Shiba, Doge And Meme Tokens – The Concept And Growth Potentials
The crypto market, no doubt, has experienced a massive influx of both institutional and retail investors in the last 10 years. A lot of attention has been channeled to the decentralized finance market. Especially Shiba, Doge, And Meme Tokens. As well as the concept and growth potentials.
The seamless payments, the ecosystem guarantees, in what appears to be the start of a bull market. These memetic projects, absurd or inscrutable, have re-established so many conversations about what the future holds for the crypto space.
Memes are the languages of the present-day internet. And is used as acronyms or shorthands to represent complex phenomena. However, in the crypto ecosystem, memes represent a different thing entirely. While memes were given birth to on the internet, they have moved to the mainstream. Memes are used to drive or push crypto adoption, as well as to signal the bearishness or bullishness of certain coins or assets. In fact, memes have been found to boost token value in recent history. They spur special narratives about certain cryptocurrencies and even help most crypto enthusiasts to earn passive income.
The meme coin market is currently on fire, thanks to celebrities and renowned entrepreneurs promoting popular meme tokens. And it is likely to continue in years to come.
Richard Dawkins coined the term “meme” in his book titled “The Selfish Gene” in 1976. According to the book, Richard described memes as an idea that jumps between individuals within a culture. “Humans are cultured as meme machines and wired like gene machines,” Richard wrote. Originally, memes were not meant to describe decentralized finance; rather, it was intended to describe online images.
When a concept goes viral on the internet, that’s what memes intend to drive or promote. But in 2021, the narrative has changed. They are now being used to represent cryptocurrencies and the logic behind them.
So, in this article, we will take a look at a few meme tokens, including Shiba and Doge. We will discuss the logic behind these tokens, potential growth. And as well as inherent risks associated with them.
Shiba Inu Tokens
One of the latest meme tokens that took investors, traders, and the crypto community in general by surprise is Shiba Inu. So many crypto enthusiasts view Shiba Inu as a knock-off of the Doge, another meme token that we will discuss later in the article because it borrowed inspiration from the popular Shiba Inu. Coincidentally, both Shiba Inu and Doge were created using a light-hearted process. However, both projects have a few differences that attract investors and traders.
The anonymous team behind the development of Shibu Inu described the project as an “experiment in decentralized spontaneous community building.” The team has tagged the project as a viable alternative to Doge; as such, they described the project as the “Dogecoin killer.”
History of Shiba Inu (SHIB)
Launched by an anonymous team of blockchain developers, Shiba was launched in 2020. The only name known to the public from the team is Ryoshi. This meme token launched through a Uniswap IEO. During the launch, 50% of the tokens were locked in a liquidity pool by the developers.
What Problems Does Shiba Inu Solve?
According to the team behind Shiba Inu, they intend to empower more crypto enthusiasts with more earning potential. The project’s goal was to raise as many crypto millionaires as possible. The goal was also to create a low-priced ERC-20 token that anybody could own. And that was why the team launched the token at a very low price so that when the price hit $0.01, the platform would be very profitable.
Being an ERC-20 token, Shiba enjoys full support and security of the Ethereum network. Remember, Ethereum is one of the largest decentralized Dapp in the world. It supports more than 100,000 networks and tokens built on top of its infrastructure.
Shiba Inu has a utility token with the symbol “SHIB”. The token serves as the native currency of the Shiba Inu ecosystem, with several benefits. Some of the benefits include using the token to pay for goods and services on the Shiba protocol and also activating rewards with the token.
It also serves as a cryptocurrency where you can swap for other coins to earn passive income. With SHIB, you can send and receive cross-border payments in real-time. The network is reliable and secure due to the Ethereum functionality. At launch, the total tokens in circulation were 100 billion.
Capitalizing on the Shiba Trend
For investors and traders that missed out on Dogecoin, SHIB could be the next big thing to jump on. Since its inception, Shiba Inu has experienced impressive growth. Hence, positioning it for investors to make capital gains. Much of the capital gain attributed to Shiba may not be unconnected to the listing of the token on major crypto exchanges.
For instance, the price of SHIB doubled the moment it was listed on Binance. Even Binance CEO, Changpeng Zhao, tweeted at the time of enlistment that his exchange ran out of ETH deposit addresses. Zhao explained further that adding SHIB to the Binance network was the first time his exchange suffered ETH deposit addresses.
Benefits And Risks of SHIB
Having SHIB in your digital wallet comes with a sense of fulfillment in addition to the chance to earn passive income. Shiba Inu has attracted so many crypto enthusiasts to the blockchain sector of the financial market.
