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The father of meme coins, Dogecoin, started somewhat a revolutionary field in the crypto world when it introduced meme coins – cryptocurrencies based on jokes – into the market. Even though the crypto industry is still in its infancy stages, meme coins have already become a massive part of it and are worth millions of dollars to date.
The crypto market is continuously expanding, and the meme coin field is one of the most competitive ones within the industry. Many cryptocurrencies are being created and then trying to overtake the most prominent names, such as Dogecoin (DOGE) or Shiba Inu (SHIB), yet not many make it to the top.
The year 2021 brought an intense hype around the established meme coins. This excitement has not gone unnoticed by the most influential people, including Elon Musk and Mark Cuban, or the critical players in the crypto space – the whales.
With so many meme coins focusing on dogs (specifically, the Shiba Inu dog) as their mascots, is it time for a new trend to take over the market? Dog-themed meme coins might finally have a worthy opponent – the new cryptocurrency Big Eyes (BIG), which uses a cute cat as its captivating mascot.
If you are new to crypto, it is vital to understand the difference between meme coins and altcoins. Altcoins are defined as all cryptocurrencies that are not Bitcoin, making Ethereum – the second-largest cryptocurrency in market capitalisation – the largest altcoin. And yet, the first meme coin – Dogecoin – was created before Ethereum! While not all altcoins are meme coins, all meme coins are altcoins. Thus you can call Dogecoin an altcoin as well.
Meme coins were designed as a homage to interesting jokes and viral online ideas, making the meme coin a popular sharing material over social media platforms and bringing attention to the cryptocurrencies from the general public. However, during the initial stages of Dogecoin's creation, its actual use and real-world applications had little substance. It explains why most meme coins are nothing more than a coin based on a joke with no practical utility, lowering their value in the crypto industry and causing them to fall behind the mainstream.
Meme coin hype started when "meme stocks" like GameStop (GME) and AMC Entertainment (AMC) witnessed skyrocketing prices of up to 100-fold in a few months in late 2020, thanks to a Reddit community called WallStreetBets. The Reddit group joked in January 2021 about raising the price of DOGE to establish a crypto equivalent of GME. With the help of Tesla CEO Elon Musk's tweets, that idea gained traction, and the value of DOGE exploded.
Meme coins have an effortless entry into the crypto market. Thus it is not surprising that new crypto projects keep showing up frequently. The blockchain technology that powers cryptocurrencies is open-source, allowing developers to quickly "fork" pre-existing projects. They essentially copy and paste the underlying blockchain and change only something as minor as the name or logo to launch their new projects online. As explained in Forbes by Tauhid Zauman, a Yale School of Management associate professor, meme cryptocurrencies can be as basic as a few lines of code. Meme coins are more likely to focus on going viral through social media promotions and influencer marketing than the project's utility for real-world applications.
There is another reason for the appeal that meme coins present, and that is their price. For young retail investors, cheap cryptocurrencies are much more attractive as they can purchase substantial amounts of tokens. The hope is that young investors can make much more money by investing less fiat, and if there is an exceptional rally, taking a coin's price to the next level, it has more potential to bring significant profits.
Despite being the market's first and most well-known meme coin, Dogecoin is exceptionally volatile, possibly more than other less popular meme coins. This is hugely due to its relatability to prominent individuals, such as Elon Musk, who often seems to dictate the value movement of DOGE.
In May 2021, Musk made a public joke about DOGE on "Saturday Night Live," referring to Dogecoin as a "hustle", causing the price of DOGE to drop by 30%. The crypto community then shifted their focus to other meme coins, including Shiba Inu, dubbed the "Dogecoin killer." Fear of missing out (FOMO) on an opportunity prompted retail investors to purchase meme coins in anticipation of becoming rich quickly, causing yet another meme coin bull run.
