Dogecoin (DOGE), Shiba Inu Coin (SHIB), who else? Comprehensive Guide to Meme Coins in 2022

Meme coins made headlines for the first time in early 2021; some of them have skyrocketed thanks to “TikTok pumps” in Q4 2022. Since then, the net capitalization of crypto markets has fallen, but meme coins are still in the spotlight.

What’s the secret behind the popularity of meme coins in bear markets? Is It Safe to Invest in Meme Coins Now? Which of them can become the next DOGE or SHIB?

What are meme coins in 2022: highlights

Meme coins should be viewed as a special class of digital assets (cryptocurrencies) built around mainstream internet memes. Typically, meme coins go live with no significant technical innovations and do not attempt to solve major blockchain problems.

At the same time, despite their semi-ironic ethos, meme coins remain the most over-hyped segment of the Web3 sphere.

To sue

Image by Subpng

• Meme Coins are cryptocurrencies associated with internet memes, ie humorous narratives, images or viral internet jokes;
• Dogecoin (DOGE) was the groundbreaking meme coin; it was launched in 2013 to mock the very first cryptocurrency euphoria and the greed of its victims;
• Dogecoin (DOGE) popularity surged again in 2020-2021 thanks to retail-driven investor mania and popular cheerleaders including Elon Musk, Snoop Dogg, and Gene Simmons;
• Since most meme coins tried to emulate the narrative of Dogecoin (DOGE), they are also known as “dog coins”, “dog coins” or “dog coins”;
• As of August 2022, there are 85 meme coins in Web3, and their net capitalization is over $17 billion.

Interest in meme coins has brought a new generation of enthusiasts and investors to Web3. Despite their tongue-in-cheek and humorous ethos, they are an integral part of the modern crypto-sphere.

What are dog coins?

“Dog coins” or “dog coins” are meme coins that use images of different dogs as symbols. For example, Dogecoin (DOGE) and Shiba Inu Coin (SHIB) are associated with the Japanese Shiba Inu breed. Samoyed Coin (SAMO), Shih Tzu (SHIH) and CorgiCoin (CORGI) have chosen Samoyed, Shih Tzu and Corgi as their logos.

According to CoinGecko tracker statistics, two dog coins – Dogecoin (DOGE) and Shiba Inu Coin (SHIB) – have 10-digit capital letters, three dog coins – BabyDoge Coin (BABYDOGE), Dogelon Mars (ELON) and Floki Inu (FLOKI ) – have nine-digit ones Caps, while eight other coins saw their caps cross the $10,000,000 mark.

Why are dog coins popular?

Dog coins – like all other meme coins – are popular for their incredible volatility, which is impressive even by the standards of the crypto world. For example, Dogecoin (DOGE) was the first-ever mainstream cryptocurrency to rally 10x overnight.

Therefore, private investors do not have to develop sophisticated strategies; Most of the time they are just looking for the “next DOGE” and treat crypto investing like gambling.

This is a very dangerous strategy: Less than a year after the last wave of crypto euphoria, the majority of meme coins are down 80-90% from their all-time highs. The vast majority of their investors are underwater in 2022.

What is Dogecoin (DOGE)?

Dogecoin (DOGE) is the very first meme coin invented in 2013. It was suggested by veteran software developers Billy “Shibetoshi Nakamoto” Marcus, Jackson Palmer, Michi Lumin, and Ross Nicoll. Dogecoin became popular under the ticker DOGE and the symbol Ð. The 2013 Reddit meme “doge” (“dog” in broken English) — an image of a Shiba Inu dog, Kabosu — gave the new crypto its name.

Technically, Dogecoin (DOGE) is a fork of Litecoin (LTC), which in turn is a fork of Bitcoin (BTC), the first cryptocurrency. Just like Litecoin (LTC), Dogecoin (DOGE) uses the Scrypt algorithm and hence can be mined on Litecoin (LTC) devices.

Dogecoin (DOGE) popularity surged due to 2020’s “TikTok pump,” a viral campaign that invited amateur investors to pump the DOGE price above $1. However, its highest popularity should be credited to the relentless shilling of Tesla’s Elon Musk in early 2021.

What is the Shiba Inu Coin (SHIB)?

Shiba Inu (SHIB) is the first mainstream imitator of Dogecoin (DOGE). Unlike Dogecoin (DOGE), it does not run on its own blockchain: SHIB is an ERC-20 token built on top of Ethereum (ETH).

Image of Shiba Token

Shiba Inu (SHIB) was introduced in August 2020; Its developers transferred 50% of its liquid supply to Ethereum (ETH) founder Vitalik Buterin. Shiba Inu (SHIB) was one of the top performers of 2021 and one of the most popular symbols of meme coin euphoria.

Currently, Shiba Inu (SHIB) is the only meme cryptocurrency underpinning the “real” DeFi ecosystem with an NFT incubator and marketplace, a yield farming module, and a decentralized crypto exchange ShibaSwap.

Overview of new meme coins: ELON, FLOKI, BABYDOGE

Although the crypto markets are caught in a bearish recession, the popularity of meme coins shows no signs of exhaustion. That’s why Web3 teams are developing more and more offshoots of DOGE and SHIB.

Dogelon Mars (ELON)

The name Dogelon Mars (ELON) is a hybrid of Elon Musk’s name and Dogecoin (DOGE), the first meme cryptocurrency. Dogelon Mars (ELON) has two versions: It is live on Ethereum (ETH) and on Polygon (MATIC). The creators of Dogelon Mars (ELON) have released a comic that chronicles the adventures of a fictional dog in the year 2042.

Floki Inu (FLOKI)

Floki Inu (FLOKI) is another popular meme cryptocurrency named after Elon Musk’s Shiba Inu Floki. Similar to SHIB, FLOKI underpins a multi-product ecosystem with an NFT marketplace, Metaverse, the educational initiative FLOKI University and its own DeFi module.

What is BabyDoge Coin (BABYDOGE)?

BabyDoge Coin (BABYDOGE) was unveiled in June 2021 in response to Elon Musk’s jokes about his puppies. BabyDoge Coin (BABYDOGE) is a classic “community coin”: It is not associated with technical innovations or real use cases. Shortly after launch, BABYDOGE’s capitalization rose to $200 million, despite the project having only one Twitter account with a dozen messages.

Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
baby doge

— Elon Musk (@elonmusk) July 1, 2021

Bonus: mid-cap meme coins in 2022

Additionally, a number of dog-themed meme coins have already exploded in the mid-cap class of cryptocurrencies.

Due to well-designed community management, interesting narrative, aggressive marketing and listing campaigns, Samoyed Coin (SAMO), Kishu Inu (KISHU), Hoge Finance (HOG), Shiba Predator (QOM) and The Doge NFT (DOG) have the limit surpassed $10 million cap mark along with the only “cat-themed” coin in the club, CateCoin (CATE).

Final Thoughts

Meme coins (dog coins, dog-themed cryptos) are cryptocurrencies associated with memes; As a rule, they do not have any groundbreaking technical developments behind them. Their popularity is due to aggressive marketing and community management, as well as huge volatility.

Dogecoin (DOGE) and Shiba Inu (SHIB) remain the most popular dogcoins with the largest capitalizations. However, their supremacy is being challenged by the next generation of memetic coins: ELON, FLOKI, and so on.

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