As with any investment, SHIB comes with its own inherent risks. First, the investment is highly speculative coupled with the fact that it is a new “kid on the block.” Even Changpen emphasized at the launch of the token that it is an exciting and promising project but it’s highly risky. The best way to benefit from this meme token is to jump on the bandwagon while waiting for further expansion.
Shiba Inu has a decentralized exchange known as ShibSwap. This exchange enables traders and other investors to trade SHIB with other ERC-based tokens from their wallets. Decentralized exchanges are more secure and reliable. As they do not hold coins in large amounts compared to their centralized counterparts. As such, they are usually not attractive to hackers.
Since the project is still in its infancy stage, it is important that you invest only the amount that you are willing to lose. SHIB could offer you the excitement you deserve if you are ready and willing to join the meme coin bandwagon. Always carry out your own due diligence before investing in any coin.
Dogecoin is another meme token that has created a huge buzz within the crypto ecosystem. At its core, it is used to create and transfer value from one place to the other. While Doge features Shiba, the decision for this was as a result of the developer’s desire to create a much light-hearted project.
The major reason behind the creation of Doge is to allow crypto enthusiasts to make peer-to-peer payments without any form of censorship. Due to huge price hikes, Doge has experienced a massive influx of traders and investors jumping on the bandwagon to make passive income.
History of Dogecoin
The duo of Billy Markus and Jackson Palmer are the brain behind Dogecoin. Prior to the creation of Doge, these two individuals had worked in the Fintech space. And that’s where they garnered ample experience on how to revolutionize the financial market. In fact, Markus had one time worked in IBM as the company’s software engineer. While Palmer has also worked as a programmer at Adobe. Though the Doge project started as a joke, it has gained massive attention within this short period of its existence.
A Modest Start
The Doge network went live on December 6, 2013. At the point when the network went live, only a few Reddit communities expressed interest in catch-up with the project. Surprisingly, the day Dogecoin was launched, more than a million visitors accessed the site. 13 days later, Doge experienced a breakout moment, with the value of the coin climbing to as high as 300% in just three days. The surge sparked interest in both retail and institutional traders. Sadly, within another 3 days, the Coin’s nosedive by around 80%.
After the coin’s price declined, investors lost millions of Dogecoin due to the hack of its native wallet, Dogewallet. The hackers successfully modified Dogewallet’s receive and send pages to transfer millions of Dogecoin to a static address.
An argument that Dogecoin’s coding is a copy of Bitcoin may be fair. According to one of the creators of the coin, Billy Markus, it took the team only about 3 hours to design and develop Dogecoin. Markus described how the team used the control F function to replace all Bitcoin’s instances with Dogecoin. Doge changed the concept of mining to digging. The team also agreed on a one-minute block time.
What Problems Does Dogecoin Solve?
Being a first-generation meme token, Doge is very basic in functionality. At launch, the concept of smart contracts, farming, and staking was barely unheard of, compared to how it is now in the crypto market. The primary focus of Doge was to create a secure and transparent network. For this reason, Doge succeeded greatly even though there were a few challenges, tribulations, and trials.
Another unique feature of Dogecoin is the inherent nature or spirit the developers want the coin to express. This project was not created to give crypto enthusiasts a viable alternative to Bitcoin. It wasn’t created to free crypto users from the shackles of oppressors like BTC. Interestingly, Dogecoin was built to spread fun and goodwill within and around the crypto space.
Benefits of Dogecoin
Dogecoin comes to the market with lots of exciting benefits. For one, users can use this token to
There are a lot of benefits that Dogecoin brings to the market. For one, just like Bitcoin, you can use this coin to make cross-border payments very quickly. Since its creation till now, the value of the coin has surged. And now, more people are beginning to adopt this meme token.
Bitcoin and Dogecoin share a lot of technical characteristics. Consequently, the meme coin is not only secure, but it also provides real-time consensus. To alter the state of the blockchain, hackers would need around 51% of Doge’s network power, just like Bitcoin. It is very unlikely that hackers will succeed considering that the token’s hashrate is 203.97 TH/s.
To keep the network secure, the team at Dogecoin uses a Proof of Work algorithm. However, the POW algorithm is a bit different from the one Bitcoin uses. The Dogecoin network relies on script technology to deliver massive value.
The team decided to use a script technology so as to subdue the high-powered Bitcoin mining rigs. To mine Dogecoin, miners need dedicated ASIC and FPGA devices.
