of which try to bring innovation and address some challenges.
Dogecoin initiated the meme coin trend in late 2013 when two software engineers from IBM and Adobe humorously spoofed Bitcoin (BTC). Nevertheless, since its underlying blockchain technology is genuine, the coin was capable of consolidating the subsequent hype.
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.
What can I buy meme coins?
Memes coins is currently available through FMCPAY, you can sign up to buy meme coins.
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Buy Dogecoin at here
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