MarketWatch Memes Coins – SHIB and DOGE

3 November July 2021 | ZebPay Trade-Desk

A meme coin is a digital currency based on a meme or one that is created as a pun in the same way memes are created on the internet.  The term meme coin also refers to the unit of this cryptocurrency. Perhaps the most important cryptocurrency commonly known as a meme coin is Dogecoin, a cryptocurrency based on the Doge meme. But there are many, many more. Sometimes the term meme coin is applied with contempt to more traditional cryptocurrencies, often to imply the belief that the cryptocurrency will be short-lived or risk losing value after initial activity.  Meme coins are often accumulated or traded by people who just want to be part of the prank, but, like other cryptocurrencies, they are sometimes treated as investments whose value can rise sharply with popularity. In general, cryptocurrencies are generally considered to be very volatile, and coins themselves are considered to be particularly subjected to such volatility. Currently the memecoin has a market capitalization of $73.5 Billion which is about 37% of the total market capitalization of the digital currency. 

Dogecoin (DOGE) is based on the popular internet meme “doge” and has the Shiba Inu symbol in its logo. It is an open source digital currency which was created by Billy Markus , Oregon and Jackson Palmer, forked by Litecoin in December 2013. The creators of Dogecoin envisioned it as a cryptocurrency. Cheerful and upbeat, it will have more appeal than the mainstream Bitcoin, because it is based on a dog meme. The coin was officially launched on December 6, 2013 and over a million people visited Dogecoin.com in the first 30 days.The main task of the asset was to act as a tip system on Twitter and Reddit to reward the creation and sharing of quality content.  The asset started off with a supply cap of 100 billion coins, which is far more than mainstream cryptocurrencies. There is no hard limit on Dogecoin total. 

As per the SHIBA INU website, SHIB is said to be the “Dodgecoin Killer” and is already listed on their own Dex ShibaSwap along with two other tokens known as “BONE” and “LEASH”. The creator of Shiba Inu is anonymous just like the creator of the first cryptocurrency Bitcoin, Satoshi Nakamoto. It was created in August 2020 under the pseudonym “Ryoshi”. The meme coin rose fastly to fame as the meme culture blasted all over the world inviting investors through its cute charm along with hot news and trending tweets from the likes of Elon Musk and Vitalik Buterin. Since SHIB is an ERC20 token, it is very compatible with the huge Ethereum universe. This offers SHIB advantages such as compatibility with Ethereum wallets such as Metamask or Coinbase wallets. Another advantage is that the token is available on the DEX platform as UniSwap and of course the future potential of SHIB to be incorporated into eth-based DeFi applications such as loan and savings products and the NFT market.

Investment Analysis:

Shibu Inu (SHIB) is a digital currency that focuses on being an ethereum based replacement  to Dogecoin, the very popular dog memecoin. Bitcoin is designed to be scarce whereas SHIB is intentionally made in a way that it is abundant in nature. The total circulating supply of it is 1 quadrillion. The Shiba Inu token system supports innovative and artistic projects like the NFT art incubator and the development of its own decentralized exchange called the ShibaSwap. 

All though the coin was created and released in 2020 the token began out making an effect available in the marketplace in May while it noticed transaction quantity withinside the loads of million dollars. It then hit its high of $0.00005 on May tenth 2021 earlier than beginning its downtrend. The rate of the token has been risky normally because of the general crypto marketplace volatility this year. The marketplace crash in September had definitely affected the rate in addition to quantity.  As nicely on May thirteenth while Buterin who was given 1/2 of the token delivery introduced that a big quantity of it might be donated to India’s Covid crypto remedy fund. Since this became no longer expected earlier, navigating via the token without stunning the marketplace didn’t paint out. And the Shib rate fell with the aid of 44%. With marketplace instability and basics affecting the quantity and marketplace capitalization has accompanied a comparable course of rate. August offered a few suitable information for the token because of the rally witnessed with the aid of using the general rally withinside the crypto marketplace as nicely the list US biggest crypto alternate Coinbase. September noticed some extra marketplace corrections however advocacy of Musk driven to dizzying heights to keep ranks most of the pinnacle 20 cryptocurrency. And in October it created a new lifetime high of $0.00008845 on 28th October and even after its correction and fall its returns are still higher than of its close rivals like BTC, ETH, SOL. This may have been caused by the launch of Shiboshish Social club which is an online community rewarding exclusive perks to people who own special shiba inu generated NFT known as Shiboshis as well people asking Robinhood to list it out too. 