Despite being created with no utility in mind, Dogecoin is becoming considerably more relevant in terms of being a payment method across various industries. Dogecoin is gaining more recognition as a payment service, embedding the cryptocurrency further into the global economy. DOGE can be used to pay for products or services, including AMC movie tickets, Tesla cars, Airbaltic plane tickets, and many more. While it is not yet among the most adopted cryptocurrencies for regular payments, DOGE is soon on the path to becoming one.
Meme coins have been heavily criticised for their lack of use cases and real-world applications, thus diminishing their value and potential. However, we are experiencing a revolution in the sector where the most prominent meme cryptocurrencies like Dogecoin and Shiba Inu are trying to change the narrative and incorporate utility into the projects.
Surprisingly to some, Shiba Inu (SHIB) is a relatively new addition to the crypto market, as it was launched in 2020 but has already climbed to the top of the industry with considerable ease and now stands as the second most popular meme coin, just after Dogecoin. Despite its initial period in the market is fairly uneventful, SHIB's value skyrocketed just months later, making many people believe that it might be the next big cryptocurrency to change the crypto environment.
The strength of this cryptocurrency lies in its focus on creating an overarching platform for the crypto community where all their needs and expectations are satisfied. SHIB provides faster network speeds, simpler transactions, increased interoperability, simple functionality, purposeful facilities, and simple access. Shiba Inu combines the allure of meme coins with the utility of altcoins to create a valuable cryptocurrency for the community.
Shiba Inu has introduced new minting options, a new burn page, and a layer-2 solution – Shibarium – designed to reduce SHIB transaction costs and extend its reach. The Metaverse is the latest addition to this expansion. Shibaverse world will include over 100,000 virtual properties for sale. The goal is to create a base of operations where Shiba community members can fully thrive.
As far as the crypto community is concerned, meme coins have not yet come near the utility needed to ensure their success and livelihood. So is there a project that might make their goals come true and satisfy the needs of the crypto community? Big Eyes (BIG) joins the market with this specific objective and aims to become a widely adopted community-meme token, changing the world for the better.
The Big Eyes project can be best described as a unique initiative to protect the world's oceans while bringing wealth and decentralised finance (DeFi) benefits to the crypto community. The cryptocurrency will have a special charity wallet, where the donations and profits from the merchandise will be sent to ocean sanctuaries. This attractive charity idea is based on the Big Eyes mascot – the adorable cat, which claims it is essential to protect marine life so it can have enough fish to eat.
The cute cat mascot was designed to respond to the overwhelming amount of dog-theme meme coins. Big Eyes is ready to use its community's power to overtake the industry's big dogs, including Dogecoin and Shiba Inu. However, the Big Eyes team recognises that a strong and opinionated community needs goals to stand behind, and its mascot presents them with the most important being the campaign for ocean conservation.
Big Eyes acknowledges that the community is the heart and soul of every meme coin. Therefore, even when the project becomes well-known and successful, it promises always to put the needs of the community members first and reward their loyalty to the project.
As specified in CoinMarketCap.com, 90% of the 200,000,000,000 BIG tokens will be available to the public at the launch, while 5% will be donated to the charity wallet, leaving another 5% to the project's marketing fund. In addition, big Eyes will be launched on the decentralised UniSwap exchange to enable accessibility for all. You can sign up to be among the first users to receive the updates regarding the BIG launch.
NFTs (non-fungible tokens) also play an essential role in the Big Eyes ecosystem, with the target being to become among the top ten NFT projects in the crypto space. Big Eyes is developing an exclusive NFT Sushi Crew club for the NFT holders on the platform, where they can enjoy exceptional benefits and acquire the best NFT offered.
The Big Eyes project is still new to the crypto world but has a substantial potential to compete with the crypto meme giants like Dogecoin and Shiba Inu. With its established roadmap, Big Eyes is set for an exciting future ahead as it aims to become the top meme coin represented by its affluential cat mascot, thus revolutionising the meme coin sector.
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
