Cryptocurrencies made their way into everyone’s life more than a decade ago. They remained in the limelight for coming out from an unknown source, the creator. This was fueled by how they were valued or are still valued. As everyone began gripping what cryptocurrency is, meme coins added to the prevailing hype. While they are not exactly different from any other cryptocurrency – BTC, ETH, and so on – it is essential to know what exactly a meme coin is.
Nothing complicated or technical, a meme coin is a digital token inspired by a meme. This is internet slang for an imagery joke. Take Dogecoin, for example; it is inspired by a meme where a dog appears to be staring at the camera funnily. Shiba Inu takes its inspiration from the same dog. It depicts the image differently, but the idea remains the same.
Interestingly, SHIB and DOGE are among the top meme coins in 2023. They also have PEPE on the list. That is comparatively a young meme coin; however, it is worth the discussion.
Dogecoin
Represented by DOGE, Dogecoin experienced the most significant rise when Elon Musk sent out a cryptic tweet about it. The price rose by 135%, and as of now, it has seen a cumulative rise of 2,600%. Interestingly, this is based on the endorsement of one public figure.
Meme coins are driven by the developers and supported by community engagement. One, or even many, public figures can create waves in their favor, but that same does not qualify for sustainable growth. It has to be the initiatives and engagement without which the token is worthless.
DOGE is currently valued at $0.065, with a market capitalization of $1.17 trillion.
Shiba Inu
Shiba Inu’s SHIB has made the hype for all the right reasons. This is obvious from the recent announcement of taking Shibarium live later this year. Developers have also introduced Shibacals for the users, enabling them to link their real-world assets to non-fungible tokens. Shibarium is a layer-2 blockchain and a potential game-changer for the community.
For the investment purpose, SHIB is a safer option, for its value is much lower. One can always take their investments up a notch when SHIB begins performing well. The token currently remains the favorite among the community that is expecting it to overpower DOGE and PEPE.
CryptoNewsZ has already called Shiba Inu a safe investment option out of the three, with the price estimated to touch $0.0000220 by the end of this year.
SHIB is at the market cap of $4.26 billion.
PEPE
Launched in April 2023, PEPE is comparatively a younger meme coin. It is making waves in 2023 because of the rise it has seen in less than six months. The trading volume is up from $2 million to $300 million, with a promising future of rolling out 30x gains.
This is merely a prediction, and PEPE can still go south from this moment. Meaning the valuation may fall. It is too early to dig into PEPE’s futuristic value or worth. Based on the current condition, one can only take all necessary precautions to safeguard themselves from volatility.
Conclusion
Meme coins, just like cryptocurrencies, are subject to volatility. They are riskier because the valuation is driven by initiatives that developers take and the level to which the community demonstrates its engagement. A slight disinterest and the entire ecosystem can go down the drain. Meme coins have survived the 2022 year when cryptocurrencies were losing their value. That survival story should not be taken at face value without risk management.
