WHAT IS A MEME CRYPTO?
Simply put, coins that are inspired or taken from social media jokes, puns, sarcasm or internet sensations are termed as memes, in fact crypto exchanges hold a very high market capitalization. Based on a study by CoinMarket cap, there are around 124 meme coins in the market today, with the famous ones being Shiba Inu and Dogecoin. The meme crypto, Dogecoin, initially originated as a joke in 2013 however was ranked at number 10 by CoinGecko. Thanks to Elon Musk and his single tweet “doge”, Dogecoin gained a huge market cap and became one of the most valuable currencies in no time. The coin is currently being traded at $0.12 as of March 20, 2022, and has a market value of over $35 billion. On the other hand, Shiba Inu, the rival meme coin was launched in 2020 and holds a worldwide rank of 9 and a market cap of over $38 billion. Developed by an anonymous “Ryoshi”, Shiba Inu was developed just to poke fun at Dogecoin however hit an all-time high of $0.00008616 per token as of October 26.
SHIBU INU – THE MEME CRYPTO
The Shiba inu coin is developed on the Ethereum blockchain and resembles the famous Japanese hunting dog Shiba Inu, deriving its name from the same too. The coin is considered a strong competitor to dogecoin, supporters promote it as a “dogecoin killer”. Initially launched in 2020, August, the coin is considered an experiment in “decentralized unexpected community construction”, according to a whitepaper or also known as “woof paper”. Shibu Inus value was increased, and people started investing largely in the coin.
SHIBU INU WORLDWIDE COVERAGE
The famous meme crypto was extensively in the media coverage due to two primary factors. Elon Musk, the founder of Tesla made a tweet mentioning his desire to own a Shiba dog pup as it resembles and exhilarates the cryptocurrency market. The single tweet led to an increase in Shiba Inu’s market value by over 300%. Again during the covid pandemic, Vitalik Buterin, the Russian Canadian businessman funded a total of 50 trillion Shiba cryptocurrency coins to the covid relief fund of India, administered by Sandeep Nailwal, the Indian crypto merchant.
DOGECOIN – THE RIVAL MEME CRYPTO
The coin was invented by two software engineers in 2013 named Billy Marcus and Jackson Palmer. The name “doge” was inspired by a dramatic misspelled for Shiba Inu dog, however, gained enormous value over years. When the social media joke went viral, developers decided to use the “dog” image for their crypto logo. Dogecoin initially was not able to get enough appreciation due to low widespread awareness. However as the industry expanded and the bitcoin era was spreading to a larger extent, altcoins such as ethereum, and dogecoin also became immensely popular, hence, reaching higher market capitalization.
Well again, Elon musk played a huge role in the case of the dogecoin outbreak too. The developer of Tesla made a single word tweet “doge” which resulted in thousands of people investing and trading the coin in no time. Elon Musk has always been active and vocal about multiple cryptocurrencies with the prominent ones being bitcoins and doge.
Moreover, the dogecoin currency functions on the Ethereum blockchain just like Shiba Inu, which makes it 100% secure for users. The rival currency will become the center of attention among investors in 2021, the reason being Elon Musk. Dogecoin was referred to as the “people’s crypto” and gained a price rise by over 5000%.
WHAT IS THE DIFFERENCE BETWEEN MEME CRYPTOCURRENCIES AND MAINSTREAM CRYPTOCURRENCIES
Currencies such as Bitcoins were developed with a technology to improve trading and improve transactions in the market, however meme coins were not created with a particular use or ingrained value. Meme currencies are made primarily for a community and not with a targeted use. The buoyant nature of crypto is another factor that plays a huge role in the differentiation of both. Meme coins are comparatively more volatile than mainstream currencies as they are highly driven by a community. Social media platforms play a huge role in their popularity and performance, as they were themselves hyped by influencers on digital platforms.