People show interest in these meme coins just because of the name/inside joke associated with them, and their value is added by providing liquidity.
As more people buy these coins, the value increases. This act was witnessed throughout 2021 when Shiba Inu (SHIB), an Ethereum (ETH) based meme coin that holds the Shiba Inu dog as its mascot, skyrocketed multi-folds.
As with DOGE and SHIB, RoboApe Token (RBA) is a futuristic meme token that will redefine meme token culture by addressing economic issues and empowering crypto enthusiasts through their Token Generation Event (TGE) very soon.
Dogecoin (DOGE) is an inherent meme coin launched in December 2013 by Jackson Palmer and Billy Markus. It is based on an internet meme about the Japanese dog breed, Shiba Inu.
It caters to many crypto investors due to the blockchain technology it is based on, Litecoin (LTC). Despite its unlimited supply, it has a lot of hype among crypto peeps.
It gained popularity after the CEO of Tesla and SpaceX, Elon Musk, tweeted that he was working with its developer to add support for the coin to make some purchases from the auto company’s website.
Musk has been a staunch supporter of DogeCoin as he believes that it can act as an alternative to Bitcoin (BTC) in terms of lower transaction costs and an alternative to Ethereum (ETH) in terms of DeFi space.
Today, Dogecoin (DOGE) has become one of the top 10 cryptocurrencies based on market cap, with a valuation of over $12 billion.
The “Dogecoin killer”, an alternative name to Shiba Inu (SHIB), is among the top meme coins by popularity and market cap. It was launched in August 2020 by an anonymous individual or a group pseudonym as Ryoshi.
It is an Ethereum (ETH) based altcoin that also features the Japanese hunting dog breed, the Shiba Inu, as its mascot.
Shiba Inu’s ecosystem has three variants SHIB, LEASH, and BONE, powering the protocol, each with a specific use case. It has helped the SHIBArmy (Shiba Inu’s supporters) to earn passive income on these tokens by allowing them to put these three variants at stake.
Where SHIB acts as a medium of exchange, LEASH, which is limited in quantity, provides staking rewards for the holders. Lastly, BONE, which acts as a governance token, gives the users the right to vote on any upcoming proposal.
The price of Shiba Inu rose multi-fold in 2021, giving it a peak market capitalisation of $41 billion (on October 29, 2021). It became the most popular cryptocurrency and has helped many crypto enthusiasts make tons of money.