What Are The Most Popular Meme Coin Crypto currencies in America?
Meme coins, also called meme crypto currencies, stand out for appealing to humor and the formation of a community that is capable of growing and achieving notoriety, unlike other more complex projects such as Chainlink (LINK) or Polkadot (DOT).
All this, with the purpose that the meme crypto currency is added to different investment platforms such as exchanges and brokers, that it can be used as a form of payment, and, of course, that its price increases in value.
Memes In Popular Culture
With the widespread use of the Internet and especially social networks, a new communication format began to go viral: memes. This content is, in most cases, funny images accompanied by text that aspire to amuse people.
A fundamental aspect of memes is their ability to reproduce en masse, achieving a “life of their own” by themselves. In fact, this concept was coined by the evolutionary biologist Richard Dawkins, in 1976.
Due to its nature, over the years, new memes have emerged, reaching enormous levels of complexity compared to the first to appear. They are no longer just images because today they can also be videos, stocks, and cryptocurrencies: meme coins.
Regarding the particularities of memes in financial instruments, a factor that is very relevant is their community. Furthermore, the larger and more faithful the people who support a project, the more the value of the asset can grow. In the world of cryptocurrencies, the most popular meme is Dogecoin: the image of a Shiba Inu dog that became famous in 2013, of which there are several variations.
For the same reason, it should not surprise us that the two meme cryptocurrencies with the highest market capitalization are Dogecoin (DOGE) and Shiba Inu (SHIB). Nor does the rest of these cryptos feed off the influence of the Doge meme.
Dogecoin (DOGE): The Quintessential Meme Coin
In 2013 —the same year the meme emerged— Billy Markus and Jackson Palmer founded the Dogecoin (DOGE) cryptocurrency as a fork of Litecoin (LTC), which is considered the “silver” of cryptos.
Through this fork, the developers managed to significantly reduce the time needed to create a new block at that time. Unlike the 10 minutes it takes for Bitcoin (BTC) and 2.5 for Litecoin (LTC), the meme cryptocurrency only takes 60 seconds.
However, people’s interest in DOGE did not arise because of said technological advance, but because of referencing the fashionable meme. This was essential for the creation of their community, which today is one of the most important.
On the other hand, the support of Elon Musk, CEO of Tesla and SpaceX, has been essential to seal his popularity worldwide. Through his social networks, the entrepreneur has shared different messages and memes related to Dogecoin, which have influenced the increase in its price.
The history of this meme coin is the best example to understand the function of these assets because people who invest in Dogecoin do so because it is a fun cryptocurrency that is close to their community, which has allowed it to be bought in most platforms dedicated to crypto.
Today Dogecoin (DOGE) remains among the top 10 cryptos with the highest market capitalization, being the only one of its kind to be part of the ranking. Regarding its growth, the oldest minimum price registered on CoinGecko, a website that collects information about cryptocurrencies, dates from May 6, 2015, when buying a DOGE token cost $0.00008690.
If we compare that price with that of the end of October 2021, which is close to $0.263, we find a Return on Investment (ROI) of 302,500% in relation to May 6. When only checking the figures for the last year, the increase in DOGE has been approximately 9,800%.
Therefore, it goes without saying that many investors have made millions of dollars by buying DOGE, and although we cannot know exactly what its value will be in the medium and long term, it is most likely that it will continue to rise.
Shiba Inu: El “Dogecoin killer”
Dogecoin’s great rival emerged several years later, as Shiba Inu (SHIB) was launched at the end of 2020 on the Ethereum network by Shytoshi Kusama, a person who remains anonymous like the creator of Bitcoin (BTC), Satoshi Nakamoto. .
Also influenced by the Doge meme, Shytoshi Kusama’s meme cryptocurrency is much more irreverent. With this position, he seeks to dethrone Dogecoin through the viralization of Shiba Inu (SHIB) in social networks and its adoption as a payment currency.
Together with the effort of its community, which identifies itself as #shibarmy, to be listed on large investment platforms such as StormGain, eToro, Coinbase, and Binance, they have made this meme cryptocurrency one of the most talked-about phenomena of 2021.
In order to power the project, the SHIB community launched ShibaSwap, its own decentralized exchange (DEX) on the Ethereum network. Here, investors can swap, stake, and participate in liquidity pools to receive passive earnings on their tokens.
Beyond how funny Shiba Inu-related memes can be, the notoriety received is due to how much it has risen in price in a very short time.
Checking the ROI of SHIB from its lowest price point recorded on November 28 last year to now, the gains are 73,870,406%, according to CoinGecko.
To highlight the unprecedented increase in this meme coin, we will situate ourselves in a hypothetical case in which we invested $1,000 in Shiba Inu on January 1, 2021. As of today, our investment fund would be $500 million.
In any case, we cannot ignore that in the period of May and September of this year the SHIB token could not grow considerably, but since October its performance has once again surprised, reaching new historical maximum prices weekly and placing itself in the position 12 of the cryptocurrencies with the highest market capitalization.
Otras Meme Coins
In the CoinGecko Meme Tokens category, we can review 75 different meme cryptocurrencies, where the influence of Dogecoin and Shiba Inu is more than clear since most of the projects parody or are a small variation of it.
For this reason, delving deeply into any of them does not contribute much. Of course, it is important to once again highlight the participation of Elon Musk in the evolution of different projects, since he has directly and indirectly been part of this phenomenon.
An example is the Dogelon Mars (ELON) meme coin, which refers directly to the South African businessman, which has grown by approximately 865% in the last 30 days.
Read More About: What is a MEME Token?
Conclusion
When we decide to make an investment, we must analyze different factors such as risk, growth projection, and the reason why an asset can provide us with economic benefits. Specifically, in investing in meme cryptocurrencies, we must be clear that their projects are focused on being attractive and building a community.
In other words, those who invest in Dogecoin, Shiba Inu, or other cryptocurrencies of this type do so because, in a certain way, they identify with and trust in the power of the meme: its ability to go viral, to spread, and grow through humor.
Interested in the evolution of meme coins and other cryptocurrencies? Join the BeInCrypto Telegram group and find out the facts that influence its path to the Moon.
Where Musk did get actively involved was when he tweeted a photo of his Shiba Inu dog sleeping in mid-September with the phrase “floki has arrived.” 24 hours later, the Floki Inu token (FLOKI) had risen in price by 1,000%.
Another feature that we can mention is the “ automatic staking ” system that several meme coins have, such as Baby DogeCoin (BABYDOGE), built on the Binance Smart Chain (BSC) and Kishu Inu (KISHU), of the Ethereum Network.
This feature gives holders a percentage of all transactions made with these meme coins. In the case of BABYDOGE it is 5% and that of KISHU it is 2%, which means that those who keep these tokens in their wallets will receive more over time.
Similar to what happened with Shiba Inu price, the performance of these meme coins was very mediocre between May and September 2021, but in October they have accompanied SHIB in its recovery.