There is no hard cap recorded with this project. At the start, Dogecoin had 100 billion coins in circulation but in 2015 due to the one-minute block time, the coins in circulation were completely mined. At the time, the developers issued another 5 billion tokens. For this reason, Dogecoin’s issuance every year stands at 5 billion tokens.
The meme is a decentralized, interesting, and young project that contains important features of crypto-collectibles and decentralized finance, DeFi. In essence, Meme uses liquidity mining or yield farming to connect the two worlds of NFTs and DeFi.
The team at Meme said the project doesn’t offer coins for sale; instead, crypto enthusiasts can farm on the network to make passive income. Launched on August 14, 2020, Meme has since gained momentum among crypto lovers and has also attracted lots of attention from the crypto ecosystem.
The meme has a utility token with the symbol, $MEME. This token is an ERC-20 compatible or a fungible token with a net supply of 28,000 tokens. In a short time, and due to the limited supply, $MEME has gained rapid traction and the price is poised to increase in the weeks to come. The token can be used to pay for goods services on the Meme protocol. If you are farming on the Meme network, you can also use the token to pay for transaction fees.
How does the project work? It’s simple. You require robust knowledge of both NFT and yield farming. Once you stake $MEME, you will be rewarded for contributing to the liquidity pool. The reward earned is usually calculated on a daily basis. It is also dependent on the total tokens staked. Once you have enough reward points, you can then request an NFT or a digital artwork from the network.
Meme was designed and developed by Jordan Lyall, a seasoned product lead at ConsenSys. In one of his Twitter posts, Lyall tweeted that a DeFi coin could be created to allow the fast and easy creation of a decentralized finance platform. Though the post was a joke, one of his followers took the joke seriously by creating what is known today as the Meme token.
MEME’s Meteoric Rise
After the project went live after Lyall’s tweet, the post garnered more than 1,200 likes and retweets within some minutes. The creator went ahead to list the project with a hard cap of 28,000 on CoinGecko.
After the listing, the team went ahead to organize an airdrop on Telegram. Some minutes after the Telegram airdrop was launched, participants grew to 3,000 people. $MEME reaches a trading volume of $1.2 million within 24 hours at $40.
As with other meme tokens we have discussed in this article, $MEME uses a decentralized autonomous organization known as MemeDAO to handle its governance issue. To participate, users must hold up to 100 Meme tokens to be granted access. As of the end of August 2020, about $1.7 million tokens were locked in the DAO.
Risk And Rewards
Having $MEME in the liquidity pool will earn you some rewards and the opportunity to earn passive income. Meme has attracted so many crypto enthusiasts to the blockchain sector of the financial market. Plus, the project also gives you the opportunity to earn digital artwork or collectibles.
For the risks, $MEME is speculative and volatile in nature. Being a volatile token, you can invest heavily today and the price drops very significantly by tomorrow, which means you will take a loss. Consequently, the token can also increase in value very significantly, which will make you take a profit.
Using The Trading Exchanges and Signals
Now that you know that these are some of the most popular Meme tokens. It’s time to consider buying it from reliable and trusted exchanges. In order to trade cryptocurrencies in a better way, it is vital to utilize trading tools, indicators, and trading signals. As per the trading tools and indicators, it can be found through the exchanges. However, trading signals are only possible through signal providers. But only proven ones must be used.
While there are plenty of Crypto signal providers. So it is vital to choose the very best to have the highest chance of making gains. Amongst many, there is our own Best Trading Signals that can be considered. Here’s what it is about. And the reason to pick it.
Best Trading Signals provides Telegram signals, trading bots, and indicators. It is suitable for all types of traders. And that whether an experienced trader is using or newbie trader, it’s fit for all. The signals are beyond 80% accuracy and come with risk management measures too.
Final Thoughts On Meme Tokens
Okay, that’s it for Meme Tokens. Here’s all we had to present to newbies. Meme tokens have come to stay. In fact, memes have been found to boost token value in recent history as said earlier. They spur special narratives about certain cryptocurrencies and even help most crypto enthusiasts to earn passive income. And is considered a vital part of the future. However, it comes with a lot of challenges, that very few can handle.
If you want to trade meme tokens successfully, you need in-depth knowledge of the crypto market. And the ability to use crypto signals and indicators. The latter is very critical if you have a 9-5 job and you desire to place your trade on auto-pilot. With lots of service providers generating trading signals for meme token traders, it can be overwhelming for the average trader to choose a service provider. So do your homework in order to pick the best option. And only then move ahead trading the Meme tokens.