Dogecoin is a pre-2017 meme token that was originally created as a joke and features a cute and adorable Shiba Inu dog on the token.  Until recently, there had been little development on the Dogecoin code and no roadmap to speak of, but the relaunch of the community-led project in 2021 brought the DOGE price down to less than 0.01 $ to an all-time high of $ 0.738 and frequent mentions of Elon Musk solidified the token’s meme status. The new success of the project has kicked off several teams of developers who are exploring ways to upgrade the network and provide it with a use case. 

Dogecoin started sharing the limelight with its other crypto sibling mainly in 2020 due to the tik tok viral trend. This has caught the attention of new cryptocurrency enthusiasts. And Tesla CEO Elon Musk’s love for Dogecoin made it even more popular, with Musk every tweet commenting that the asset would rise or fall. Most of the time this has a positive effect, but when Musk went to SNL the next moment Doge received a price cut of around 46% and nearly 35 billion shares. Still, good news arrived in May with SpaceX announcing a fully Dogecoin-funded mission to the moon, making it the first cryptocurrency in history to have this privilege.The price of the coin have been mostly unstable moving with the rest of the market and the market crash in May and september have caused a fall too. The volume has followed the trails of the price with volume rallying by around 920% since January. The market cap saw phenomenal growth despite the volatility that is seen in the above table increasing by about  4862%. Because it is primarily based on a dog meme, PAWS Animal Rescue in Chicago has started accepting Dogecoin as a means of donation. In recent days Shop.com has also listed Doge as a payment method and Mark Cuban continues to support it. with a tempting offer on the purchase of its assets with the asset. Despite being one of the oldest cryptocurrencies, the asset has recently risen to the task and with so many people loving and supporting it, it will be in the top ten of the rankings. at least in the coming months. The price of the coin have been 

Regardless of what some of Bitcoin’s maximalists or fundamental analysts think about this emerging industry and its lack of use cases, major financial services companies like Robinhood have listed DOGE and have also seen significant revenue from its exchanges, which means that the tokens themselves have caught the eye of other brokerage firms who want to earn income from acquiring trading fees and onboarding new users. Coinbase has listed DOGE and SHIB, the latter of which recently led to a system outage on the main US cryptocurrency exchange due to excessive user demand as the token price rose on October 27.  Young investors may think of Bitcoin as an old currency that could rise in price, but at this point it won’t make them rich. Meanwhile, SHIB has been up 1000% in less than a month, and its low unit value has consistently appealed to many retail investors. You can fund both the coin trading in Zebpay. 

Conclusion

If the meme coins are here to stay, then it might be a good idea for the seasoned cryptocurrency investor to understand how they can affect the market and what could result in the future.  In a sense, Dogecoin and Shiba Inu represent a broader macro transition underway in the blockchain ecosystem from the original Proof of Work (PoW) consensus mechanism used by Bitcoin and Dogecoin to Proof of Stake (PoS) consensus. , a smart contract capability and possibilities that open up as found on Ethereum 2.0 (Eth2) and used by SHIB.  Dogecoin is the meme for the old-school cryptocurrency crowd who prefers a secure network that can store and trade reliably, while Shiba Inu is the next-gen meme that has incorporated the worlds of DeFi. and NFT with the launch of its decentralized ShibaSwap. Shiboshi NFT gearbox and line.The huge amount of newly arrived cryptocurrency investors don’t seem to be looking for a financial product that offers them extra return or the most established token to act as a store of value, but rather a high-bid token paired with a man’s best friend picture and a promise of sudden riches.  Meme tokens have become so popular that CoinMarketCap has dedicated a separate page to rank the” Top Dog theme coin”, which has now evolved into a growing list of over 118 tokens.  Memes have become an integral part of our life and these tokens continue to grow their numbers using that as an advantage in this vast world of crypto.

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