Remember the time when celebs and politicians went viral after they did something controversial. Now memes are doing the same thing and memes have become our social currency token within our friend’s group. Cryptocurrencies are capitalizing on the same social currency and now social media is intervening in the crypto world. Elon Musk yet again disrupts the momentum in the market after he tweeted out a picture of his pet dog, Floki. This event alone made all Floki-themed cryptocurrencies soaring. One of the highest gainers of the week was the meme coin, Shiba Inu. This sort of market manipulation technique continues to worry a lot of investors, who are in for the long term and stability. They buy into the hype generated on platforms like Reddit and TikTok and join in
Meme coins are cryptocurrencies that have gained popularity in a short amount of time, usually as a result of influencers and retail investors promoting them online.
Dogecoin is the original meme coin. It rose to fame after Elon Musk began tweeting about the cryptocurrency, and retail investors started buying in droves.
What’s the major difference between cryptocurrencies and meme coins?
The major difference between meme coins and major cryptos lies in the purpose behind creating them. To solve the real-world problems all the major currencies like bitcoin and ethereum were created. The goal is to eventually become widely accepted by merchants, creating a new form of decentralized currency with revolutionizing a variety of industries.
On the other hand, meme coins were being made to make a quick buck.
Some of the meme coins gained notoriety as they’re promoted by influential celebrities and retail investors have pumped up their prices by promoting them heavily online, as a result, these coins tend to experience explosive growth despite their shaky fundamentals.
Top Meme Coins by Market Capitalization
Two software engineers, Billy Markus and Jackson Palmer created this open-source cryptocurrency from a Litecoin fork. Later on, it caught investors’ attention after Tesla’s CEO, Elon Musk, posted several tweets on social media praising it.
Initially, there were 100 billion DOGE from mining in 2015, which allowed miners to create 100 new Dogecoins in a minute. Overall, miners can mint almost 5 billion coins each year. As of July 28, over 130 billion DOGE are circulating, with a market cap of approximately $25 billion.
Shiba Inu (SHIB)
There was a time when a dog — Shiba Inu — inspired millions of investors to invest in the SHIB project. It’s listed on a decentralized exchange known as Shibaswap.
The Shiba Inu token has a limited supply of 1 quadrillion, and 50% of its supply is locked in Uniswap liquidity, However, the developer gifted another 50% of the supply to Ethereum creator Vitalik Buterin.
This protocol combines tokenomics and auto liquidity, focusing on developing non-fungible tokens (NFTs). SafeMoon protocol will expand its presence on the NFT marketplace, allowing users to create their cryptocurrencies. This meme coin has a more ambitious road map than Dogecoin or Shiba Inu. Currently, around 600 trillion SAFEMOON tokens are in circulation, and traders have to pay a 10% fee every time they sell the asset.
It was conceived in 2013, based on a cat-like internet meme. An anonymous developer, Mr. Watanabe, created this asset (Watanabe remains unidentifiable to date). Today, MonaCoin is gaining extensive popularity in Japan and is widely accepted by merchants there.
Japan’s Financial Services Agency has approved MonaCoin. There is a maximum supply of 105 million MONA worldwide, with both physical and digital existence. And MonaCoin is trading at $1.50 as of October 11, 2021.
Hoge Finance (HOGE)
The HOGE launch was intended to be a deflationary “DOGE, but DeFi.” However, its founders created it with the vision of making it more philanthropic. It’s the first meme coin that has completed the CertiK audit.HOGE has started a not-for-profit partnership with a Twitter campaign to nominate charitable causes with the hashtag #HogeSavesTheAnimals. This initiative has raised more than $20,000 for animal rescue and shelters worldwide. As a result, the HOGE team is working on developing dApp games, which may start later in 2021.
TacoCat is a community token with real-world value. It aims to connect and promote merchandising creatives with this potential crypto asset
TacoCat’s cryptocurrency reached $25 million in market cap at its peak, with nearly 12,000 token holders.