Shiba Inu (SHIB) burst onto the crypto scene in August 2020, inspired by the popular Dogecoin but aiming for more. Created by the mysterious Ryoshi, SHIB started with a supply of one quadrillion tokens. To gain trust, half of these tokens were sent to Vitalik Buterin, co-founder of Ethereum. Buterin donated a large amount to the India Covid Crypto Relief Fund and burned 40% of the total supply, decreasing the number of SHIB in circulation and boosting its value. Unlike Dogecoin, SHIB runs on the Ethereum blockchain, which means it can interact with a wide range of Ethereum-based applications.
The real potential of SHIB lies in its integration with Ethereum. It powers ShibaSwap, a decentralized exchange where users can trade and stake tokens. There are also plans for an NFT platform and a governance system where holders can have a say in future developments. In the current market cycle, as interest in decentralized finance and NFTs grows, SHIB could offer more than just meme value. Its connection to Ethereum gives it flexibility and utility that some other memecoins lack. For investors looking beyond the hype, SHIBās expanding ecosystem might make it an attractive option.
PEPE is a deflationary memecoin launched on Ethereum as a tribute to the iconic Pepe the Frog internet meme created by Matt Furie. Gaining popularity in the early 2000s, Pepe the Frog became a symbol across various online communities. Now, PEPE aims to capitalize on the success of other meme coins like Shiba Inu and Dogecoin, striving to establish itself as a leading meme-based cryptocurrency. With a no-tax policy and a clear stance on having no inherent utility, PEPE embraces the pure spirit of a memecoin, appealing to those who appreciate simplicity and transparency in the crypto world.
In late April to May 2023, PEPE witnessed an explosive surge, with its market cap soaring to a peak of $1.6 billion. This remarkable growth transformed early holders into millionaires and attracted a vibrant community of enthusiasts. The rise of PEPE induced what some call a āmemecoin season,ā leading to spectacular pumps (and dumps) of other newly launched memecoins. PEPEās roadmap is ambitious, featuring phases that include listings on major exchanges and a planned āmeme takeover.ā While itās uncertain how PEPE will perform in the current market cycle, especially with the anticipated Bitcoin halving and potential bull run, its rapid ascent showcases the significant impact that community-driven projects can have in the cryptocurrency space.
Dogecoin started in 2013 as a joke. It was created by Billy Marcus and Jackson Palmer to poke fun at cryptocurrencies. They used the popular Shiba Inu meme as its logo. Unlike Bitcoin, which is scarce, Dogecoin was made to be plentiful. Thereās no cap on how many can be made, and 10,000 new coins are mined every minute. People saw it as a fun alternative to serious cryptocurrencies. But in 2021, Dogecoinās value skyrocketed. It became one of the top ten cryptocurrencies, with a market value over $50 billion. This surge was boosted by social media buzz, especially from Elon Musk, and the crypto market boom. Dogecoinās rise shows the power of community and social media in financial markets.
So, does Dogecoin have potential in the current market? Some believe it does. Its appeal lies in its strong community and widespread recognition. While it began as a joke, it now has real-world uses. People use it for tipping online or making small payments. Compared to other coins, Dogecoin lacks advanced technology. It doesnāt offer smart contracts like Ethereum or privacy features like Monero. But its simplicity and high supply make it accessible. With the crypto market always changing, Dogecoin remains popular. Its future may depend on continued support from its community and influencers. But Dogecoin has proven it can surprise everyone.
