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- Insights
- Cryptocurrencies
- Stocks
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- Industry
- Geography
Meme coins are cryptocurrencies inspired by memes, captivating or funny ideas captured by an image, video, or other forms of media, and produced as a lighthearted joke. Meme coins work on the blockchain and related technologies like any other cryptocurrency.
Meme coins operate on blockchains that use smart contracts such as Ethereum and Solana. People purchase meme coins to be part of a community or for entertainment value, and they can buy a sizable number for a minimal amount. Examples of popular meme coins include Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB).
Dogecoin, Shiba Inu, and Floki are "dog coins;" the three coins are memes that tend to be associated with Elon Musk's Shiba Inu dog and his Doge/Shiba Inu related tweets.
Billy Markus and Jackson Palmer, who are both software engineers, created Dogecoin, on the other hand, the creators of Shiba Inu and Floki are anonymous. On June 21, 2022, Elon Musk showed great support for Dogecoin by saying that Tesla accepts Dogecoin as payment for merchandise and reiterated that SpaceX will do the same soon.
Floki, Dogecoin, Shiba Inu thrive on massive communities which greatly influence and enhance their visibility in the crypto market by word-of-mouth campaigns and ensuring that the tokens rally. Due to the many decimals that memecoins like Shiba Inu and Floki have, they tend to appear attractive to people to purchase since they are relatively cheap.
Dogecoin and Shiba Inu have gained wide acceptability around the globe; however, Floki is making a reasonable impact in the crypto market because of its smaller market capitalization; based on its current market cap, Floki's market capitalization would have to increase at least 70 – 80x to hit the market caps of either Dogecoin or Shiba Inu.
While some of the top meme coins tend to ride the waves of Elon Musk's Shiba Inu related tweets and a massive community, they still have shortcomings that derive from scalability, decentralization, and security. Dogecoin, Shiba Inu, and Floki will not be hampered by these shortcomings and the different communities have come up with different catalysts such as the FlokiFi Locker Mainnet launch, Shibarium, and the recently launched Dogechain to better position them in the crypto world.
FlokiFi is the umbrella name for a series of decentralized finance products that will launch under the Floki brand.
The first utility product that launched under the FlokiFi umbrella is the much anticipated FlokiFi Locker protocol.
FlokiFi Locker is an innovative digital asset locker solution that enables holders to lock and vest fungible tokens , Liquidity Pool (LP) tokens, NFTs, and Multi tokens.
The FlokiFi Locker is undoubtedly the most superior and innovative crypto locker solution in the global market today due to its innovative support of the ERC-1155 standard, NFT batch locks, and a dozen different blockchains.
FlokiFi Locker is due to go live on mainnet in September and is expected to be a major catalyst for Floki.
Shiba Inu has been going through some difficulties tied to effectively carrying out scalability, decentralization, and security at a go. However, the community is excited about the ongoing development of Shibarium, a layer-2 scaling solution to solve its Ethereum woes.
Ethereum is decentralized and secure, but it has problems with scalability; Shibarium will allow scalability without hindering decentralization and security. Shibarium will allow lower gas fees, increased throughput, and metaverse and gaming.
Though crypto markets are highly volatile and difficult to predict, many expect the price of Shiba Inu to rise astronomically once Shibarium launches.
Dogechain was recently announced as an important layer-2 network for Dogecoin and is enabling the meme to continue developing as a platform for decentralized finance, blockchain gaming, and NFTs. Layer-2 is actually a network built on top of an existing blockchain, enabling scalability.
Creating a layer-2 network within Web3 development circles is one of the most often used solutions to counteract the difficulties blockchains encounter in handling all the transactions they verify daily. The new layer-2 network Dogechain has opened up a lot of utilities for Dogecoin holders; due to its proof-of-stake authentication mechanisms, it can boast improved efficiency.
Dogechain is, however, different from other layer-2 networks since it does not operate directly on top of any existing Dogecoin blockchain; it's a bridge between Dogecoin and the custom Polygon-based network.
Dogecoin and Shiba Inu currently have a larger market cap than Floki. However, Floki has stronger fundamentals and potentials due to its lower market cap.
Floki is a meme that thrives on real utility; the alpha version of its metaverse NFT game is already playable and the mainnet version of its innovative digital asset locker protocol will go live this month. The Floki community is also working very hard to get listed on many CEXs, which may give holders and potential buyers an edge over Dogecoin and Shiba Inu holders from the expected exposure when Floki is listed on these CEXs.
