Meme coins are cryptocurrencies inspired by memes that are fascinating or fun ideas. Meme coin projects work on Blockchain and related technologies like other cryptocurrencies.
What do FLOKI, DOGE and SHIB have in common?
Meme coins run on Blockchains that use smart contracts like Ethereum and Solana. People buy meme coins to be part of a community or for fun. Examples of popular meme coins are Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB). Dogecoin, Shiba Inu and Floki are “dog coins”. The three coins tend to be associated with Elon Musk’s tweets about the Shiba Inu dog and the Doge/Shiba Inu.
Billy Markus and Jackson Palmer created Dogecoin, while the creators of Shiba Inu and Floki are anonymous. As we reported as Kriptokoin.com, on June 21, 2022, Elon Musk showed great support for Dogecoin by saying that Tesla accepts Dogecoin as payments. He reiterated that SpaceX will soon do the same. Floki, Dogecoin, Shiba Inu are growing rapidly with community support, while their low prices attract investors.
Dogecoin and Shiba Inu gained wide acceptance worldwide. However, Floki is making a more plausible impact in the crypto market due to its smaller market cap. Based on the current market cap, Floki’s market cap would need to increase by at least 70 – 80 times to reach the market caps of Dogecoin or Shiba Inu.
Developments that will affect meme coin projects
Dogecoin, Shiba Inu, and Floki have developed different catalysts such as FlokiFi Locker, Shibarium, and the recently launched Dogechain to avoid shortcomings in decentralization, scalability, attracting and prospering diverse communities. Analytics Insight analysts covered these developments and their impact on ecosystems as follows.
FlokiFi Locker mainnet launch
The first utility product released under the umbrella of “FlokiFi” is the highly anticipated FlokiFi Locker protocol. Locker is an innovative “crypto-asset locker” solution that allows holders to lock NFTs, Liquidity Pool (LP) tokens and multiple tokens. The FlokiFi Locker in question is the most cutting-edge and innovative crypto locker solution in the global market today due to its innovative support to the ERC-1155 standard, NFT lock and distinctiveness. The project’s FlokiFi Locker will go live on the mainnet in September. It is expected to be an important catalyst for Floki.
shibarium
Shiba Inu; scalability and decentralization are having some difficulties. However, the community is excited about Shibarium, a layer-2 scaling solution to solve Ethereum problems. Ethereum is decentralized and secure, but it has issues with scalability. Shibarium will allow scalability without hindering decentralization and security. Shibarium will allow for lower gas fees, increased throughput, metaverse and gaming. Crypto markets are highly volatile and difficult to predict. However, many expect the price of the Shiba Inu to rise astronomically when the Shibarium is released.
Dogechain
Dogechain was recently announced as an important layer 2 network for Dogecoin. It enables Coin to continue to evolve as a platform for DeFi, Blockchain games and NFTs. Layer-2 is essentially a network built on top of an existing blockchain, enabling scalability. The new layer-2 network Dogechain has opened many extra programs for Dogecoin holders. Thanks to the proof-of-stake authentication mechanisms, it can have improved efficiency. However, Dogechain differs from other layer-2 networks as it does not run directly on any existing Dogecoin Blockchain. It is a bridge between Dogecoin and the private Polygon based network.
The meme coin with the most potential according to analysts: Floki
Dogecoin and Shiba Inu currently have a larger market cap than Floki. However, according to Analytics Insight analysts, Floki exhibits stronger fundamentals and potential due to its lower market cap. Floki is called a meme coin that thrives with real utility. The alpha version of the metaverse NFT game is already playable in the ecosystem. The mainnet version of the innovative crypto-asset locker protocol will be released this month. The Floki community is also working hard to be listed on many exchanges.
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